Upcoming IPOs in India 2026—Dates, GMP, and What to Watch
This year people are keeping on searching for the best and most reliable IPO but are not able to get a proper answer, and if they get something, they are not fully satisfied with it because an IPO is quite crucial for the market.
2025 was a record year for Indian IPOs. Over 371 public issues hit the market. Total funds raised crossed 1.75 lakh crore rupees.
And 2026? It could be even bigger.
Reliance Jio. Zepto. PhonePe. NSE. These are not small names. These are companies that millions of Indians use every single day. And all of them are in line to go public.
If you want to know which upcoming IPOs in India in 2026 are worth watching, what their GMP is saying, and what to check before you apply—this guide covers all of it.
TL;DR
India's 2026 IPO pipeline includes Reliance Jio, Zepto, PhonePe, NSE, and Flipkart. GMP gives you an unofficial listing estimate but is not a guarantee. Always check fundamentals, subscription numbers, and SEBI filings before applying.
This is not financial advice. Consult an SEBI-registered research analyst before investing.
The Biggest Upcoming IPOs in India 2026 You Need to Know
Here is a clean look at the most anticipated upcoming IPOs in India 2026:
Reliance Jio is the one everyone is watching.
At Reliance Industries' 48th AGM in August 2025, Mukesh Ambani formally announced that Jio is preparing to file for an IPO. The company crossed 50 crore users. It commands the largest revenue market share in India's mobile market. Morgan Stanley and Kotak are reportedly working on the IPO papers.
Market participants are watching Reliance Industries' 49th AGM for potential updates regarding Jio's IPO plans. However, no official IPO timeline has been confirmed. Market estimates suggest the proposed issue could be valued between $130 billion and $180 billion, with a potential size of ₹33,000–35,000 crore through a 2.5% stake sale. The listing is widely expected to be targeted for H2 FY27, subject to market conditions and regulatory approvals
However, in April 2026, Reliance management called the Jio IPO "imminent"—but CreditSights of Fitch Group flagged a possible delay into H2 FY27 due to geopolitical tensions. Reliance Industries is scheduled to hold its 49th AGM on June 19, 2026. Investors are closely watching for updates on the Jio IPO timeline, which is widely expected to be targeted for H2 FY27.
Zepto is the one to watch for 2026 listing speed.
Zepto filed its DRHP via a confidential route and received in-principle SEBI approval. It is targeting a listing between July and September 2026. The company plans to raise around 9,000 to 10,000 crore rupees and is targeting a valuation of 5.5 to 7 billion dollars. CEO Aadit Palicha has already met major mutual funds to build institutional interest.
PhonePe already has SEBI approval.
PhonePe received SEBI approval in January 2026 and is reportedly targeting an IPO size of around ₹12,000 crore. Market reports suggest the company may pursue an OFS-led issue, though final details and launch dates have not yet been officially announced.
The NSE IPO has been talked about for years.
The National Stock Exchange has appointed around 20 merchant bankers for its IPO. Issue size is estimated at 20,000 crore rupees. However, regulatory approvals are still pending. The NSE IPO continues to be one of the most delayed listings in India's recent history.
What GMP Is Telling You About These Upcoming IPOs
GMP stands for Grey Market Premium. It is the price at which IPO shares trade informally before official listing.
For major upcoming IPOs like Jio and PhonePe, formal GMP numbers do not exist yet because these issues have not opened for subscription. GMP forms only once bidding is open or very close.
For smaller mainboard and SME IPOs that are already in the market, platforms like IPOWatch and Chittorgarh track live GMP daily.
Here is what GMP signals tell you — and what they do not:
A high positive GMP means strong demand and bullish listing expectations. A GMP near zero means weak sentiment. A negative GMP is a clear warning sign—it means the grey market expects the IPO to list below the issue price.
But remember: GMP is not regulated. Different sources sometimes show different GMP numbers for the same IPO. It can flip from high to negative in 48 hours if the market corrects. Use GMP as one input—not the only reason to apply.
The IPO subscription data in the QIB category is a far more reliable signal than GMP alone.
What to Check Before You Apply to Any Upcoming IPO
New investors often apply to upcoming IPOs based purely on the name or GMP. That is how people lose money.
Here are five things to check before every application:
One—Is the issue price fair?
Compare the IPO price-to-earnings ratio with listed peers in the same sector. If the IPO is priced at a big premium to its peers without strong growth justification, it may underperform after listing.
Two — What is the QIB subscription?
Qualified Institutional Buyers are banks, mutual funds, and insurance companies. When the QIB category subscribes heavily, it means professionals are betting on this company. That is a strong signal. When QIB subscription is low and only retail is applying, be careful.
Three — Has the company filed a DRHP with SEBI?
Every legitimate IPO must file a draft red herring prospectus with SEBI. You can read it on the SEBI website. It shows company financials, risks, promoter details, and how funds will be used. If you skip reading this, you are investing blind.
Four — What is the promoter holding post-IPO?
Promoters who retain a large stake after IPO have skin in the game. They believe in the company's future. Promoters who are selling most of their stake via an offer for sale are cashing out. That difference matters.
Five—What is the SME vs. mainboard difference?
Mainboard IPOs list on NSE or BSE main platforms with stricter SEBI compliance rules. SME IPOs list on NSE SME or BSE SME and have smaller issue sizes and less regulatory scrutiny. SME IPOs can give big gains but also carry higher risk. Know which one you are applying to before you bid.
Glossary
IPO (Initial Public Offering): When a private company sells its shares to the public for the first time and lists on a stock exchange.
GMP (Grey Market Premium): The unofficial price at which IPO shares trade before the official listing. Not regulated and not guaranteed.
DRHP (Draft Red Herring Prospectus): The legal document a company files with SEBI before an IPO. Contains full financials, risks, and business details.
QIB (Qualified Institutional Buyer): Large institutions like mutual funds and banks. Their participation in an IPO is one of the strongest signals of quality.
SME IPO: A smaller company IPO listed on the NSE SME or BSE SME platforms. Higher growth potential but also higher risk than mainboard listings.
Conclusion
India's upcoming IPOs in 2026 are some of the most exciting in the country's capital market history. Jio, Zepto, and PhonePe together represent a generation of companies that changed how Indians live and transact. But excitement is not a strategy. Check the DRHP. Watch QIB subscription. Treat GMP as a signal, not a guarantee. Successful IPO investing depends on understanding company fundamentals, valuation, and market demand rather than relying only on GMP or market hype.
Disclaimer
This blog is for educational and informational purposes only. IPO data, valuations, and expected listing dates are sourced from publicly available media and financial platforms as of June 2026 and may change. This is not financial advice and should not be treated as a recommendation to apply for any IPO. Investing in IPOs involves risk of capital loss. GMP is an unregulated indicator and carries no legal standing. Please consult an SEBI-registered research analyst before making any investment decisions.