E-Paper
Future IPOs in India: Companies Expected to Launch IPOs
India’s prospective IPOs cover telecom, financial services, fintech, ecommerce, quick commerce, hospitality and insurance.
Prefer HTon Google
India’s IPO market has been seeing strong interest as more established businesses and new age companies prepare to enter the stock market. The pipeline includes names from telecom, financial services, fintech, ecommerce, quick commerce, hospitality and insurance. Some have already taken formal steps towards a public issue, while others are still working on their plans.
For anyone following the primary market, future IPOs provide an early view of companies that could eventually become publicly traded. However, an IPO announcement does not necessarily mean that the issue will open immediately. A company may still need to complete regulatory formalities, finalise the offer structure and decide when market conditions are suitable.
The upcoming IPOs in India section tracks companies that are expected to come to the primary market, while the broader IPO section covers information on upcoming, ongoing and recently completed issues.
Future IPOs in India: Key Details at a Glance
Company | Sector | Current IPO Stage | Expected Timeline | Issue Details |
Reliance Jio Platforms |
Telecom and Digital Services | IPO process underway | 2026 | To be announced | |
Zepto | Quick Commerce | DRHP filed | 2026 | To be announced |
Razorpay | Fintech | Confidential DRHP filed | 2026 or 2027 | To be announced |
OYO | Hospitality and Travel | IPO preparations | To be announced | To be announced |
Flipkart | Ecommerce | IPO preparations | To be announced | To be announced |
PhonePe | Fintech | IPO preparations | To be announced | To be announced |
PayU | Fintech | IPO preparations | To be announced | To be announced |
Acko | Insurtech | IPO preparations | 2027 | To be announced |
Navi | Financial Services | IPO preparations | 2027 | Around ₹3,000 crore reported |
The timeline, issue size and other details may change before the respective IPOs are launched.
What Are Future IPOs in India?
Future IPOs are offerings that companies are expected to bring to the stock market but have not yet completed through a public listing. These companies can be at very different points in the process.
A company may have only announced its intention to go public, while another may have already submitted a Draft Red Herring Prospectus, commonly called a DRHP, to SEBI. Some businesses may have progressed further and received regulatory observations, while others may still be preparing their financial and legal documentation.
This is why an upcoming IPO list should not be treated as a list of confirmed subscription dates. The final price band, issue size, opening date and listing date are normally announced much closer to the offering.
Major Companies Expected to Launch IPOs
Reliance Jio Platforms IPO
Reliance Jio Platforms is one of the most closely watched names in India’s future IPO pipeline. The company operates across telecommunications and digital services and has built a large consumer and technology ecosystem.
The IPO process moved forward in 2026 after the company approved its Draft Red Herring Prospectus for filing with SEBI. The final details of the offering, including its size, valuation, price band and subscription dates, are yet to be determined.
A Jio Platforms listing would bring one of India’s largest digital businesses into the public market and could become a significant event for the country’s primary market.
National Stock Exchange IPO
The National Stock Exchange, or NSE, has also moved ahead with plans for a public listing. The exchange filed draft IPO papers with SEBI in 2026, bringing its long discussed listing closer to the market.
Reports have put the potential issue size at around ₹31,500 crore, although the final structure can change during the regulatory process. The proposed IPO has attracted attention because NSE is a major part of India’s financial market infrastructure.
The actual launch date and final issue details will depend on regulatory approvals and the decisions taken during the offering process.
Zepto IPO
Quick commerce company Zepto is another prominent name in the IPO pipeline. The company has taken a formal step towards a listing by filing its DRHP.
Zepto’s proposed IPO comes at a time when India's consumer internet sector is producing companies that are moving from private funding markets to public markets. Its offering will be closely watched for details such as the proportion of fresh shares and OFS, issue size and valuation.
The final subscription schedule will be announced once the company completes the necessary stages of the IPO process.
Razorpay IPO
Razorpay is among the fintech companies preparing for a possible public listing. The company has been reported to have filed a confidential DRHP and has been linked with a potential IPO timeline around late 2026 or 2027.
Razorpay has built its business around digital payments and financial technology services for businesses. A public issue would mark another important transition for India's fintech sector, which has seen several major private companies explore the stock market in recent years.
OYO, Flipkart and PhonePe
OYO, Flipkart and PhonePe are also among the well known private companies associated with India's future IPO pipeline.
OYO operates in hospitality and travel, Flipkart is a major ecommerce platform, while PhonePe has a large presence in digital payments and financial services. Each company has a sizeable consumer base and established business operations, making their potential listings significant developments within their respective sectors.
Their IPO timelines, however, are not necessarily fixed. The companies may continue preparations before deciding on the timing and structure of their respective public offerings.
Financial Services Companies in the IPO Pipeline
Financial services and fintech continue to account for a sizeable portion of India's potential IPO pipeline. As companies in these sectors mature, public markets provide another avenue for raising capital and creating liquidity for existing shareholders.
Acko is among the insurance and technology businesses associated with a potential IPO. The company has been reported to be preparing for a public offering that could take place in 2027.
Navi is another financial services company linked with a potential public issue. Reports have indicated a possible IPO of around ₹3,000 crore, although the final amount and timeline remain subject to the company's preparations and regulatory process.
Other financial services businesses are also working towards potential listings, making the sector one of the areas worth following as India's primary market develops.
How to Track Future IPOs in India
Following an IPO involves more than looking for an expected listing date. The stage of the regulatory process can give a better indication of how close a company is to the market.
A DRHP filing is an important milestone, but it does not mean that the IPO is immediately available for subscription. Investors can subsequently look for regulatory observations, an updated offer document, the final Red Herring Prospectus, price band and confirmed bidding dates.
The Kotak Neo upcoming IPO page can be used to keep track of upcoming mainboard and SME issues and the details available for each offering.
The Kotak Neo IPO page provides broader IPO related information, including issues that are upcoming, open, closed or recently listed.
What to Check Before a Future IPO
An upcoming IPO can look very different once the complete offer documents become available. Before considering an issue, it is useful to examine the company's financial performance, revenue growth, profitability, debt, cash flows and business model.
The DRHP and RHP contain detailed information about the company's operations, promoters, existing shareholders, risks and intended use of the money raised through the issue. These documents can also show whether the IPO consists of a fresh issue, an Offer for Sale, or both.
The distinction matters. Money raised through a fresh issue goes to the company, while proceeds from an OFS go to the shareholders selling their existing shares.
Valuation is another important part of the IPO discussion. Comparing the proposed valuation with the company's financial performance, growth rate and industry peers can provide useful context. The company's competitive position, customer concentration, regulatory exposure and profitability should also be considered.
Future IPOs and India's Primary Market
The companies currently associated with India's future IPO pipeline represent a broad mix of businesses. Large companies such as Reliance Jio Platforms and NSE sit alongside newer businesses such as Zepto and established fintech names including Razorpay and PhonePe.
The pipeline can change quickly. A company may postpone an issue, alter its proposed structure or wait for a different market environment before proceeding. Conversely, companies that have not yet announced detailed timelines can move forward once their preparations are complete.
For that reason, tracking the stage of each IPO is just as important as tracking the company name. A formal filing, regulatory development, price band announcement and confirmed subscription date each represent different stages of the journey from a private company to a listed business.
Note to readers: This article is part of HT's paid consumer connect initiative and is independently created by the brand. HT assumes no editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to verify all information independently. Investors should conduct their own research and consult a financial advisor before making investment decisions.
Want to get your story featured as above? click here!
