The biggest upcoming IPOs in 2026 in India include Reliance Jio (~₹37,500 crore, H1 2026), NSE (National Stock Exchange ~₹47,500 crore), PhonePe (~$1.5 billion), Zepto (~₹11,000 crore), boAt (~₹1,500 crore), OYO, Flipkart, SBI Mutual Fund and Tata Capital. Below is the complete, continuously updated list of mainboard and SME IPOs opening this month — with price bands, lot sizes, GMP, listing dates and a step-by-step apply guide.
Why 2026 Is Being Called India’s Biggest IPO Year Ever
If 2024 set records and 2025 normalised them, 2026 is the year India’s IPO pipeline goes mainstream-global. Over 44 startups and large-cap companies have either filed their Draft Red Herring Prospectus (DRHP) with SEBI or publicly announced listing intent for this calendar year — the densest pipeline the Indian primary market has ever seen.
For retail investors searching “upcoming IPO” or “upcoming IPO in 2026“, the challenge is no longer finding IPOs — it’s filtering them. Should you apply to a ₹100 crore SME issue or wait for the ₹37,500 crore Reliance Jio mega-IPO? Is the Grey Market Premium (GMP) telling you the truth, or is the listing already priced in?
This guide — built and maintained by the Tradex1.live research desk — answers all of that. We track every mainboard and SME IPO in real time, cross-reference SEBI filings, and update this page every 24 hours so you always have the latest opening dates, price bands and listing schedules at a single glance.
Upcoming IPO 2026 List (May 2026 — Live Calendar)
The table below is the most current snapshot of upcoming IPOs in India as of May 2026, sourced from SEBI filings, NSE/BSE issuer notices and exchange circulars.
| Company | Type | Open Date | Close Date | Price Band (₹) | Issue Size | Listing Date |
|---|---|---|---|---|---|---|
| Bagmane Prime Office REIT | Mainboard | 5 May 2026 | 7 May 2026 | ₹95 – ₹100 | ₹3,405 Cr | 15 May 2026 |
| Value 360 Communications | SME | 4 May 2026 | 6 May 2026 | ₹95 – ₹98 | ₹42 Cr | 11 May 2026 |
| Recode Studios | SME | 5 May 2026 | 7 May 2026 | ₹150 – ₹158 | ₹45 Cr | 12 May 2026 |
| OnEMI Technology (Kissht) | Mainboard | 30 Apr 2026 | 5 May 2026 | ₹162 – ₹171 | ₹926 Cr | TBA |
| Reliance Jio | Mainboard | TBA (H1 2026) | TBA | TBA | ~₹37,500 Cr | TBA |
| NSE (National Stock Exchange) | Mainboard | TBA | TBA | TBA | ~₹47,500 Cr | TBA |
| PhonePe | Mainboard | TBA (Q2/Q3 2026) | TBA | TBA | ~$1.2–1.5 Bn | TBA |
| Zepto | Mainboard | TBA | TBA | TBA | ~₹11,000 Cr | TBA |
| boAt (Imagine Marketing) | Mainboard | TBA | TBA | TBA | ~₹1,500 Cr | TBA |
| OYO | Mainboard | TBA | TBA | TBA | ~₹8,430 Cr | TBA |
| SBI Mutual Fund (SBI Funds Mgmt) | Mainboard | TBA | TBA | TBA | ~₹10,000 Cr | TBA |
| Flipkart | Mainboard | TBA (late 2026) | TBA | TBA | TBA | TBA |
| Tata Capital | Mainboard | TBA | TBA | TBA | TBA | TBA |
| EAAA India Alternatives | Mainboard | TBA | TBA | TBA | TBA | TBA |
| Hero FinCorp | Mainboard | TBA | TBA | TBA | ~₹3,668 Cr | TBA |
This calendar is refreshed every 24 hours. Bookmark this page and check before you apply — IPO dates are revised frequently between DRHP filing and SEBI clearance.
The 10 Biggest Upcoming IPOs of 2026 — Deep-Dive Reviews
1. Reliance Jio IPO 2026 — The Mega-Listing of the Decade
- Expected Date: First half of 2026 (announced by Mukesh Ambani at the 48th Reliance Industries AGM, August 2025)
- Expected Valuation: $130 billion – $170 billion (₹10.8 – ₹14.2 lakh crore)
- Expected Issue Size: ~₹37,500 crore (~2.5% equity dilution)
- Structure: Predominantly Offer for Sale (OFS)
- Sector: Telecom & Digital Services
Why it matters: Reliance Jio is the largest telecom operator in India by revenue market share, with over 50 crore subscribers. Strategic backers include Meta and Google. If listed at the upper valuation band, Jio would instantly become one of the top three companies on the NSE by market cap — and the largest IPO in Indian history, surpassing LIC’s 2022 listing.
Tradex1.live Take: This is not an IPO you “trade” — it’s one you accumulate. Watch the anchor book on Day 0; if FII allocation is strong, retail listing gains historically follow.
2. NSE IPO 2026 — Listing the Exchange That Lists Everyone Else
- Expected Issue Size: ~₹47,500 crore (10% stake sale)
- Expected Valuation: ~₹4.75 lakh crore
- Status: Awaiting final SEBI clearance; long-pending NoC reportedly progressing
The NSE IPO is unique because the exchange that hosts every Indian listing is finally going public itself. With dominant share in equities and derivatives, plus growing commodity and clearing revenues, NSE’s financials are widely considered the cleanest of any Indian financial-infrastructure company.
3. PhonePe IPO 2026
- Expected Date: First half of 2026
- Expected Raise: $1.2 – $1.5 billion
- Target Valuation: ~$15 billion
- Status: Confidential DRHP filed
Walmart-backed PhonePe is moving beyond UPI payments into insurance, lending and wealth management. The confidential DRHP route lets the company keep details private until close to launch — typically a sign of strong institutional appetite.
4. Zepto IPO 2026 — Quick-Commerce Goes Public
- Expected Issue Size: ~₹11,000 crore (fresh issue + OFS)
- DRHP Filing: March/April 2026
- GMV (Sept 2025): ~$3 billion (₹26,000 crore)
- Dark Stores: ~900 across India
Zepto reported a 120% jump in operating revenue to ₹4,454 crore in FY24, and its 10-minute delivery model has become one of the fastest-scaling consumer plays in India. The IPO will fund warehouse expansion and category extension.
5. boAt IPO 2026 (Imagine Marketing)
- Expected Issue Size: ~₹1,500 crore (₹500 Cr fresh + ₹1,000 Cr OFS)
- Status: Revised DRHP filed
- Sector: Consumer Electronics / Lifestyle Audio
After shelving its 2022 attempt, boAt is back with a tighter, more profitable book. Its smartwatch and TWS earphone share remains category-leading in India, and global expansion (UAE first) is a meaningful upside lever.
