Every few years, India's IPO market has what people call a supercycle, a stretch where the size and number of listings genuinely change the shape of the market. Right now, we are sitting in the middle of one. Reliance Jio, the National Stock Exchange, Flipkart, PhonePe and Zepto are all somewhere in the IPO pipeline at the same time, which has simply not happened before in Indian markets. Add in OYO's third attempt at going public, SBI's asset management arm, and a fresh wave of consumer and fintech names, and you get a list that retail investors genuinely need a scorecard to keep track of.

Some of these IPOs are moving quickly, some have already been pushed back once, and a couple still have no confirmed date at all. This piece walks through the ten biggest names, what is actually confirmed versus what is still speculation, and where each one currently stands as of this week.

1. Reliance Jio (Jio Platforms)

This is the one everyone is watching first, and for good reason. Reliance Jio is reportedly aiming to unlock over Rs. 70,000 crore by offloading around 5 percent equity at a valuation implying an enterprise value near Rs. 14.11 lakh crore, which would make it one of the largest listings in Indian stock market history. The company has already begun investor outreach ahead of a targeted November 2026 listing, after prior regulatory approvals and draft filings. We covered the full breakdown of this listing in our earlier piece on the Jio Platforms IPO explainer, which is worth reading alongside this one for the deeper structural details.

2. NSE (National Stock Exchange)

The exchange that facilitates almost every trade you make is itself heading toward a stock exchange listing. SEBI cleared NSE's IPO recently, a major milestone after years of delays tied to past governance issues. The exact issue size has not been finalised yet, but given NSE's scale, this is widely expected to rank among India's largest ever public issues. We wrote a dedicated update on this the day it happened in our piece on NSE getting SEBI's green light, and it is genuinely one of the more consequential regulatory approvals this year, given the exchange's own listing raises interesting governance questions that our piece on the NSE vs BSE IPO exchange landscape explores in more depth.

3. Flipkart

Walmart's Indian e-commerce arm is targeting a valuation somewhere between 60 and 70 billion dollars for its eventual listing, which would make it one of the largest technology IPOs India has ever seen. Before any DRHP can even be filed, Flipkart needs to complete a reverse flip, shifting its holding structure from Singapore back to India, a process that has already received NCLT approval and is now awaiting final government clearance. Realistically, this pushes any actual listing toward early 2027 rather than this year.

4. PhonePe

PhonePe's story so far has been one of stops and starts. SEBI approved its IPO back in January 2026, structured entirely as an offer for sale of about 5.07 crore shares, expected to raise close to Rs. 12,000 crore at a valuation near 12 to 15 billion dollars. Then in March 2026, the company paused its listing plans entirely, citing volatile global markets and geopolitical uncertainty tied to the Iran conflict. Founder Sameer Nigam reaffirmed the company's commitment to a domestic listing once conditions stabilise, but as of now, there is still no confirmed date. Given this is a pure OFS structure with Walmart, Tiger Global and Microsoft all selling down, it is worth understanding how OFS listings actually work for retail investors, something our piece on the LIC OFS and what it means to bid or wait explains clearly.

5. Zepto

Zepto's IPO journey has hit real friction, and it is worth being honest about that rather than glossing over it. The company filed its confidential DRHP in December 2025, got SEBI's observation letter in May 2026, and filed an updated DRHP in June 2026 seeking Rs. 8,010 crore through a fresh issue, with total issue size expected near Rs. 11,000 to 12,000 crore. But institutional investors pushed back hard on valuation, unwilling to underwrite the company's earlier target given ongoing cash burn concerns. Zepto has since raised roughly Rs. 1,000 crore in a pre-IPO round to buy time, and is now looking at a listing window between February and May 2027, with founder Aadit Palicha confirming the company still has until November 2027 under SEBI's approved timeframe before it would need to refile.

6. OYO

This is OYO's third serious attempt at a public listing, after aborted efforts in both 2021 and 2024. This time, the story looks genuinely different. The company has posted ten consecutive EBITDA positive quarters and is projected to deliver a full year profit after tax of around Rs. 1,100 crore for FY26. OYO is targeting roughly Rs. 6,650 crore through its offering, and has lined up a genuinely global set of book runners including Axis Capital, Citi, Goldman Sachs, ICICI Securities, JM Financial and Jefferies, which signals real institutional confidence this time around.

7. SBI Mutual Fund (SBI Funds Management)

This would be India's largest asset management IPO to date. SBI Funds Management manages roughly Rs. 16 lakh crore in assets, holding about 15.5 percent of the entire mutual fund industry. An IPO here is less about a flashy consumer story and more about giving retail investors direct access to India's asset management growth story, which has been compounding at well over 15 percent annually.

8. Hero FinCorp

Hero FinCorp is targeting an issue size of around Rs. 3,600 crore, leaning heavily on its growth in MSME and retail lending. This is a more traditional NBFC listing compared to the tech heavy names on this list, and tends to attract a different kind of investor, one more focused on lending book quality than growth multiples. If you are weighing this kind of financial services IPO, it helps to have already looked at how a comparable fintech lender performed, and our coverage of the Navi IPO backed by Goldman Sachs and JPMorgan is a useful reference point for how lending focused listings have actually traded.

9. boAt

The consumer electronics brand best known for its earphones and wearables has SEBI approval in hand for a Rs. 1,500 crore issue. The company is using this listing partly to fund international expansion, moving beyond its dominant position in the Indian audio and wearables market. It is a smaller issue than most names on this list, but boAt's brand recognition among retail investors is genuinely high, which should support demand regardless of size.

10. Credila Financial Services

Credila, an education loan focused NBFC that was previously part of the HDFC group, is among the mid sized issues expected to raise close to Rs. 5,000 crore. Education financing has been a quietly growing lending category in India, and a listing here gives investors a fairly pure play on that specific niche rather than a broad based NBFC.

How the Top Names Compare

Company	Expected Size	Status	Likely Window
Jio Platforms	Rs. 70,000 crore	Marketing underway	November 2026
NSE	Size TBD	SEBI approved	Late 2026
Flipkart	$60-70 billion valuation	Reverse flip pending	Early 2027
PhonePe	Rs. 12,000 crore	Paused since March	Unconfirmed
Zepto	Rs. 11,000-12,000 crore	Valuation pushback	Feb-May 2027
OYO	Rs. 6,650 crore	Third attempt, EBITDA positive	2026
SBI Mutual Fund	Rs. 16 lakh crore AUM	In pipeline	2026
Hero FinCorp	Rs. 3,600 crore	In pipeline	2026
boAt	Rs. 1,500 crore	SEBI approved	2026
Credila Financial Services	Rs. 5,000 crore	In pipeline	2026

What Retail Investors Should Actually Do With This List

The honest takeaway from a list this long is that not every name deserves the same attention or the same money. Some of these, like Jio and NSE, are moving on a confirmed near-term timeline with real institutional backing behind them. Others, like PhonePe and Zepto, have already shown you exactly how quickly a headline valuation can run into real market resistance. If you plan to apply when any of these open, it helps to already understand how a genuinely busy IPO week actually plays out for retail allotment odds, something we covered in detail during a recent Rs. 7,681 crore IPO week that hit the market with several large issues opening simultaneously. It is also worth remembering that being on an IPO watchlist is not the same as being a guaranteed listing gain, a lesson our broader piece on why 90 percent of traders lose money in the stock market covers well, and one that applies just as much to chasing hyped IPOs as it does to any other trade. And given how many of these names are still working through SEBI's approval process, it is worth keeping an eye on how recent SEBI and RBI rule changes could shape the exact terms each of these companies eventually lists under.

This article is for informational purposes only and should not be construed as investment advice. Investments in the securities market are subject to market risks. Please read all related documents carefully and consult a registered financial advisor before making any investment decisions.

Frequently Asked Questions (FAQ)

1. When is the Jio Platforms IPO expected to list?

Jio Platforms has begun investor marketing and is targeting a listing in November 2026, aiming to raise over Rs. 70,000 crore.

2. Why has the PhonePe IPO been delayed?

PhonePe paused its IPO plans in March 2026, citing volatile global markets and geopolitical uncertainty, with no confirmed listing date announced since.

3. Is the Zepto IPO still happening?

Yes, but it has been delayed to a February to May 2027 window after institutional investors pushed back on Zepto's valuation expectations.

4. What is the expected issue size of the NSE IPO?

NSE's exact issue size has not been announced yet, but given the exchange's scale, it is expected to be one of India's largest ever public listings.

5. Which upcoming IPO on this list is the smallest?

boAt has the smallest confirmed issue size on this list at approximately Rs. 1,500 crore, with SEBI approval already in place.