Four big IPOs could reach India’s primary market before 2026 ends: Avaada Electro (solar), Mahanadi Coalfields (coal), Carlsberg India (beer) and AGS Health (healthcare services). None has announced IPO dates, a price band or a lot size yet. But each draft prospectus already shows how the deal is built, and that matters. Only two of the four would put fresh money into the company. The other two are pure offer-for-sale IPOs, where existing shareholders cash out.
Below you will find each IPO’s status, issue size, financials, risks and what to check before applying, plus a short guide to reading any IPO and answers to common questions.
Upcoming IPOs in India: November and December 2026 at a glance
| IPO | Business | Latest step | Proposed offer | Who gets the money |
|---|---|---|---|---|
| Avaada Electro IPO | Solar modules and cells | Updated draft (UDRHP) filed 25 Aug 2026; launch reported as early as mid-November | Up to ₹7,600 crore | ₹1,600 crore fresh issue + ₹6,000 crore offer for sale by promoter Avaada Ventures |
| Mahanadi Coalfields IPO | Coal mining (Coal India subsidiary) | SEBI observations on 4 November 2026 | Up to 66.18 crore shares, about 10% of the company | Entirely Coal India (offer for sale) |
| Carlsberg India IPO | Brewing (Tuborg, Carlsberg) | Updated draft dated 27 Oct 2026 | Up to 8.64 crore shares | Entirely South Asian Breweries (offer for sale) |
| AGS Health IPO | Revenue cycle management for US healthcare providers | Updated draft filed 7 Aug 2026 | Up to ₹4,800 crore | ₹1,800 crore fresh issue + ₹3,000 crore offer for sale by a Blackstone-owned entity |
Important: As of 11 November 2026, none of the four has announced IPO opening and closing dates, a price band, a lot size or a listing date. Timelines below come from media reports and can change with market conditions.
India’s IPO market in 2026: record fundraising, busy pipeline
India’s IPO market has had an exceptionally heavy year. Prime Database figures cited by Mint show about ₹1.58 trillion raised through 109 mainboard IPOs between January and October 2026. The November 2025 to October 2026 Samvat year set a record of ₹2.12 trillion across 129 issues, helped by the very large Jio Platforms and NSE offerings. November has started quietly, but merchant bankers quoted in market reports expect more than 20 public issues in the second half of November and December. These four are among the biggest names waiting in the IPO pipeline.
Avaada Electro IPO: solar manufacturer with one dominant customer
Avaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, makes solar PV modules and TOPCon solar cells. It has 8.5 GW of module capacity and 3 GW of cell capacity. SEBI cleared its confidential filing in April 2026, and the company filed an updated draft red herring prospectus in late August. Reports in October said the IPO could open as early as mid-November, but neither the company nor the stock exchanges have confirmed dates.
IPO size and structure: up to ₹7,600 crore, made up of a ₹1,600 crore fresh issue and a ₹6,000 crore offer for sale by Avaada Ventures. About ₹1,200 crore of the fresh issue is earmarked to repay or settle borrowings and letter-of-credit obligations. A pre-IPO placement of up to ₹320 crore is possible and would reduce the fresh issue.
Financials: revenue from operations rose from ₹911.62 crore in FY25 to ₹5,303.52 crore in FY26, with profit after tax of ₹888.74 crore. That is a rapid ramp-up from a small base, as the company began earning revenue only in FY25.
The risk to read twice: about 89% of FY26 revenue came from group company Avaada Energy, down from nearly 100% a year earlier. A related-party customer can give a new solar factory steady orders. It also ties the manufacturer to one group’s project schedules and payment timing.
What to check in the final prospectus: sales to customers outside the group, amounts owed by group companies, payment terms, and the price band against listed solar manufacturing peers.
Mahanadi Coalfields IPO: a big offer for sale where the miner receives nothing
Mahanadi Coalfields is the largest coal-producing subsidiary of Coal India. It produced roughly 218 million tonnes in FY26, about 21% of India’s domestic coal output and 28% of Coal India’s total, according to reports on its filing. SEBI’s observations came on 4 November 2026. Bloomberg has reported that Coal India could launch the Mahanadi Coalfields IPO in the second half of November or early December. The reported size is about US$1 billion, which could value the company at up to $10 billion. Treat these as media estimates until a price band is announced.
IPO structure: this is a 100% offer for sale of up to 66,18,36,300 equity shares by Coal India. The sale proceeds go to Coal India, not to Mahanadi, so the IPO will not fund new mines or equipment.
Shareholder quota: investors often ask whether Coal India shareholders will get a reserved category. A previous Coal India subsidiary IPO, Bharat Coking Coal, had one and saw very heavy demand. For Mahanadi, a shareholder quota and its record date are not confirmed and will be known only from the red herring prospectus. Do not buy a stock purely on the hope of a quota.
What to check: the price band against tonnes dispatched, average realisation per tonne and capital spending needed to sustain output. Coal India’s own shares are a useful comparison, but they give exposure to several operations, while Mahanadi is one.
Carlsberg India IPO: beer sales rose, profit slipped
Carlsberg India sells Tuborg, Carlsberg and Kronenbourg 1664 Blanc. SEBI gave its observations on 1 October 2026, and the updated draft prospectus is dated 27 October. The IPO is entirely an offer for sale of up to 8.64 crore shares by promoter South Asian Breweries, with no fresh issue. Kotak Mahindra Capital, Citigroup Global Markets India and JPMorgan India are the lead managers.
The puzzle in the numbers:
- In the June 2026 quarter, net revenue rose 21.5% to about ₹1,366 crore, while profit fell 3.9% to about ₹158 crore.
- For the full year FY26, the pattern reversed: revenue slipped about 2% to ₹8,709 crore, while profit rose 22% to ₹534.5 crore.
Profit and sales have moved in different directions in both periods, so the final prospectus matters. One factor flagged in coverage of the filing: Carlsberg India renewed its brand licence in June 2026 at higher royalty rates, 4% for Tuborg and 5% for Carlsberg. Whether that, product mix or distribution costs explains the quarter is something to confirm in the disclosures, not assume.
A caution on market share: the 21.9% figure covers 16 key states and union territories. It is not a national market share and should not be described as one.
AGS Health IPO: the back office behind the hospital bill
After a hospital visit, someone must code the treatment, submit the insurance claim and chase refused payments. AGS Health does this revenue cycle management work for US healthcare providers, so its business is better judged by customer contracts and collections than by hospital beds or patient numbers.
IPO size and structure: up to ₹4,800 crore, comprising up to ₹1,800 crore of new shares and up to ₹3,000 crore sold by BCP Asia II Topco VIII Pte, an entity owned by Blackstone. That means ₹37.50 of every ₹100 in the offer is fresh capital, before expenses. A pre-IPO placement of up to ₹360 crore is possible and would reduce the fresh issue.
Debt: about ₹1,600 crore of the fresh issue is earmarked to repay borrowings at two US subsidiaries. Consolidated borrowings were ₹4,238.8 crore at March 2026. As rough arithmetic, repaying ₹1,600 crore would leave about ₹2,640 crore, all else equal, though the final prospectus and later results could change that. The draft also notes that goodwill made up about 73% of consolidated assets, a risk worth understanding before applying.
Fresh issue vs offer for sale: why it matters to IPO investors
In a fresh issue, the company issues new shares and receives the money, which it can use for growth or to cut debt. In an offer for sale (OFS), existing shareholders sell their shares and the company receives nothing. Here, Avaada Electro and AGS Health combine both, while Mahanadi Coalfields and Carlsberg India are OFS-only. Neither structure is automatically good or bad, but you should know which one you are funding.
How to analyse any Indian IPO: an evergreen checklist
- Check the issue type. Fresh issue, offer for sale or a mix, and what share of the money reaches the company.
- Read the objects of the issue. Debt repayment, capacity expansion and general corporate purposes tell different stories.
- Know the document stage. The draft red herring prospectus (DRHP) or updated DRHP can change. The red herring prospectus (RHP) carries the price band and dates.
- Calculate the minimum investment. Multiply the upper price band by the lot size to see what one retail application costs.
- Track all four dates. Opening, closing, allotment and listing dates are separate. An issue can open in December and list in January.
- Look for concentration risk. One customer, one parent or one product accounting for most revenue is a risk the prospectus will quantify.
- Compare with listed peers. A price band only means something against similar listed companies’ valuations.
- Treat grey market premium (GMP) with caution. It is an unofficial indicator, not a guarantee of listing gains, and it can change sharply or disappear.
- Look at anchor investors and subscription data. Anchor allocation and day-wise subscription across retail, non-institutional and institutional categories show demand, but not future returns.
What would turn this IPO watchlist into an IPO calendar?
Three things: a filed red herring prospectus, a confirmed price band and announced bidding dates. Until then, each company remains a watchlist item. Based on current reports, Avaada Electro and Mahanadi Coalfields look closest to launch, while Carlsberg India and AGS Health have disclosed enough to study but have no reported launch date.
Frequently asked questions: upcoming IPOs in India 2026
Which IPOs are expected in India in November and December 2026? Avaada Electro, Mahanadi Coalfields, Carlsberg India and AGS Health are among the large IPOs in the pipeline. Only Avaada Electro and Mahanadi Coalfields have reported launch windows, and neither is confirmed.
When will the Avaada Electro IPO open? The opening date has not been announced. Media reports in October said as early as mid-November 2026. The price band and dates will come with the red herring prospectus.
What is the Mahanadi Coalfields IPO size? Coal India plans to sell up to 66.18 crore shares, about 10% of the company. Reports put the value at about US$1 billion, but the final size depends on the price band.
Will Coal India shareholders get a quota in the Mahanadi Coalfields IPO? Not confirmed. Eligibility and the record date will be disclosed in the red herring prospectus.
Does the company get money from an offer for sale? No. The proceeds of an offer for sale go to the selling shareholders. Only a fresh issue brings new money to the company.
What is the Carlsberg India IPO price band? It has not been announced. The IPO is an offer for sale of up to 8.64 crore shares by South Asian Breweries.
How much of the AGS Health IPO is fresh issue? Up to ₹1,800 crore of the ₹4,800 crore offer, or 37.5%, is a fresh issue. The rest is a Blackstone-owned entity selling shares.
Is an IPO a good investment? There is no universal answer. Listing prices, valuation and company performance vary widely, so read the prospectus and consider your own risk tolerance.
