India’s primary market is bracing for its biggest year on record, with five marquee companies, Jio Platforms, Zepto, NSE, Flipkart and PhonePe, moving through different stages of their public listings with combined issue sizes potentially crossing ₹1.5 lakh crore.
Jio Platforms eyes India’s largest-ever IPO
Reliance Industries filed Jio Platforms’ draft red herring prospectus (DRHP) with SEBI, BSE and NSE on June 19, 2026, at its 49th AGM. The offering is a 100% fresh issue of up to 27 crore equity shares, with no offer for sale (OFS) by existing investors. Street estimates peg the issue size at roughly ₹37,000-37,700 crore (about $4 billion), implying a post-issue valuation of ₹12-13 lakh crore (around $135-140 billion).
Proceeds will largely fund the prepayment of Jio Infocomm’s borrowings, alongside 5G, fibre and AI infrastructure spending. Price band and listing dates are yet to be announced.
Zepto files updated DRHP amid widening losses
Quick-commerce platform Zepto filed its Updated DRHP in June 2026, following SEBI’s observation letter on May 8. The issue comprises a fresh issue of ₹8,010 crore and an OFS of up to 11.35 crore shares by early investors, including Nexus Venture Partners.
The company posted a net loss of ₹591 crore in FY26, against ₹470 crore a year earlier, even as advertising revenue rose 151% year-on-year. A listing is expected in the July-September 2026 window, with the price band still pending.
NSE targets December listing after a decade-long wait
The National Stock Exchange filed its DRHP on June 17, 2026, structured entirely as an offer for sale of up to 14.89 crore equity shares, roughly 6.02% of the company. The estimated issue size stands at ₹25,000-30,000 crore, which would make it the largest IPO in Indian history, surpassing Hyundai Motor India’s ₹27,858.80 crore issue from 2024.
The listing is proposed on BSE only, since regulation bars an exchange from listing on its own trading platform. NSE is targeting a listing before December 2026, pending SEBI’s review.
Flipkart prepares for a late-2026 filing
E-commerce major Flipkart completed its re-domiciliation from Singapore to India in March 2026 and is preparing to file its DRHP later this year, with a listing expected in late 2026 or early 2027.
Reported fundraise estimates range between $8 billion and $10 billion, with valuation targets varying widely across reports. Flipkart is also said to be exploring a pre-IPO round of $1-2.5 billion ahead of the public issue. Price band, issue size and exact dates remain unannounced.
PhonePe stays in the pipeline
Digital payments platform PhonePe has reportedly filed a confidential DRHP with SEBI, with reported issue-size estimates ranging from ₹13,000-14,000 crore. Final details, including price band and listing dates, are yet to be disclosed by the company.
Investors should track SEBI’s website and exchange filings for confirmed price bands, lot sizes and subscription dates, since most figures around Flipkart and PhonePe remain provisional until formal red herring prospectuses are filed.
