Upcoming IPOs in 2026: The primary market witnessed a subdued first half of 2026, with average IPO subscriptions dropping to 19 times, less than half of the 40 times recorded during the corresponding period in 2025.
This slowdown came despite a higher number of companies making their stock market debut during the January-June period of 2026 compared with the same period last year. The weaker subscription levels suggest that investors were more selective, reflecting cautious market sentiment.
Investor appetite shows signs of recovery in second half
However, the second half of the year has already shown encouraging signs of a recovery in investor appetite. IPOs such as SBI Funds Management, Laser Power & Infra Limited, and Kusumgar attracted strong public interest, garnering subscriptions of over 40 times, nearly 40 times, and more than 125 times, respectively.
With IPO momentum appearing to build in the second half of 2026, the key question is whether this renewed enthusiasm can be sustained or whether it is merely a short-lived rebound.
Strong IPO pipeline could support market revival
While there is no definitive answer, the outlook remains promising. A robust pipeline of companies expected to launch IPOs between July and December 2026 could help sustain investor interest.
If market conditions remain supportive and upcoming issues continue to receive strong demand, the second half of 2026 could emerge as a significantly stronger period for the primary market than the first.
Major IPOs expected in the second half of 2026
Several large companies are preparing to tap the capital markets in the coming months. These upcoming issues could play a key role in reviving investor sentiment and sustaining the recovery in the primary market.
Strong Investor Response Ahead of Listing
One of India’s Biggest Public Issues in the Making
The National Stock Exchange of India (NSE) is preparing for what is expected to be one of India’s largest-ever IPOs. The issue is expected to be listed around September 2026.
The IPO could potentially raise around Rs 306 billion, making it larger than Hyundai Motor Co.’s Indian unit listing in 2024, which currently stands as India’s biggest IPO on record, according to a Bloomberg report.
Telecom Giant Moves Closer to Market Debut
Reliance Industries’ Q1 FY27 results have indicated that Jio Platforms has moved significantly closer to its upcoming market debut.
The IPO is expected to raise around USD 4 billion (approximately Rs 37,700 crore), making it one of the most closely watched public offerings of the year.
Quick-Commerce Firm Targets Major Fundraise
Quick-commerce company Zepto is looking to raise around USD 850 million through its initial public offering.
Foreign investors have indicated interest at a pre-money valuation of about USD 4.5 billion, according to people familiar with the matter, as quoted by The Economic Times.
Healthcare Major Plans Large Issue
India’s Manipal Health Enterprises Ltd. is seeking a valuation of about Rs 80,000 crore for its planned initial public offering, according to people familiar with the matter, Bloomberg reported.
The Temasek Holdings-backed operator of Manipal Hospitals plans to raise as much as Rs 11,000 crore through an IPO likely to be launched in the week beginning July 27, according to the report.
Fitness Platform Files Draft Papers
Cult.fit Ltd. has filed preliminary papers with SEBI and aims to raise Rs 950 crore through a fresh issue. Mukesh Bansal, Bruno Eduard Raschle, and actor Hrithik Roshan are also expected to offload shares through an offer for sale (OFS).
Fintech Major Prepares for Market Debut
SEBI has approved PhonePe’s IPO. The company has filed an updated DRHP for an offer for sale (OFS) worth around USD 1.3-1.5 billion at an estimated valuation of USD 15 billion.
However, a firm launch date for the IPO is yet to be announced.
Hospitality Firm Targets Debt Reduction
Oyo’s parent company, PRISM, has filed a UDRHP with SEBI for a Rs 6,650 crore fresh-issue IPO targeting a valuation of USD 7-8 billion. The proceeds from the issue will largely be used for debt repayment.
Consumer Electronics Brand Reduces Issue Size
Imagine Marketing, the parent company of boAt, has filed an updated DRHP, reducing the issue size to Rs 1,500 crore.
Travel Platform’s India Unit Files Confidential Papers
MakeMyTrip’s India unit has submitted confidential draft papers to SEBI for a proposed initial public offering on domestic stock exchanges.
With several other marquee companies also preparing to go public, the second half of 2026 promises to be an exciting period for the primary market.
(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
