India's primary market is entering uncharted territory. Never before have five companies of this scale — an exchange, a telecom giant, the country's largest AMC, a payments unicorn, and a fast-commerce disruptor — all been queuing up to list in the same calendar year. Together, NSE, Reliance Jio, SBI Funds Management, PhonePe, and Zepto represent a combined valuation of well over ₹20 lakh crore.
If even three of these listings happen in 2026, it will redefine the Indian capital markets landscape. Here is a complete investor breakdown of all five — what they are, where they stand, and what you should be watching for.
1. NSE IPO — India's Largest Exchange Finally Lists
The Big Picture
The National Stock Exchange of India is the world's largest derivatives exchange by volume and India's dominant equity trading platform. It processes over 90% of India's equity futures and options trades every single day. The NSE IPO has been talked about since 2016 — a full decade of regulatory delays, co-location controversies, and SEBI standoffs.
That wait is now over. On January 30, 2026, SEBI issued its No Objection Certificate to NSE — the mandatory regulatory clearance for any market infrastructure institution. On June 17, 2026, NSE filed its Draft Red Herring Prospectus (DRHP) with SEBI, setting the stage for what could be India's largest-ever corporate listing.
Key Details
- Estimated Valuation: ₹5 lakh crore+ ($60 billion+)
- Issue Size: ₹25,000–30,000 crore (100% Offer for Sale — no fresh issue)
- Structure: Existing shareholders diluting ~6% of their equity
- Expected Listing: September–October 2026 (post SEBI review of 2–3 months)
- P/E at listing: ~High 40s based on FY26 PAT of ₹10,302 crore
What Investors Should Watch
Since this is 100% OFS, no fresh capital flows into NSE — existing shareholders exit. The stock will be priced at a significant premium to peers given NSE's monopoly in derivatives. Watch for the price band announcement and QIB anchor book — institutional appetite will be the real signal here. Given NSE's earnings visibility and near-monopoly moat, this is likely to be one of the most oversubscribed large-cap IPOs in Indian history.
2. Reliance Jio IPO — The Biggest IPO in Indian History
The Big Picture
Reliance Jio is India's largest telecom operator with over 470 million subscribers, the country's dominant 5G network, and a rapidly growing digital ecosystem spanning JioTV, JioCinema, JioFiber, and enterprise AI services. When Mukesh Ambani announced the IPO filing at Reliance Industries' 49th AGM on June 19, 2026, he called it "a deeply emotional moment."
On the same day, Jio Platforms' board approved the DRHP and filed it with SEBI — making this the most significant corporate event in Indian capital markets history.
Key Details
- Estimated Valuation: ₹11–13.5 lakh crore ($121–154 billion)
- Issue Size: ₹37,700 crore fresh issue — India's largest ever IPO
- Structure: 100% fresh issue of 27 crore new equity shares (~2.9% of post-issue equity). No OFS.
- Use of Proceeds: ₹27,500 crore for debt repayment; balance for AI and network infrastructure
- Expected Listing: August–October 2026 window post SEBI review
What Investors Should Watch
The fresh issue structure means all capital goes into the company — a positive signal. The debt repayment use of proceeds will strengthen Jio's balance sheet significantly. At the expected valuation of $137 billion, this will dwarf every previous Indian IPO. Retail quota will be huge in absolute rupee terms, but at this valuation, allotment will be extremely competitive. Begin tracking the GMP on IPOLyst as soon as the price band is announced.
3. SBI Funds Management IPO — Own a Piece of India's Largest Mutual Fund
The Big Picture
SBI Mutual Fund is India's largest AMC (Asset Management Company) by Assets Under Management, managing over ₹16 lakh crore in public savings across equity, debt, and hybrid funds. It is a joint venture between State Bank of India (SBI) and Amundi, Europe's largest asset manager.
The DRHP was filed with SEBI on March 19, 2026. The IPO will make SBI Mutual Fund the third SBI Group subsidiary to list on Indian exchanges, after SBI Life Insurance and SBI Cards and Payment Services.
Key Details
- Estimated Valuation: ₹1.3 lakh crore (targeting ~51x P/E)
- Issue Size: ₹13,000 crore (100% Offer for Sale — no fresh capital raised)
- Sellers: SBI divesting ~6.3% (12.83 crore shares); Amundi divesting ~3.7% (7.54 crore shares)
- AUM: ₹16 lakh crore+ — the largest fund house in India
- Expected Listing: August 2026; price band expected July 2–3, 2026
What Investors Should Watch
At 51x P/E, SBI MF is priced at a premium to listed peers HDFC AMC (35–40x) and ICICI Prudential AMC (38–45x). The premium is justified by scale — SBI MF's AUM is nearly 2x its nearest competitor. The unlisted grey market had already rallied 3.5x ahead of the IPO announcement, signalling strong pre-IPO demand. Watch the price band announcement (due this week as of July 2) and whether the QIB portion is anchored strongly.
4. PhonePe IPO — India's Payments Giant Goes Public
The Big Picture
PhonePe is India's largest UPI payments platform with over 500 million registered users and a market share of approximately 48% of all UPI transactions. Backed by Walmart (which owns ~85% post the Flipkart demerger), PhonePe has diversified aggressively into insurance, mutual fund distribution, lending, and international payments.
PhonePe filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI on January 21, 2026. The IPO is a pure Offer for Sale — existing shareholders exit, no fresh capital raised by the company.
Key Details
- Estimated Valuation: $9–10.5 billion (₹75,000–87,000 crore) — revised down from earlier $15B target
- Issue Size: ~₹12,000 crore (OFS of 5.06 crore shares)
- Structure: 100% Offer for Sale — Walmart and early investors monetising
- Status: UDRHP filed; IPO deferred from March 2026 due to global market volatility
- Expected Listing: H2 2026, subject to market conditions
What Investors Should Watch
PhonePe took a deliberate valuation haircut — dropping its target from $15 billion to ~$10 billion — to make the IPO price attractive for public investors. That is a positive signal. However, the OFS structure means investors are buying out Walmart and early backers rather than funding company growth. The key question: can PhonePe sustain its UPI market share as Google Pay and Paytm push back? At the revised valuation, the risk-reward looks compelling for long-term investors.
5. Zepto IPO — Quick Commerce's Biggest Bet
The Big Picture
Zepto is India's fastest-growing quick commerce company, promising 10-minute grocery delivery across 10+ cities. Founded in 2021 by two Stanford dropouts — Aadit Palicha and Kaivalya Vohra — Zepto has scaled to over 700 dark stores and competes directly with Blinkit (Zomato) and Swiggy Instamart.
Zepto filed an Updated DRHP with SEBI on June 8, 2026, targeting a ₹11,000–12,000 crore IPO. Notably, the company accepted a 15–20% valuation haircut from its last private funding round to make the public offering price more attractive.
Key Details
- Estimated Valuation: $5.6–5.95 billion (₹47,000–50,000 crore) — down from $7B private round
- Fresh Issue: ₹8,010 crore for growth and dark store expansion
- OFS: 11.35 crore shares by existing investors
- Pre-IPO Placement: Up to ₹1,602 crore (deducted from fresh issue if completed)
- Lead Managers: Axis Capital, Morgan Stanley, Goldman Sachs, Motilal Oswal, HSBC, JM Financial, IIFL
What Investors Should Watch
Quick commerce is burning cash — Zepto is not yet profitable at the company level, though it claims dark store-level profitability. The ₹8,010 crore fresh issue will fund expansion into Tier 2 cities and new categories. The category itself is growing explosively: India's quick commerce market is projected to hit $5 billion by 2027. The key risk is competitive intensity from Blinkit (backed by Zomato's listed entity) and Swiggy Instamart. Watch GMP trends closely — quick-commerce IPOs tend to polarise investors sharply.
At a Glance: All 5 Mega IPOs Compared
- NSE: ₹5L crore valuation | ₹25,000–30,000 crore size | Sep–Oct 2026 listing | 100% OFS
- Reliance Jio: ₹11–13.5L crore valuation | ₹37,700 crore size | Aug–Oct 2026 | 100% Fresh Issue
- SBI Funds Management: ₹1.3L crore valuation | ₹13,000 crore size | Aug 2026 | 100% OFS
- PhonePe: ₹75,000–87,000 crore valuation | ₹12,000 crore size | H2 2026 | 100% OFS
- Zepto: ₹47,000–50,000 crore valuation | ₹11,000 crore size | 2026 | Mixed fresh + OFS
Final Word for Investors
2026 is shaping up to be the most significant year in Indian IPO history. The combined issue size of just these five IPOs could exceed ₹1 lakh crore — absorbing enormous liquidity from both domestic and foreign institutional investors.
For retail investors, the most important thing is to track GMP trends, subscription data, and QIB anchor investor lists as each IPO opens. A heavily anchored book with strong QIB demand is the single strongest signal before applying. IPOLyst will track live GMP, subscription numbers, and allotment links for all five as they open.
Bookmark ipolyst.com — we update GMP data daily so you never miss the window.