Reliance Jio, NSE to Oyo: Equirus forecasts blockbuster IPO pipeline for 2026 with up to $20 billion fundraise
IPOs in 2026: With investor sentiment holding firm and market fundamentals healthy, 2026 is shaping up to be another significant year for India’s primary market landscape. Equirus Capital projects fundraise by initial public offerings (IPOs) to hit $20 billion ( ₹1.78 lakh crore) with several marquee names like Reliance Jio, National Stock Exchange and Oyo expected to launch their share sales.
Given the massive capital raised in the last five years, the continued strength of the IPO market highlights the sustained depth of investor demand.
Between 2020-2025, companies raised ₹5.39 lakh crore via IPOs, surpassing ₹4.55 lakh crore raised in the 20 years before, despite the number of public offers being nearly half.
Expectations are ripe that, in terms of funds raised, 2025 might emerge as the best year, with ₹1.30 lakh crore already raised as of October 30, as against 2024’s ₹1.59 lakh crore.
IPO outlook 2026
With a projected $20 billion IPO pipeline for 2026, Equirus Capital analysts see a confluence of trends for the primary market. The company sees a surge in new-age and digital economy IPOs as market confidence in these companies remains robust.
Additionally, it added that large IPOs have the scope to deepen market liquidity and set new benchmarks for the Indian capital market activity. Here are some of the top IPOs that could hit the market as per the brokerage.
Reliance Jio
Reliance Jio‘s IPO could be one of the biggest ever for the Indian stock market. According to a Bloomberg report, investment bankers are proposing a valuation of as much as $170 billion for Jio Platforms. Mukesh Ambani said in August the Jio listing could happen in the first half of 2026.
Jio’s share sale is set to be Reliance’s first IPO of a major business unit since Reliance Petroleum Ltd.’s debut in 2006.
SBI Mutual Fund
Earlier this month, State Bank of India approved the divestment of about 6% stake in its subsidiary SBI Funds Management through an IPO. This will mark the third such SBI subsidiary’s IPO following the share sale of SBI Cards and SBI Life Insurance.
Amundi India Holding, the other promoter of SBIFML, will divest 1,88,30,000 equity shares, being equivalent to 3.7006% of the total equity capital of SBIFML.
NSE
The long-awaited IPO of NSE has built up significant investor interest. Sebi chief Tuhin Kanta Pandey last month assured that the much-delayed NSE share sale will eventually see “light of the day”. The unlisted shares of NSE trade at ₹1950 apiece.
PhonePe
Walmart-backed Indian fintech firm PhonePe has filed for an initial public offering via the confidential route, as per a Reuters report, which allows firms to keep their filings private until the public issue launches.
The firm is aiming to list by mid-2026, the report added. PhonePe was last valued at $12 billion when it raised capital from the private markets in 2023.
Oyo
A PTI report earlier in August said the company plans to file its DRHP in November, eyeing a valuation of $7-8 billion.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
