The biggest upcoming IPOs in 2026 in India include Reliance Jio (~₹37,500 crore, H1 2026), NSE (National Stock Exchange ~₹47,500 crore), PhonePe (~$1.5 billion), Zepto (~₹11,000 crore), boAt (~₹1,500 crore), OYO, Flipkart, SBI Mutual Fund and Tata Capital. Below is the complete, continuously updated list of mainboard and SME IPOs opening this month — with price bands, lot sizes, GMP, listing dates and a step-by-step apply guide.
Why 2026 Is Being Called India’s Biggest IPO Year Ever
If 2024 set records and 2025 normalised them, 2026 is the year India’s IPO pipeline goes mainstream-global. Over 44 startups and large-cap companies have either filed their Draft Red Herring Prospectus (DRHP) with SEBI or publicly announced listing intent for this calendar year — the densest pipeline the Indian primary market has ever seen.
For retail investors searching “upcoming IPO” or “upcoming IPO in 2026“, the challenge is no longer finding IPOs — it’s filtering them. Should you apply to a ₹100 crore SME issue or wait for the ₹37,500 crore Reliance Jio mega-IPO? Is the Grey Market Premium (GMP) telling you the truth, or is the listing already priced in?
This guide — built and maintained by the Tradex1.live research desk — answers all of that. We track every mainboard and SME IPO in real time, cross-reference SEBI filings, and update this page every 24 hours so you always have the latest opening dates, price bands and listing schedules at a single glance.
Upcoming IPO 2026 List (May 2026 — Live Calendar)
The table below is the most current snapshot of upcoming IPOs in India as of May 2026, sourced from SEBI filings, NSE/BSE issuer notices and exchange circulars.
| Company | Type | Open Date | Close Date | Price Band (₹) | Issue Size | Listing Date |
|---|---|---|---|---|---|---|
| Bagmane Prime Office REIT | Mainboard | 5 May 2026 | 7 May 2026 | ₹95 – ₹100 | ₹3,405 Cr | 15 May 2026 |
| Value 360 Communications | SME | 4 May 2026 | 6 May 2026 | ₹95 – ₹98 | ₹42 Cr | 11 May 2026 |
| Recode Studios | SME | 5 May 2026 | 7 May 2026 | ₹150 – ₹158 | ₹45 Cr | 12 May 2026 |
| OnEMI Technology (Kissht) | Mainboard | 30 Apr 2026 | 5 May 2026 | ₹162 – ₹171 | ₹926 Cr | TBA |
| Reliance Jio | Mainboard | TBA (H1 2026) | TBA | TBA | ~₹37,500 Cr | TBA |
| NSE (National Stock Exchange) | Mainboard | TBA | TBA | TBA | ~₹47,500 Cr | TBA |
| PhonePe | Mainboard | TBA (Q2/Q3 2026) | TBA | TBA | ~$1.2–1.5 Bn | TBA |
| Zepto | Mainboard | TBA | TBA | TBA | ~₹11,000 Cr | TBA |
| boAt (Imagine Marketing) | Mainboard | TBA | TBA | TBA | ~₹1,500 Cr | TBA |
| OYO | Mainboard | TBA | TBA | TBA | ~₹8,430 Cr | TBA |
| SBI Mutual Fund (SBI Funds Mgmt) | Mainboard | TBA | TBA | TBA | ~₹10,000 Cr | TBA |
| Flipkart | Mainboard | TBA (late 2026) | TBA | TBA | TBA | TBA |
| Tata Capital | Mainboard | TBA | TBA | TBA | TBA | TBA |
| EAAA India Alternatives | Mainboard | TBA | TBA | TBA | TBA | TBA |
| Hero FinCorp | Mainboard | TBA | TBA | TBA | ~₹3,668 Cr | TBA |
This calendar is refreshed every 24 hours. Bookmark this page and check before you apply — IPO dates are revised frequently between DRHP filing and SEBI clearance.
The 10 Biggest Upcoming IPOs of 2026 — Deep-Dive Reviews
1. Reliance Jio IPO 2026 — The Mega-Listing of the Decade
- Expected Date: First half of 2026 (announced by Mukesh Ambani at the 48th Reliance Industries AGM, August 2025)
- Expected Valuation: $130 billion – $170 billion (₹10.8 – ₹14.2 lakh crore)
- Expected Issue Size: ~₹37,500 crore (~2.5% equity dilution)
- Structure: Predominantly Offer for Sale (OFS)
- Sector: Telecom & Digital Services
Why it matters: Reliance Jio is the largest telecom operator in India by revenue market share, with over 50 crore subscribers. Strategic backers include Meta and Google. If listed at the upper valuation band, Jio would instantly become one of the top three companies on the NSE by market cap — and the largest IPO in Indian history, surpassing LIC’s 2022 listing.
Tradex1.live Take: This is not an IPO you “trade” — it’s one you accumulate. Watch the anchor book on Day 0; if FII allocation is strong, retail listing gains historically follow.
2. NSE IPO 2026 — Listing the Exchange That Lists Everyone Else
- Expected Issue Size: ~₹47,500 crore (10% stake sale)
- Expected Valuation: ~₹4.75 lakh crore
- Status: Awaiting final SEBI clearance; long-pending NoC reportedly progressing
The NSE IPO is unique because the exchange that hosts every Indian listing is finally going public itself. With dominant share in equities and derivatives, plus growing commodity and clearing revenues, NSE’s financials are widely considered the cleanest of any Indian financial-infrastructure company.
3. PhonePe IPO 2026
- Expected Date: First half of 2026
- Expected Raise: $1.2 – $1.5 billion
- Target Valuation: ~$15 billion
- Status: Confidential DRHP filed
Walmart-backed PhonePe is moving beyond UPI payments into insurance, lending and wealth management. The confidential DRHP route lets the company keep details private until close to launch — typically a sign of strong institutional appetite.
4. Zepto IPO 2026 — Quick-Commerce Goes Public
- Expected Issue Size: ~₹11,000 crore (fresh issue + OFS)
- DRHP Filing: March/April 2026
- GMV (Sept 2025): ~$3 billion (₹26,000 crore)
- Dark Stores: ~900 across India
Zepto reported a 120% jump in operating revenue to ₹4,454 crore in FY24, and its 10-minute delivery model has become one of the fastest-scaling consumer plays in India. The IPO will fund warehouse expansion and category extension.
5. boAt IPO 2026 (Imagine Marketing)
- Expected Issue Size: ~₹1,500 crore (₹500 Cr fresh + ₹1,000 Cr OFS)
- Status: Revised DRHP filed
- Sector: Consumer Electronics / Lifestyle Audio
After shelving its 2022 attempt, boAt is back with a tighter, more profitable book. Its smartwatch and TWS earphone share remains category-leading in India, and global expansion (UAE first) is a meaningful upside lever.
6. OYO IPO 2026
- Expected Raise: ~$800 million / ₹8,430 crore
- Use of Funds: Tech investment, debt reduction, hotel-partner ecosystem
- Status: Refiled DRHP after multiple revisions
OYO has trimmed its loss runway and reset expectations — a far cry from the 2021 hype cycle. For investors, the question is no longer growth at any cost but whether unit economics finally clear.
7. SBI Mutual Fund (SBI Funds Management) IPO
- Expected Issue Size: ~₹10,000 crore ($1.2 billion)
- Target Valuation: ~$12 billion
- Structure: Combined OFS by SBI + Amundi (~10% stake)
India’s largest AMC by AUM going public is a generational event for the asset management industry. Deep brand trust + diversified product suite + retail SIP penetration = a defensive, compounder-style listing.
8. Flipkart IPO 2026
- Expected Valuation: $60 – $70 billion
- Status: Domicile shift to India in progress (mandatory pre-listing step)
The most-anticipated Indian e-commerce listing. Flipkart’s domicile shift signals serious 2026/early-2027 intent. Walmart remains the majority shareholder.
9. Hero FinCorp IPO
- Total Raise: ₹3,668.13 crore (₹2,100 Cr fresh + ₹1,568.13 Cr OFS)
- AUM (Mar 2025): ₹51,820.81 crore
- Focus: Vehicle financing, personal loans, housing loans (Tier 2/3 markets)
A pure-play NBFC story focused on under-served geographies — exactly where retail credit growth is structurally fastest in India.
10. Tata Capital IPO
- Expected Listing: 2026
- Sector: Diversified financial services
Tata Capital’s listing is mandated by RBI’s Upper Layer NBFC framework, which makes the timing structurally locked-in rather than market-dependent.
What Is an IPO and Why It Matters in 2026
An Initial Public Offering (IPO) is the first time a private company sells its shares to the public and gets listed on a recognized stock exchange — in India, that’s the NSE (National Stock Exchange) or BSE (Bombay Stock Exchange).
When you apply for an IPO, you’re essentially buying shares before they begin trading, at a price set jointly by the company and its merchant bankers. If demand is high on listing day, the share price rises — and your allotted shares can be sold for an instant profit (commonly called a listing gain).
There are two types in India:
- Mainboard IPO: Larger companies; minimum issue size ₹10 crore; lists on NSE/BSE main platform
- SME IPO: Smaller companies; lists on NSE Emerge or BSE SME; minimum lot size is higher (~₹1 lakh+)
Types of Investors Who Can Apply (SEBI Categories)
SEBI permits four investor categories to bid in any Indian IPO:
- Retail Individual Investors (RII): You and me — application up to ₹2 lakh per PAN
- High Net-worth Individuals (HNI / Non-Institutional Investors): ₹2 lakh – ₹10 lakh = sHNI; above ₹10 lakh = bHNI
- Qualified Institutional Buyers (QIBs): Mutual funds, insurance companies, FIIs, banks
- Anchor Investors: Subset of QIBs who commit one day before the issue opens
Retail allotment is lottery-based when oversubscribed — meaning 1 lot or 5 lots gives you the same statistical chance. Apply with one PAN per family member if you want to maximise allotment odds (legally).
What Is GMP (Grey Market Premium) and How to Read It
GMP (Grey Market Premium) is the unofficial premium that an IPO commands in the over-the-counter market before it lists. If an IPO is priced at ₹100 and the GMP is ₹40, the grey market expects the share to list around ₹140.
How to interpret GMP correctly:
- Rising GMP + strong QIB subscription = Likely positive listing
- High GMP but weak retail/QIB subscription = Caution, GMP can collapse on listing day
- GMP turning negative = Grey market expects discount listing
Important: GMP is unregulated, untraceable, and based purely on word-of-mouth dealer activity. Never apply for an IPO based on GMP alone. Always cross-check with the company’s fundamentals — revenue, PAT, debt, P/E ratio versus listed peers — before deciding.
How to Apply for an Upcoming IPO in 2026 — Step by Step
What you need first:
- A valid PAN card
- An active Demat account
- A bank account with UPI linked
- Access to a broker app or net banking with ASBA support
Method 1: Apply via UPI (Fastest)
- Open your broker app (Zerodha, Groww, Upstox, Angel One, etc.)
- Navigate to the IPO section, then select the IPO
- Choose Retail / HNI category
- Enter number of lots (always tick Cut-off price for max allotment chance)
- Enter your UPI ID (linked to your bank)
- Submit, then open your UPI app and approve the mandate
- Funds are blocked until allotment day
Method 2: Apply via Net Banking (ASBA)
- Login to your bank’s net banking, then go to Invest, then IPO/ASBA
- Select the IPO, then enter Demat ID, lots, and bid price
- Confirm — funds are blocked automatically
- No UPI mandate needed; works for HNI bids above ₹5 lakh
After applying:
- Allotment date: Usually T+3 business days after IPO closes
- Refund/unblock: T+4
- Listing day: T+6 (now T+3 for fast-track IPOs)
How to Evaluate an IPO Before Applying — A 7-Point Checklist
Before you apply to any upcoming IPO in 2026, run it through this filter:
- Read the DRHP/RHP — Especially the “Risk Factors” and “Use of Proceeds” sections
- Check Promoter Holding — Higher post-IPO promoter retention equals stronger conviction
- Compare P/E with Listed Peers — Is the IPO priced fairly versus comparable companies?
- Look at QIB Subscription on Day 2 — Strong institutional bidding is the most reliable signal
- Check Anchor Book Quality — Marquee anchors (mutual funds, sovereign wealth funds) indicate confidence
- Verify GMP Trend (not absolute value) — Stable or rising GMP is better than a volatile spike
- Match IPO with Your Goal — Listing gain vs long-term hold? They are completely different bets
FAQs — Upcoming IPO 2026
Q1: Which is the biggest upcoming IPO in India in 2026?
Reliance Jio’s IPO is the biggest upcoming IPO in India in 2026, with an expected issue size of approximately ₹37,500 crore and a target valuation between $130 billion and $170 billion. It is expected to launch in the first half of 2026, subject to regulatory approval.
Q2: How can I check upcoming IPOs in 2026?
You can check the complete list of upcoming IPOs in 2026 on official sources like NSE (nseindia.com), BSE (bseindia.com), SEBI’s filing portal, or curated trackers like the Tradex1.live IPO calendar (this page), which is updated every 24 hours with price bands, dates and GMP.
Q3: What is the minimum amount needed to apply for an IPO?
For most mainboard IPOs in 2026, the minimum application is approximately ₹14,000 – ₹15,000 (1 lot at the upper price band). For SME IPOs, the minimum is typically ₹1 lakh+ because SEBI mandates a higher lot size.
Q4: Are NRIs allowed to apply for upcoming IPOs in India?
Yes. NRIs can apply for Indian IPOs through their NRE/NRO bank accounts linked to an NRI Demat account, provided they have a valid PAN. Application is done via ASBA on the non-repatriation or repatriation basis depending on account type.
Q5: Is IPO investment safe?
IPOs carry market risk like any other equity investment. Listing gains are not guaranteed — historical SEBI data shows roughly 60% of IPOs deliver positive listing gains, while 40% list flat or below issue price. Always invest based on company fundamentals, not hype or GMP.
Q6: When will Reliance Jio IPO open?
Reliance Jio’s IPO is expected to open in the first half of 2026, as confirmed by Mukesh Ambani at the 48th Reliance Industries AGM. The exact opening date will be announced after SEBI clearance and the filing of the Red Herring Prospectus.
Q7: What is GMP in an IPO?
GMP (Grey Market Premium) is the unofficial premium an IPO trades at in the grey market before listing. It indicates expected listing gains but is unregulated, unreliable, and should not be the only factor in your investment decision.
Q8: How long does the IPO allotment process take?
After an IPO closes for subscription, allotment is typically finalized in 3 working days (T+3). Listing on the stock exchange follows shortly after — usually T+6, though SEBI’s fast-track norms have shortened this to T+3 for several recent issues.
Q9: Which sectors will dominate IPOs in 2026?
Fintech, e-commerce/quick-commerce, telecom, financial services (NBFCs and AMCs), and consumer electronics are the dominant sectors. Reliance Jio (telecom), PhonePe (fintech), Zepto (q-commerce), Flipkart (e-commerce) and SBI Mutual Fund (AMC) collectively represent a record-breaking ₹1 lakh crore+ in expected fundraising.
Q10: How is Tradex1.live different from regular IPO trackers?
Tradex1.live combines a real-time upcoming IPO calendar with zero-brokerage trading, 24/7 deposit/withdrawal, and up to 500x leverage — letting you not just track IPOs but trade their post-listing volatility on the same platform. Most IPO trackers stop at allotment; Tradex1.live continues with you into the listing-day move.
Key IPO Terms Every 2026 Investor Should Know
| Term | Meaning |
|---|---|
| DRHP | Draft Red Herring Prospectus — preliminary filing with SEBI |
| RHP | Red Herring Prospectus — final filing with price band |
| OFS | Offer for Sale — existing shareholders sell their stake |
| Fresh Issue | New shares issued; money goes to the company |
| Anchor Investor | QIB who commits one day before issue opens |
| Cut-off Price | Upper end of the price band (always select this as retail investor) |
| Lot Size | Minimum number of shares per application |
| ASBA | Application Supported by Blocked Amount — your money stays in your account until allotment |
| Listing Gain | Profit between issue price and listing-day open price |
| Pre-IPO Placement | Shares allotted to select investors before the public issue |
The Tradex1.live Edge for IPO Season 2026
Most IPO research stops where the action begins — at the listing bell. Tradex1.live is built for what comes next.
- Zero brokerage on every trade — keep 100% of your listing-day gains
- 24/7 deposit and withdrawal — react to overnight moves on Reliance Jio’s US ADR or boAt’s listing volatility before Indian markets open
- Up to 500x leverage — capture intraday IPO momentum without locking up large capital
- Indian + US markets in one dashboard — IPOs here, NASDAQ tech moves there
- Native-language support for traders across India
Whether you’re applying for Reliance Jio, watching PhonePe’s allocation, or scalping Zepto’s opening tick, Tradex1.live gives you the cost structure and the speed to make IPO season actually profitable — not just exciting.
Download the Tradex1.live App | Open a Live Account
Stay Updated — IPO Calendar Subscriptions
This page is updated every 24 hours with the latest:
- New DRHP filings with SEBI
- Approved IPO opening and closing dates
- Live GMP from major grey market sources
- Subscription numbers (retail, HNI, QIB)
- Listing-day prices and post-listing performance
Bookmark this page (Ctrl + D) and revisit before every application window. For real-time alerts, follow Tradex1.live on social or download the app — you’ll get a push notification the moment a major IPO opens.
Disclaimer
This article is for educational and informational purposes only. Tradex1.live is not a SEBI-registered investment advisor. IPO investments are subject to market risk; past listing performance is not indicative of future returns. Please read the Red Herring Prospectus (RHP) in full and consult a SEBI-registered investment advisor before making any investment decision. Grey Market Premium (GMP) figures referenced are sourced from public market intelligence; we do not deal in or facilitate grey market transactions.
About the Author
Tradex1.live Research Desk comprises capital markets analysts with combined 50+ years of experience tracking Indian IPOs, primary market trends and post-listing performance. Our coverage spans every mainboard and SME issue cleared by SEBI since 2022. Founded in 2022, Tradex1.live is trusted by over 1 million traders across 40+ countries.
