India Braces for Rs 4 Lakh Cr IPO Wave: Zepto, NSE, Jio Eye 2026 Listings

India's primary market is bracing for a colossal year in 2026, with multiple high-profile listings poised to inject an estimated ₹4 lakh crore into the economy. Quick-commerce firm Zepto has quietly filed its draft IPO papers, the National Stock Exchange (NSE) is reportedly on the cusp of regulatory approval for its long-awaited debut, and Reliance Jio Platforms is advancing preparations for what could be the nation's largest-ever public offering.

Zepto Files Confidential IPO Papers

Zepto, the rapid grocery delivery company, has reportedly submitted its initial public offering documents confidentially to the Securities and Exchange Board of India (SEBI) on December 26, 2025. This move, permitted under SEBI's rules, allows companies to gauge regulatory feedback before public disclosure. The company aims to raise approximately ₹11,000 crore, with a listing anticipated in the July-September quarter of 2026.

Market participants are pegging Zepto's valuation between $7 billion and $8 billion. Despite reporting substantial sales of ₹9,668.8 crore for FY25, Zepto incurred net losses of ₹3,367 crore, largely driven by expansion and customer acquisition costs.

NSE Listing Momentum Builds

After years of delays, the National Stock Exchange of India (NSE) appears to be moving closer to its public listing. SEBI Chairman Tuhin Kanta Pandey indicated on January 10 that the regulator is in the "very advanced stage" of issuing a no-objection certificate, potentially within the month. NSE's CEO Ashish Kumar Chauhan expressed optimism, suggesting approval could align with a personal pilgrimage.

The exchange previously filed in 2016 but faced hurdles including governance issues and the co-location case, settling a penalty of ₹643 crore in 2024. Unlisted shares have seen a 10-15% rise recently.

Jio Platforms Prepares for Potential Record IPO

Reliance Jio Platforms, the digital and telecom giant, is reportedly targeting the first half of 2026 for its public listing. Chairman Mukesh Ambani had indicated preparations for an IPO as early as August 2025. Sources suggest Jio may float just 2.5% of its shares, potentially raising over $4 billion, which could surpass Hyundai Motor India's $3.3 billion IPO.

Valuations cited by Jefferies estimate Jio Platforms at $180 billion, with some bankers suggesting figures between $200 billion and $240 billion. The company, which derives 75-80% of its revenue from its telecom arm, is awaiting potential regulatory changes that would reduce the minimum public float requirement from 5% to 2.5%.

Broader Market Impact

The concurrent progression of these major IPOs underscores a robust appetite for India's primary market, which ranked second globally for equity issuance in 2025, raising $21.6 billion. The success and pricing of these offerings will serve as a key barometer for investor sentiment and the market's capacity for large-scale capital raising.