India's IPO Surge: Rs 1.5 Lakh Crore Wave Set for 2026

India's public markets are gearing up for a significant influx of new listings in 2026, with a dozen major companies across technology, finance, logistics, and clean energy poised to raise an estimated ₹1.5 lakh crore. While draft filings and early regulatory steps indicate strong intent, the final launch dates remain fluid, contingent on approvals, market sentiment, and internal preparedness.

IPO Pipeline

The National Stock Exchange of India (NSE) is back in focus, awaiting a potential no-objection certificate from market regulators that could finally clear its long-delayed listing. Governance issues and past scrutiny have hampered its public debut, but a clearance would remove a significant hurdle, though a concrete timeline is still absent.

Fractal Analytics, a provider of AI-driven decision support for global enterprises, has filed draft papers for an IPO targeting ₹4,900 crore. This includes a fresh issue of ₹1,279.3 crore for debt repayment, R&D, and expansion, alongside an offer for sale by existing shareholders. Shadowfax, a logistics technology firm specializing in last-mile delivery, aims for a ₹2,000 crore public issue to fund growth, with regulatory filings expected soon.

Digital payments giant PhonePe is preparing for a substantial IPO, estimated at ₹12,000 crore, with a valuation potentially between ₹80,000 crore and ₹1 lakh crore. The Walmart-backed firm, which has expanded into insurance and wealth products, filed draft papers in late 2025, targeting a first-half 2026 listing, pending corporate restructuring approvals.

Hero FinCorp plans a public issue of ₹3,668.13 crore, comprising ₹2,100 crore in fresh capital to bolster its Tier I capital for lending and ₹1,568.13 crore through an offer for sale. The non-banking finance company serves retail, MSME, and consumer institutional finance segments.

Clean Max Enviro Energy Solutions is preparing a ₹5,200 crore IPO, with ₹1,500 crore earmarked for debt reduction and general corporate purposes. The company provides renewable energy solutions to commercial and industrial clients. E-commerce logistics provider Shiprocket expects to seek around ₹2,342 crore in public funding in 2026, having started work on its draft prospectus.

Market Outlook

While the pipeline for 2026 appears robust, most of these potential listings are in early stages. The success and timing of these offerings will ultimately depend on regulatory approvals, prevailing market conditions, and the companies' execution capabilities.