Upcoming IPOs in India 2025–2026: Full List, Valuations, and Expected Issue Sizes
Upcoming IPOs in India 2025–2026: Full List, Valuations, and Expected Issue Sizes
India’s primary market is gearing up for a historic phase in 2025 and 2026, with several mega IPOs lined up across industries. From Reliance Jio and Tata Capital to consumer-focused unicorns like Lenskart, Groww, and Swiggy, the IPO pipeline reflects the diversity and strength of India’s economic growth story.
These listings are expected to attract strong interest from domestic retail investors as well as global institutional players. Below is a complete breakdown of the biggest upcoming IPOs in India 2025–2026, their business models, financial strength, valuations, and expected issue sizes.
Reliance Jio Infocomm Ltd, the telecom arm of Reliance Industries, is preparing for one of the largest IPOs in Asia. With over 480 million subscribers (2024) and strong digital infrastructure, Jio dominates India’s telecom landscape.
Industry: Telecom & Digital Services
Parent Company: Reliance Industries Ltd
Subscribers: 480+ million
Revenue (FY24): ₹1.3 lakh crore+
Expected IPO Size: ₹50,000 – ₹60,000 crore
Valuation Estimate: $80–90 billion
The Jio IPO will provide investors access to India’s fast-expanding digital economy, making it a landmark event in the country’s market history.
Tata Capital, the financial services arm of the Tata Group, has already received SEBI’s nod for its public listing. With a diversified portfolio across consumer loans, housing finance, corporate finance, and wealth management, it is one of the most awaited NBFC IPOs.
Industry: NBFC & Financial Services
Revenue (FY24): ₹16,300 crore+
Net Profit (FY24): ₹2,800 crore+
Expected IPO Size: ₹20,000 – ₹25,000 crore
Valuation Estimate: $18–20 billion
The IPO will help Tata Capital expand its retail lending base and strengthen its leadership in India’s financial services sector.
Lenskart, founded in 2010, has disrupted the eyewear market with its hybrid online–offline model. Backed by investors like SoftBank, Temasek, and Abu Dhabi Investment Authority, it has become a household name with a growing global presence.
Industry: Eyewear & Retail
Active Customers: 20 million+
Revenue (FY24): ₹4,100 crore+
Expected IPO Size: ₹6,000 – ₹7,000 crore
Valuation Estimate: $5–6 billion
Lenskart’s IPO will likely be one of the most attractive consumer-tech listings, highlighting India’s thriving retail and lifestyle sector.
Groww, a Bengaluru-based fintech platform, has already secured SEBI approval for its IPO. With more than 6.5 crore registered investors, Groww is emerging as a strong competitor to Zerodha and Angel One.
Industry: Fintech & Wealth Management
Users: 6.5 crore+
Revenue (FY24): ₹1,800 crore+
Net Profit (FY24): ₹470 crore+
Expected IPO Size: $800 million – $1 billion
Valuation Estimate: $7–8 billion
The Groww IPO will cement its position among India’s top listed fintech companies and expand retail participation in wealth management services.
LG India, the subsidiary of LG Electronics South Korea, plans to list its Indian operations to strengthen its consumer electronics presence.
Industry: Consumer Electronics
Products: TVs, appliances, air conditioners, home solutions
Revenue (FY24): ₹25,000 crore+
Expected IPO Size: ₹8,000 – ₹10,000 crore
Valuation Estimate: $7–8 billion
This IPO will mark one of the biggest foreign multinational listings in the Indian market.
Apart from the above giants, several other high-growth companies are preparing for their IPOs:
OYO Hotels & Homes – Expected issue size: ₹7,000 – ₹8,000 crore
Swiggy – Valuation estimate: $10–12 billion
PayU India – IPO size: ₹5,000 crore+
Hexaware Technologies – Valuation: $4 billion+ (PE-backed listing)
MobiKwik – Expected issue size: ₹2,000 crore
The next two years could be game-changing for India’s equity markets. Here’s what to expect:
Mega Deals: Reliance Jio and Tata Capital may be the largest offerings, drawing global capital inflows.
Tech Unicorns: Lenskart, Groww, and Swiggy will showcase India’s consumer-tech strength.
Diversified Sectors: IPOs will cover telecom, NBFC, fintech, retail, hospitality, and food delivery.
Retail Participation: A surge in retail investors is expected, driving strong subscription levels.
Global Interest: India’s growth trajectory will likely attract significant FII (foreign institutional investor) inflows.
The upcoming IPOs in India (2025–2026) represent a diverse mix of industries, from telecom and fintech to consumer retail and hospitality. Reliance Jio’s mega listing could be historic, while Lenskart and Groww are set to bring consumer-tech excitement to the markets.