The second half of 2026 could become one of the busiest periods for India’s primary market.
After months of speculation, several of the country’s biggest companies have either filed their Draft Red Herring Prospectus (DRHP) or moved a step closer to launching their public issues.
From India’s largest stock exchange and one of the country’s biggest telecom and digital platforms to a fast-growing quick commerce company and the country’s largest mutual fund house, companies from completely different sectors are preparing to enter the stock market.
But while all four are planning IPOs, the reasons behind these public issues are very different. Some are raising fresh capital to fund expansion, while others are simply providing an exit route for existing shareholders through an Offer for Sale (OFS).
Here’s a look at the key issues to watch out for as we head towards an exciting second half of 2026 –
NSE IPO
The National Stock Exchange (NSE) IPO is undeniably one of the most anticipated new issues. The country’s largest stock exchange has filed its DRHP with the Securities and Exchange Board of India (SEBI).
Unlike many public offerings, the proposed IPO does not include any fresh issue of shares. According to the DRHP, the entire issue will be an offer for sale, meaning existing shareholders will sell part of their stake while the exchange itself will not receive any funds.
Institutional investors, including State Bank of India, Stock Holding Corporation of India, General Insurance Corporation of India and New India Assurance, are among the shareholders participating in the sale.
An interesting feature of the IPO is that NSE’s shares will not trade on its own platform. According to the DRHP, the company plans to list on BSE, which has already granted in-principle approval for the listing.
Jio Platforms IPO
The other key issue that the street is watching out for is Jio Platforms. This Mukesh Ambani led company filed its DRHP with SEBI on July 19. It is using the IPO to raise fresh money.
As per the DRHP, the company plans to issue up to 27 crore fresh equity shares. The proceeds will primarily be used to reduce borrowings of its subsidiaries and support future expansion.
The company has outlined investments in areas such as fifth-generation (5G) network expansion, fixed broadband, artificial intelligence (AI), cloud services, enterprise digital solutions and international technology partnerships.
Reliance Industries continues to remain the largest shareholder, while Meta, Google and several global investors also hold significant stakes in the company.
Zepto IPO
Quick commerce company Zepto is taking a different route.
According to its updated DRHP, the IPO consists of both a fresh issue and an Offer for Sale. The fresh capital is largely aimed at expanding the company’s network of dark stores over the next few years.
Dark stores are small warehouses located close to customers that help companies deliver online orders quickly.
Apart from expanding its delivery network, the company also plans to invest in marketing and business promotion through one of its subsidiaries. Zepto has also kept the option open to raise funds through a pre-IPO placement before the public issue.
SBI Mutual Fund
India’s largest asset management company is also preparing to enter the stock market.
SBI Mutual Fund has received regulatory approval for its IPO, which will be entirely an Offer for Sale. Existing promoters, State Bank of India and Amundi India Holding, will reduce part of their holdings through the issue.
Since there is no fresh issue, the company itself will not receive any proceeds from the IPO.
Once listed, SBI Mutual Fund will become the sixth listed asset management company in India, joining peers such as HDFC Asset Management Company, ICICI Prudential Asset Management Company, Nippon India AMC, UTI AMC and Aditya Birla Sun Life AMC.
A busy IPO calendar ahead
The upcoming IPO pipeline will be an interesting thing to watch. Digital platforms, financial institutions, market infrastructure companies and technology-driven businesses are all preparing to tap public investors.
While each company has a different objective from raising capital for expansion to facilitating shareholder exits, the second half of 2026 is shaping up to be an important period for India’s IPO market.
Disclaimer: This article provides general information regarding upcoming Initial Public Offerings (IPOs) based on regulatory filings and market developments. It is intended for informational purposes only and does not constitute a buy, sell, or hold recommendation, nor does it form an offer or solicitation to invest in any security. IPO investments carry market risks, and prospectuses should be read carefully before investing. Readers are advised to consult a SEBI-registered financial advisor before making any investment decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.