Upcoming IPOs in India 2026: Jio, NSE, Zepto, PhonePe, Razorpay & 11 More to Watch

Upcoming IPOs in India 2026: Quick Status

Groww currently lists all 16 of these names under its upcoming mainboard IPO section.

1. Rentomojo IPO

Among all the companies in this list, Rentomojo is the one investors can put an actual date against. The furniture and appliance rental platform's IPO is scheduled to open on September 9, 2026 and close on September 11, 2026. The tentative listing date is September 17.

The IPO is expected to raise up to ₹1,255.57 crore, consisting of a fresh issue of up to ₹150 crore and an Offer for Sale of roughly ₹1,105.57 crore. The price band has been fixed at ₹384–₹404 per share, with a lot size of 37 shares. At the upper end of the price band, the minimum retail application works out to ₹14,948.

Rentomojo is an interesting business because it operates in a category that is still relatively young in India. The company rents furniture and appliances to customers instead of selling them outright. Groww describes it as India's largest technology-enabled full-stack online rental and subscription platform, with more than 2.27 lakh live subscribers across 22 cities as of its disclosed filing period. Groww also cites FY25 revenue from operations of ₹265.96 crore and PAT of ₹43.11 crore.

The main thing to watch here is not only subscription demand but also valuation. A business can be growing and profitable while still being expensive at the IPO price. Investors should compare the final valuation with the company's revenue growth, profitability and long-term expansion opportunity before applying.

2. National Stock Exchange IPO

The NSE IPO could become one of the most closely watched Indian public issues in years. It is difficult to find another company in the pipeline with the same combination of market dominance, profitability and direct connection to India's growing retail-investor base.

Groww currently lists the NSE IPO as upcoming with dates and price band still to be announced. It describes NSE as India's largest stock exchange and reports that in FY26 the exchange held around 92.99% share in the cash market and 99.79% in equity futures, while remaining a global leader in derivatives trading volumes. Groww also reports total income of ₹18,713.37 crore and annual profit of ₹10,302.06 crore for FY26.

The story has moved considerably in recent days. Reuters reported on September 4 that NSE was targeting a listing around the week beginning September 21, after regulatory hurdles that had delayed the IPO for years were cleared. Reuters also reported an estimated valuation of roughly $47 billion at IPO, although final pricing had not been officially announced at the time.

That makes NSE one of the names investors should watch especially closely in September. Final price band, issue structure and official bidding dates remain the numbers that matter.

3. Reliance Jio IPO

If size alone determines attention, Reliance Jio could dominate the IPO conversation. Groww lists Reliance Jio as one of the major upcoming mainboard IPOs, and the process has moved well beyond market speculation.

According to Groww, Jio Platforms received SEBI's final approval for its proposed IPO on August 28, 2026. The issue is expected to raise more than ₹37,000 crore through a fresh issue of up to 27 crore equity shares. Groww reports that there is currently no OFS component, meaning the proposed proceeds would go into the company rather than to selling shareholders.

The price band and lot size are yet to be announced, so investors should avoid trying to calculate valuation based on unofficial numbers circulating online. What is already clear is that this would be a very large issue, potentially among the biggest IPOs India has seen.

For Reliance Industries shareholders, the IPO will also attract interest because Jio is one of the group's most valuable consumer-facing businesses. The real investment debate will begin once investors know the valuation being asked for.

4. Zepto IPO

The Zepto IPO is likely to be one of the biggest tests yet of investor appetite for India's quick-commerce sector. The company filed an updated DRHP with SEBI on June 8, 2026, according to Groww.

The proposed issue includes a fresh issue of ₹8,010 crore, along with an OFS of up to roughly 11.35 crore shares by existing shareholders.

Groww describes Zepto as a rapidly growing quick-commerce platform with more than 1,139 dark stores as of March 2026. The business has expanded far beyond basic grocery delivery, with dark-store logistics, advertising and technology forming important pieces of the model.

Zepto will attract investors because of its growth rate and the size of the Indian quick-commerce opportunity, but the bigger questions will be around profitability, cash burn, competitive intensity and the valuation being demanded at listing. Blinkit, Swiggy Instamart and other platforms have already made this one of the most competitive consumer internet segments in India.

5. Razorpay IPO

Razorpay has taken the confidential IPO filing route, which means investors currently have less public information than they would with a standard DRHP.

Groww reported in June that Razorpay had confidentially submitted its draft offer documents to SEBI. Market reports cited by Groww suggested a possible issue size of roughly $600 million, although the final number will depend on regulatory approvals and market conditions.

Razorpay has become one of India's best-known payment infrastructure companies, providing online payment processing and related financial technology to businesses. That makes its IPO different from consumer-focused fintech names such as PhonePe. Razorpay's investor case will depend heavily on business payment growth, merchant retention, margins and how much investors are willing to pay for fintech infrastructure revenue.

6. Moneyview IPO

Moneyview is another fintech name already well into the IPO process. Groww says the company filed its DRHP with SEBI on March 3, 2026. The proposed offering contains a fresh issue of ₹1,500 crore as well as an OFS of up to 13.6 crore existing shares.

Groww describes Moneyview as a consumer-focused digital financial services company offering personal loans, credit cards and insurance products. As of December 2025, the platform reported AUM of roughly ₹19,814 crore and more than 125 million registered users. Groww also cites FY25 revenue from operations of ₹2,339.15 crore and PAT of ₹240.28 crore.

A large portion of the fresh capital is intended to strengthen lending capacity, including the company's NBFC subsidiary. That makes asset quality, credit costs and borrower quality particularly important figures to examine when the final RHP arrives.

7. Hero FinCorp IPO

Hero FinCorp brings a much more traditional lending business into an IPO pipeline otherwise crowded with technology companies. Groww currently shows the proposed Hero FinCorp IPO at ₹3,668.13 crore, although the final subscription dates and price band have not been announced.

Hero FinCorp is an NBFC offering two-wheeler loans, used-car finance, personal loans, mortgage lending and MSME credit. One of its major advantages is its connection with the Hero ecosystem and the group's enormous vehicle distribution network.

For investors, loan growth alone will not be enough to judge this IPO. The key numbers will be asset quality, net interest margins, credit costs, return on equity and the valuation compared with listed NBFC peers.

8. CarDekho IPO

CarDekho is also on Groww's upcoming IPO list, although no issue size, price range, lot size or opening date is currently available.

Founded by Amit Jain and Anurag Jain, CarDekho began as an automobile information platform and has since expanded into car transactions, insurance, financing and other automotive services. That makes it far broader than a simple car-listings website.

The lack of confirmed issue details means investors should treat CarDekho as a company to monitor rather than an IPO to prepare funds for immediately. Once an updated offer document is available, the important questions will be how much of its revenue comes from higher-margin services such as finance and insurance, how profitable the business has become and how it competes with Cars24, Spinny and other digital automotive platforms.

9. Hero Motors IPO

Hero Motors, the automotive components manufacturer, is another issue moving through the filing process. Groww currently lists the IPO as upcoming, while SEBI's public issue records show that Hero Motors filed an addendum to its DRHP on August 31, 2026.

The company supplies gears, transmission systems, metallic components and powertrain products to automotive manufacturers, including customers in premium motorcycles, cars, off-road vehicles and electric vehicles.

Because this is an auto-components business rather than a consumer brand IPO, the investment case will be driven by order book visibility, customer concentration, export exposure, margins and the EV transition. Reuters also reported Hero Motors among the larger issues expected during India's busy September IPO period.

10. Kent RO IPO

Kent RO has been preparing for a public listing for some time. Groww reports that the proposed IPO is an entirely Offer for Sale issue of one crore shares, meaning Kent itself will not receive proceeds from the sale.

The business is still heavily associated with water purifiers, although it now sells water softeners, kitchen appliances and BLDC fans under Kent and Kuhl. Groww reported that water purifiers accounted for roughly 85% of revenue during the first quarter of FY25. For FY24, the company reported revenue of ₹1,178.19 crore and PAT of ₹166.55 crore.

The profitability is worth watching, but so is concentration. Kent has a strong brand, yet a high dependence on one product category means investors need to consider how quickly the company can build meaningful revenue outside water purification.

11. Flipkart IPO

Flipkart remains one of the biggest private-company names associated with an eventual Indian market listing, and Groww currently includes Flipkart in its upcoming IPO list. However, unlike Rentomojo or Jio, Groww does not yet show a confirmed opening date, price band or issue size.

That distinction matters. Flipkart may eventually become one of India's landmark internet listings, but retail investors should not treat an upcoming-IPO tracker entry as confirmation that applications are about to open.

The Walmart-backed company has a huge e-commerce footprint, and any IPO would naturally attract comparisons with listed consumer internet companies. The valuation, profitability of the core marketplace, advertising revenue, logistics economics and competition with Amazon and newer commerce models will eventually determine how investors judge it.

12. PhonePe IPO

PhonePe is further along. Groww reported in January 2026 that the company had received SEBI approval and filed an updated DRHP after initially using the confidential route.

The proposed IPO is expected to raise roughly $1.3 billion, or around ₹12,000 crore, entirely through an OFS. That means PhonePe itself will not receive fresh capital from the issue. Walmart and certain existing investors are among the selling shareholders.

The operating numbers are enormous. Groww reports a 49.15% share of UPI transaction value, revenue from operations of ₹7,114.86 crore in FY25 and an adjusted EBITDA of ₹1,477.19 crore, although the company still reported a restated loss of ₹1,727.41 crore for FY25.

That profitability gap is likely to be central to the IPO debate. PhonePe has scale few Indian fintech companies can match, but investors will still want to know how quickly that scale can translate into consistent bottom-line profit.

13. OYO / PRISM IPO

OYO's IPO story has been running for years, but the latest structure is materially different from older proposals. OYO's parent, now called PRISM, filed an updated DRHP on June 30, 2026 for a ₹6,650 crore fresh issue. There is currently no OFS in the proposed structure.

Because the entire issue is fresh capital, the money raised is intended for the company rather than existing shareholders selling out. PRISM may also undertake a pre-IPO placement of up to ₹1,330 crore, in which case the final fresh issue could be reduced accordingly.

For investors who remember OYO's earlier IPO attempts, it is worth evaluating the current business from scratch rather than relying on opinions formed several years ago. The company's financial profile, hotel network, international exposure and profitability have changed considerably over time.

14. boAt IPO

Groww continues to list Imagine Marketing, the parent company of boAt, among upcoming IPOs and shows a proposed issue size of ₹2,000 crore. However, there is currently no announced price range, lot size or IPO schedule on Groww.

boAt built a strong brand around affordable audio products, wearables and mobile accessories. Groww highlights its market position but also lists several risks, including intense competition, dependence on third-party manufacturing, overseas procurement and concentration in audio and wearables.

Because boAt's IPO plans have been discussed for a long time, investors should wait for updated financials and a current offer document before using older valuation expectations to judge the company.

15. Snapdeal IPO

Snapdeal is another name that still appears on Groww's upcoming IPO list, but there are currently no subscription dates, price band or issue size displayed.

Snapdeal's parent, Jasper Infotech, operates the e-commerce marketplace with a focus on value-oriented shoppers, particularly in Tier-2 and smaller Indian markets. Groww lists the company's asset-light logistics and value-commerce focus as strengths, while historical losses, competitive pressure and dependence on marketplace sellers remain among the risks.

The practical point for investors is simple: Snapdeal may be on an upcoming IPO tracker, but there is currently no reason to treat it like a near-term application opportunity.

16. Droom IPO

Droom completes this list. Groww shows a proposed ₹3,000 crore issue for the automobile marketplace, but there is currently no announced price band, lot size or IPO date.

The company operates a technology-led platform for buying and selling vehicles, with tools covering search, pricing, certification, financing and delivery. It was founded in 2014 and was once among the best-known names attempting to move India's used-car market online.

Like Snapdeal and boAt, however, Droom's presence on an upcoming IPO page should not be confused with a confirmed 2026 opening date. Investors need an updated filing and current financial information before making any serious assessment.

Which Upcoming IPOs Look Closest?

The easiest mistake with a list like this is to assume all 16 companies are equally close to market. They are not.

Rentomojo is already dated and scheduled to open on September 9. NSE is reportedly targeting late September after clearing major regulatory roadblocks. Reliance Jio has received SEBI approval. PhonePe has also moved through the regulatory approval process, while Zepto, Moneyview, Razorpay, Hero Motors and OYO/PRISM have made meaningful filing progress.

Names such as Flipkart, CarDekho, boAt, Snapdeal and Droom should be treated more cautiously until updated issue details or firm dates appear.

Should You Apply for Every Big-Name IPO?

Probably not, and brand familiarity is one of the easiest traps in IPO investing.

A company can have millions of customers and still come to the market at a valuation that leaves little upside for new investors. The opposite can also happen: a lesser-known company with strong cash flows and sensible pricing can turn out to be a better investment than the famous consumer brand everyone is talking about.

Before applying, look at revenue growth, profitability, cash flows, debt, use of fresh proceeds, OFS size, promoter dilution and valuation relative to listed peers. For lending businesses such as Hero FinCorp and Moneyview, asset quality becomes especially important. For Zepto, Flipkart and OYO, investors should pay attention to unit economics and profitability. For NSE, valuation and regulatory risks matter. For PhonePe and Razorpay, the debate will centre on how effectively large payment volumes can translate into sustainable earnings.

An OFS also deserves attention. An OFS is not automatically bad, but the money goes to shareholders selling their shares rather than into the company. A fresh issue, by comparison, brings new capital onto the company's balance sheet. Understanding that difference is useful when comparing IPOs such as PhonePe's proposed all-OFS structure with Jio or OYO's proposed fresh issues.

The IPO Calendar Could Change Quickly

India's IPO market is currently extremely active. Reuters reported that six IPOs were scheduled to open on September 9 alone, with companies rushing to market as investor appetite improved. India had already recorded 165 IPOs raising around $8.61 billion by late August 2026.

That makes the coming months worth watching, but it also means dates can move quickly. Regulatory approvals, market volatility and company decisions can all shift an IPO schedule.

For retail investors, the best approach is to separate “interesting company” from “good IPO at this valuation.” Jio, NSE, Zepto, PhonePe and Flipkart may be some of the most recognisable names in the pipeline, but recognition alone does not determine investment returns.

The final price always matters.

Final Take

The upcoming IPOs in India in 2026 include some of the biggest private companies Indian investors have wanted access to for years. NSE brings a highly profitable market-infrastructure business, Reliance Jio brings enormous scale, Zepto represents quick commerce, PhonePe and Razorpay bring different parts of the fintech ecosystem, while companies such as OYO, Rentomojo, Moneyview, Hero FinCorp and Hero Motors add very different business models to the pipeline.

But investors should pay close attention to status. Rentomojo is opening on September 9, 2026. NSE appears to be moving toward a September listing. Jio has SEBI approval. Several other companies have filed offer documents but still do not have a confirmed public bidding date. Groww also continues to list older IPO candidates such as Snapdeal, Droom and boAt even though their current subscription schedules remain unannounced.

So keep the names on your watchlist, but don't decide based on the name alone. Once the RHP, price band and valuation are available, that is when the real IPO analysis starts.