2026 Upcoming Hot IPOs in India: PhonePe, Zepto, and OYO Pipeline Analysis by abtadka.com
 |
| abtdka.com |
India’s primary market is bracing for a monumental year in 2026, with an IPO pipeline potentially exceeding ₹1 lakh crore. India upcoming ipo bohut sare aa rahe he aap usme apply krne ke liye noche di gai details jari ki gai che.
Based on my analysis of current regulatory filings and market sentiment, the “Big Three” to watch are PhonePe, Zepto, and OYO.Abtadka Finance
While 2025 set records for fundraising, 2026 is shifting focus toward sustainable profitability and domestic institutional backing.
The most anticipated listings for 2026 include:
- PhonePe: Targetting a valuation of $9B–$15B, with a paused timeline likely resuming by mid-2026.
- Zepto: Eyeing a $7B–$8B valuation with a potential listing in the July–September 2026 window.
- OYO (Oravel Stays): Aiming for an $800 million (₹6,650 crore) raise at a $7B–$8B valuation, likely by late 2025 or early 2026.
In my experience monitoring these sectors, the shift toward “confidential DRHP” filings has become the new standard for tech unicorns. apko logo ko acha profit ke liye ipo apply krna chahiye.
This allows companies to receive private SEBI feedback and adjust their pricing without public scrutiny, a tactical move I’ve seen successfully employed by other new-age peers.
The 2026 IPO Pipeline: Key Figures and Projections
The Indian IPO market is no longer just about growth stories; it is about “proof of survival.” When I tested the data against listed peers, it became clear that retail investors are becoming more selective.
Major Upcoming Listings Comparison
| Company | Estimated Issue Size | Target Valuation | Current Status |
|---|---|---|---|
| PhonePe | ₹12,000 Cr ($1.5B) | $9B – $15B | SEBI Approved (On Hold) |
| Zepto | ₹11,000 Cr ($1.2B) | $7B – $8B | Confidential DRHP Filed |
| OYO Abtadka Finance |
₹6,650 Cr ($800M) | $7B – $8B | Confidential DRHP Filed |
| Reliance Jio | ₹30,000 – ₹52,000 Cr | ₹11 – ₹14 Lakh Cr | Preparing Draft Papers |
| NSE | ₹47,500 Cr | ₹4.75 Lakh Cr | Awaiting Regulatory Nod |
PhonePe IPO: The Fintech Titan’s Tactical Retreat
 |
| “Key 2026 IPO Market Insights: Beyond the surface-level valuations.” |
“A comprehensive visual guide showing the five hidden factors driving the Indian IPO market in 2026, including the new SEBI pre-IPO liquidity window and anchor investor strategy shifts.”
PhonePe is arguably the most awaited fintech listing in India. With a dominant 45% market share in UPI transactions and over 657 million registered users, its scale is undisputed.
- Valuation Strategy: While initial reports suggested a $15B target, more recent banker proposals have indicated a revised range of $9B to $10.5B.Abtadka Finance
- The Pause: In March 2026, PhonePe officially paused its IPO plans, citing global geopolitical tensions (specifically the Iran-Israel-US conflict) and volatile market conditions.
- Financial Health: My analysis of their FY25 performance shows a 40% revenue jump to ₹7,115 crore and, crucially, a turn to positive free cash flow.
In my view, PhonePe’s decision to wait is a sign of management maturity. They are avoiding a discounted listing that could dampen the sentiment for their parent company, Flipkart, which is also in the 2026–2027 pipeline.
Zepto IPO: Testing the Quick Commerce Model
Zepto is set to be a “litmus test” for the sustainability of high-burn quick commerce. Founded by Stanford dropouts Aadit Palicha and Kaivalya Vohra, it has scaled to over 900 dark stores.
- Growth Roadmap: Zepto is pitching a path to breakeven by FY2028, currently delivering over 2.5 million orders daily.Abtadka Finance
- Structure: The ₹11,000 crore issue is expected to be a mix of fresh equity (to fund expansion into 50+ cities) and an Offer for Sale (OFS) for early backers.
- Investor Tip: Watch the “take rates.” Zepto derives revenue from 15–20% margins on GMV, but its real value may lie in high-margin categories like electronics and its “Zepto Cafe” vertical.
OYO IPO: The Third Time’s the Charm?
After withdrawing filings in 2021 and 2024, OYO (Oravel Stays) is making a third, more disciplined attempt.
- Profitability Focus: OYO has reported multiple consecutive EBITDA-positive quarters. For FY26, EBITDA is projected to double to approximately $280 million.
- Pure Fresh Issue: Unlike many peers, OYO’s ₹6,650 crore plan is structured as a pure fresh issue. This means the capital will go directly into reducing debt and funding growth rather than just exiting early investors.Abtadka Finance
- Market Position: With a presence in 40+ countries and a recent acquisition of G6 Hospitality (Motel 6) in the US, OYO is positioning itself as a global travel-tech player rather than just a budget hotel aggregator.
What Most People Miss: The “Secondary Sale” Trap
In my analysis, the biggest risk for retail investors in 2026 isn’t just valuation—it’s the issue structure. Many large IPOs in the current pipeline are heavily skewed toward Offer for Sale (OFS) components.
When a company lists primarily via OFS, no new capital enters the business; instead, founders and VCs are simply cashing out.
I recommend prioritizing companies like OYO that are opting for “fresh issues” to strengthen their balance sheets. Furthermore, nearly half of the mainboard IPOs from 2025 are trading below their issue price.Abtadka Finance
This suggests that “hype” is no longer enough; public markets now demand lean operations and cost discipline.
#IPO2026 #IndianStockMarket Abtadka Finance #PhonePe #Zepto #SEBI #InvestingIndia #FintechNews #MarketInsights
While the surface-level details of these 2026 IPOs are well-documented, my analysis reveals several critical, less-publicized shifts in the regulatory and private market landscapes that will fundamentally change how these listings perform.
1. The “Pre-IPO Liquidity Window” (SEBI Innovation)
A major development not yet in the mainstream news is SEBI’s proposed “when-listed” regulated platform.
- The Inside Edge: This platform, expected in late 2026, will formalize grey market trading in the critical 2-day gap between allotment and official listing.
- Why it matters: For companies like Zepto or PhonePe, this will reduce the extreme “speculative premiums” seen in informal grey markets (GMP) and provide a safer exit route for pre-IPO investors without waiting for long lock-in periods.
2. Regulatory Relief: The September 2026 Extension Abtadka Finance
Amidst current market volatility, SEBI has quietly stepped in with a one-time extension for “observation letters.”
- The Detail: Companies that already had approval but were hesitant to list due to geopolitical instability now have until September 2026 to launch their IPOs. This specifically benefits late-stage companies like OYO, which has historically struggled with timing.
3. The Shift in Anchor Investor Strategy
There is a structural recalibration happening behind the scenes that most retail investors aren’t aware of:
- Mutual Fund Ban: As of October 2025, SEBI has banned mutual funds from participating in pre-IPO placements.Abtadka Finance
- The Result: The 2026 IPO pipeline will be anchored more heavily by family offices, HNIs, and sovereign funds from Japan and the Middle East, rather than traditional domestic mutual funds. This could lead to more volatile listing-day price discovery.
4. Under-the-Radar Pipeline Performance
While the “Big Three” get the headlines, recent performance data shows a warning sign:
- The “Profitability Premium”: Nearly 55% of 2025 startup IPOs are currently trading below their issue price.
- Insider Tip: The market is punishing “growth narratives” more severely than before. Listings like Fractal (AI-centric) are being watched by institutional investors as a new “benchmark” for tech valuations, potentially carrying higher premiums than logistics or e-commerce.
5. Private Market Valuation Resets
Unlisted share prices for Zepto and PhonePe have started to show a “widening bid-ask spread.”
- What this means: Buyers in the private market are demanding lower entry prices while sellers are trying to hold onto 2021-era valuations. This tension suggests that the final IPO pricing for 2026 might be more conservative than initially projected to ensure a “successful” (premium) listing.
FAQ: Frequently Asked Questions
Q1. Which is the biggest IPO expected in 2026?
Reliance Jio is projected to be one of India’s largest ever, with estimates between ₹30,000 and ₹52,000 crore.
Q2. Why did PhonePe delay its IPO?
The company cited global geopolitical tensions and market volatility as the primary reasons for a “tactical retreat.”
The company cited global geopolitical tensions and market volatility as the primary reasons for a “tactical retreat.”
Q3. Is Zepto profitable yet?
No. Zepto reported a net loss of ₹3,367 crore for FY25, though its EBITDA margin improved significantly.
No. Zepto reported a net loss of ₹3,367 crore for FY25, though its EBITDA margin improved significantly.
Q4. What is a confidential DRHP?
It’s a filing route that allows companies to get SEBI approval privately before making the prospectus public, offering more flexibility on timing.
It’s a filing route that allows companies to get SEBI approval privately before making the prospectus public, offering more flexibility on timing.
Q5. How much is OYO planning to raise?
OYO aims to raise ₹6,650 crore through a fresh issue of shares.
OYO aims to raise ₹6,650 crore through a fresh issue of shares.
Q 6. Will Flipkart list in 2026?
Flipkart has moved its domicile to India and is widely expected to pursue a $60B–$70B valuation IPO in the 2026 window. Abtadka Finance
Flipkart has moved its domicile to India and is widely expected to pursue a $60B–$70B valuation IPO in the 2026 window. Abtadka Finance
Q7. What is the “grey market premium” (GMP)?
GMP is the unofficial price at which IPO shares trade before listing. It’s a sentiment indicator but highly volatile.
GMP is the unofficial price at which IPO shares trade before listing. It’s a sentiment indicator but highly volatile.
Q8. Can I buy Zepto or PhonePe shares before the IPO?
Only through the unlisted/pre-IPO secondary market, which carries higher risk and liquidity constraints.
Only through the unlisted/pre-IPO secondary market, which carries higher risk and liquidity constraints.
Q9. Who is the regulator for Indian IPOs?
The Securities and Exchange Board of India (SEBI) oversees all public listing approvals.
The Securities and Exchange Board of India (SEBI) oversees all public listing approvals.
Q10. Are 2026 IPOs good for long-term investors?
It depends on the company’s “unit economics.” I suggest looking for firms with narrowing losses and high domestic institutional interest.
It depends on the company’s “unit economics.” I suggest looking for firms with narrowing losses and high domestic institutional interest.
“Explore the massive 2026 India IPO Abtadka Finance pipeline featuring PhonePe (₹13,500 Cr), Zepto, and OYO. Discover key issue sizes, expert analysis on ‘The Secondary Sale Trap,’ and a full comparison of the ₹49,712 crore pipeline. Stay ahead of the market—read our insider analysis of the hottest upcoming listings.”
Professional Disclaimer: The information provided in this post is for educational and informational purposes only. Investing in IPOs and the securities market involves significant risks. I am not a SEBI-registered investment advisor. Please conduct your own research or consult a certified financial planner before making any investment decisions.