India IPO Market 2026: Unicorns and NSE Prepare for INR 50,000 Crore Surge

The Indian primary market is bracing for a monumental year in 2026, with a pipeline of high-profile initial public offerings (IPOs) expected to redefine the startup landscape. Leading unicorns including Flipkart, Zepto, OYO, and PhonePe, alongside the National Stock Exchange (NSE), are projected to raise over INR 50,000 crore. This surge marks a significant shift in the ecosystem, as investors move away from rewarding pure growth and begin prioritizing sustainable unit economics and predictable cash flows.

The National Stock Exchange Listing Milestone

After a decade-long wait, the National Stock Exchange of India (NSE) has finally received a No Objection Certificate (NOC) from the Securities and Exchange Board of India (SEBI) to proceed with its IPO. The exchange is now in the process of forming an IPO committee, primarily composed of independent directors, to oversee the transition. This committee will be responsible for appointing merchant bankers and legal advisors to draft the Red Herring Prospectus (DRHP).

Sources indicate that the NSE is targeting a DRHP filing by late March or early April 2026. The issue is expected to be a pure Offer for Sale (OFS) of approximately 4.5 percent of the exchange's equity. At current market valuations, this could result in an issue size of roughly INR 23,000 crore, making it one of the largest listings in Indian history. The exchange's shareholder base has seen explosive growth, rising from 5,000 in late 2023 to over 1.91 lakh by the end of 2025.

Resolving Regulatory Hurdles

The path to the NSE IPO was cleared following a substantial settlement regarding the co-location and dark fibre cases. The exchange filed a settlement application in June 2025 and agreed to pay approximately INR 1,400 crore to resolve these long-standing disputes. In its November 2025 financial disclosures, the NSE made a provision of INR 1,297 crore for this purpose, in addition to the INR 100 crore already deposited with SEBI. This resolution removes the primary regulatory roadblock that had stalled the listing since 2016.

The Unicorn Recalibration of 2026

While the NSE dominates headlines, the broader startup ecosystem is undergoing a period of recalibration. Investors in 2026 are expected to demand operational discipline. Companies like Zepto, which has confidentially pre-filed for a $1.3 billion (INR 11,682 crore) IPO, and OYO, which is targeting a valuation of $1 billion to $1 billion, are leading the charge. The focus has shifted toward demonstrating a clear path to profitability rather than just headline-grabbing user acquisition numbers.

Fintech and SaaS Leadership

PhonePe, the fintech major, is another heavyweight preparing for a 2026 debut. After redomiciling to India and converting to a public entity in April 2025, the company received SEBI's nod in January 2026. Its IPO will consist entirely of an OFS, allowing early investors like Walmart and Tiger Global to partially exit. Financially, PhonePe has shown improvement, narrowing its net loss by 13.5 percent to INR 1,727 crore in FY25, while revenue surged by over 40 percent to INR 7,115 crore.

In the SaaS and lending sectors, companies like Kissht and various unnamed SaaS unicorns are also filing papers. Kissht transitioned to a public entity in June 2025 and filed for an IPO featuring a fresh issue of INR 1,000 crore. These moves indicate a maturing market where diverse tech verticals are seeking public capital to fuel their next phase of growth.

Consumer Brands and Logistics Expansion

The consumer electronics brand boAt, under its parent Imagine Marketing, is making its second attempt at a listing. After securing SEBI approval in August 2025, the company filed an updated DRHP for an INR 1,500 crore IPO. Similarly, Shiprocket has significantly reduced its losses, reporting a net loss of only INR 74.5 crore in FY25 compared to much higher figures previously, while growing its revenue to INR 1,632 crore. This financial improvement is a prerequisite for the 2026 investor class.

Market Impact and Investor Sentiment

The influx of these large-scale IPOs is expected to significantly increase market liquidity and provide a benchmark for valuing new-age businesses. The successful listing of the NSE, in particular, is viewed as a systemic stabilizer for the Indian capital markets. For retail investors, 2026 offers an opportunity to own stakes in the digital infrastructure of the country, from payments and quick commerce to the very exchange where these shares are traded.

Analysis Section

The 2026 IPO wave is distinct from the 2021 boom. While 2021 was characterized by high valuations and exuberant sentiment, 2026 is defined by "recalibration." The regulatory environment has become more stringent, as evidenced by the confidential pre-filing route becoming a standard practice for companies like Infra.Market and Zepto. This allows for a quieter review process with SEBI before the public filing, reducing market volatility during the approval phase. Furthermore, the shift from fresh issues to larger OFS components in companies like PhonePe and NSE suggests that these entities are now self-sustaining and do not necessarily require massive new capital infusions for operations.

Conclusion

As 2026 unfolds, the Indian stock market is set to witness a historic transformation. The convergence of a resolved regulatory path for the NSE and a more disciplined financial approach from unicorns creates a robust foundation for the primary market. While the sheer volume of capital being raised is impressive, the true success of the 2026 IPO season will be measured by the long-term value these companies create for their new public shareholders. Investors should remain focused on those entities that demonstrate consistent operational excellence and a clear trajectory toward sustained profitability.