India IPO market 2026: Jio, NSE, SBI MF, Zepto watchlist

A quieter H1, then a bigger H2 setup

India’s IPO market is entering what could be a busier second half of 2026 after a muted start to the year. Several large and closely watched companies are lining up to list, mixing fresh capital raises with offer-for-sale transactions. The names in focus span market infrastructure, telecom and digital services, asset management, and consumer internet. This matters because large, well-known issuers tend to set sentiment for both institutional and retail participation in the primary market. The pipeline also arrives at a time when volatility has eased compared with earlier in 2026, giving issuers and bankers more confidence on timing. Investors, meanwhile, are watching not only issue sizes but also how proceeds will be used and whether valuations hold up against listed peers.

What changed in market conditions

The first half of 2026 saw heightened uncertainty tied to geopolitical developments, including the US-Iran war, which contributed to market volatility. By June 2026, sentiment improved after the US-Iran reached a peace deal and crude oil prices eased from record levels. In that period, both the NIFTY and SENSEX rose nearly 3% each. Bankers have described these as early signs of recovery, with “green shoots” of demand for quality issuers. The calmer tape is important for large IPOs because they require sustained institutional bid and stable secondary-market conditions.

Jio Platforms: DRHP filed, fresh issue-led structure

Jio Platforms has filed draft papers with Sebi for a proposed IPO reported at about Rs 35,000 crore, with another estimate in the text placing the issue at around Rs 37,000 crore. The filing describes an entirely fresh issue of up to 27 crore shares. The stated use of proceeds includes around Rs 27,500 crore earmarked for debt repayment, with the remaining funds planned for network expansion, AI infrastructure and digital services. Another passage frames the growth focus as expansion into areas such as 5G technology, artificial intelligence and cloud services.

The story also notes that Jio’s IPO has been pegged as the largest issue of the year in India, and that investors such as Meta and Google could benefit from their 2020 investment. It cites an implied valuation of around Rs 9.5 trillion on that basis. For investors, the combination of a large fresh issue and defined uses of proceeds makes execution, capital allocation and post-issue leverage metrics key points to track.

NSE: long-delayed IPO plan revived

The National Stock Exchange has filed its DRHP with Sebi, restarting an IPO plan delayed for nearly a decade. The proposed issue is described as an offer for sale (OFS) by existing shareholders, meaning NSE itself would not receive fresh capital from the transaction. The text cites an expected fundraise of around Rs 25,000 crore, while another estimate in the same compilation places it at about Rs 30,000 crore (roughly $1.1 billion).

The OFS description includes examples of existing shareholders such as the State Bank of India and General Insurance Corporation of India selling part of their stakes. NSE has also received in-principle approval to list on the BSE. With the exchange’s IPO positioned as one of the larger exchange listings globally, the mechanics of share sale, regulatory clearances and the final offer structure will be central for market participants.

SBI Mutual Fund: OFS-only listing plan and timing

SBI Mutual Fund is preparing to launch its IPO in the first week of July, subject to regulatory approval, and elsewhere in the text it is described as having secured regulatory approval to proceed. The expected issue size is cited at around Rs 10,000 crore, while another estimate puts it at Rs 13,000 crore (around $1.3 billion). The structure is described as entirely OFS-based, with promoters including State Bank of India and Amundi India Holding expected to dilute part of their holdings.

Once listed, SBI Mutual Fund would join a small but growing set of publicly traded asset management companies in India. Because the issue is structured as an OFS, investors will likely focus on business stability, competitive positioning, and how the listed valuation compares with peers rather than on incremental growth capital from the IPO itself.

Zepto: public markets preparation after funding rounds

Quick commerce platform Zepto is expected to launch its IPO in the coming months after multiple funding rounds and a stated increase in Indian shareholding. The plan is described as a mix of fresh issue and OFS. The text says the company intends to direct capital raised toward expanding its network of dark stores and supporting marketing initiatives.

Zepto’s proposed structure highlights a common theme for consumer internet listings: part growth capital, part liquidity for existing holders. For investors, the key will be the balance between expansion spending and a clear route to profitable growth, as explicitly flagged in the narrative.

Near-term IPO activity and a broader pipeline

The IPO market is described as heading into one of the busiest weeks in the recent past, with four issues named: Turtlemint Fintech Solutions, Waterways Leisure Tourism, Advit Jewels and CSM Technologies. Together, these are set to raise Rs 1,779 crore. Another data point in the text says 20 IPOs raised Rs 19,854 crore in the first five months of 2026.

Bankers cited in the compilation expect the “real test” in July, when issues including SBI Mutual Fund and Manipal Health Enterprises are expected. The pipeline is described as crowded, with over 70 companies awaiting their turn, alongside a pickup in QIPs. Separately, March 2026 saw 38 companies file preliminary papers with Sebi, up from 22 filings in March 2025 and 16 in March 2024, indicating stronger issuer momentum.

What investors are watching: structure, valuation, and use of funds

The text underlines three practical filters investors typically use. First is the difference between a fresh issue and an OFS: fresh issues bring money into the company, while OFS transactions mainly transfer ownership. Second is valuation, which investors can compare with listed peers, particularly important for marquee issues where pricing sets the tone for the broader market. Third is business execution, especially for capital-intensive models where the ability to convert investment into profitable growth remains a key question.

Key IPO facts at a glance

Market impact: why these listings matter

The compilation argues that large, profitable, established franchises can influence sentiment, particularly after a mixed year for IPO performance. It also notes that listing can act as a value-unlocking event, using Jio Platforms as an example where a separate listing could draw a new investor base and establish a standalone valuation. Another passage states that Jio, NSE and SBI Mutual Fund, if launched in 2026, could contribute meaningfully to overall fundraising and deepen participation.

A separate forecast in the text pegs total IPO fundraising in India during 2026 at around $10 billion. While that is an outlook rather than a confirmed outcome, it signals how bankers and market participants are framing the size of the pipeline relative to recent history.

Conclusion: a high-profile test for H2 2026

India’s primary market is showing signs of revival, supported by improved risk sentiment and a growing filing pipeline. The biggest near-term markers will be the July window referenced for SBI Mutual Fund and the market’s response to the large draft filings by Jio Platforms and NSE. For investors, the most tangible checkpoints remain offer structure, use of proceeds, and pricing discipline against listed peers. The next set of regulatory approvals and offer documents will determine how quickly these watchlist names convert from filings and expectations into live issues.