Zepto, PhonePe & Flipkart IPO — 2026 Mega IPO Tracker (Updated Apr 2026)
- Zepto: SEBI in-principle approval received; ₹11,000 Cr IPO; listing window July–September 2026.
- PhonePe: Confidential DRHP filed; 40% UPI market share; valuation ~₹1.1–1.3 lakh crore.
- Flipkart: NCLT domicile shift to India approved; exploring $1.5–2.5B pre-IPO round.
- OYO: 10 consecutive EBITDA-positive quarters; ₹6,650 Cr IPO pending shareholder clearance.
- boAt: ₹1,500 Cr IPO (₹500 Cr fresh + ₹1,000 Cr OFS) DRHP filed with SEBI.
2026 is shaping up as the biggest IPO year in Indian history. Beyond Jio and NSE, a wave of new-age companies are preparing to list. Here's the most comprehensive and up-to-date tracker.
Zepto IPO — 10-Minute Grocery Giant
Zepto filed a confidential DRHP with SEBI on December 26, 2025. The company has received in-principle approval and is targeting a ₹11,000 crore listing in July–September 2026 at a ~$7 billion valuation. FY25 revenue reportedly crossed ₹11,110 crore. Despite still being loss-making (FY24 PAT: -₹1,248 crore), improving unit economics and a massive TAM in quick commerce make this a closely watched listing. Backed by Goldman Sachs, Morgan Stanley, Axis Capital, HSBC, JM Financial, and Motilal Oswal as advisors.
PhonePe IPO — India's UPI King
Walmart-backed PhonePe filed a confidential DRHP with SEBI in October 2025. PhonePe commands 40% UPI market share and is aggressively expanding into credit, insurance, and wealth management. Estimated valuation: ₹1.1–1.3 lakh crore. No official launch date announced — mid-2026 is the analyst consensus target window.
Flipkart IPO — E-commerce Giant Returns Home
Walmart-owned Flipkart received NCLT approval to shift its domicile from Singapore to India — a critical structural prerequisite. The company is exploring a pre-IPO round of $1.5–2.5 billion and targets a valuation of $60–70 billion. Flipkart's FY25 losses narrowed significantly. Expected listing: 2026, subject to pre-IPO round completion.
OYO IPO — Profitable Hospitality
OYO (Oravel Stays / Prism Hotels) is seeking shareholder approval for a ₹6,650 crore IPO. After a turbulent few years, OYO has reported 10 consecutive EBITDA-positive quarters and projects FY26 PAT near ₹1,100 crore. Lead bankers include Axis Capital, Citi, Goldman Sachs, ICICI Securities, and Jefferies.
boAt IPO — Consumer Electronics Brand
Imagine Marketing (boAt parent) has filed an updated DRHP with SEBI for a ₹1,500 crore IPO comprising ₹500 crore fresh issue + ₹1,000 crore OFS. Co-founders Aman Gupta and Sameer Mehta are part of the OFS sellers. Strong brand recall among Indian youth makes this a consumer favourite.
Inox Clean Energy — The Green Mega IPO
Inox Clean Energy revived its ₹8,400 crore ($1 billion) IPO plan in April 2026, riding surging renewable energy investor demand. India's 500 GW renewable target by 2030 provides a strong structural tailwind.
Full 2026 Mega IPO Table
| Company | Sector | Est. Size | Status (Apr 2026) | Window |
|---|---|---|---|---|
| Reliance Jio | Telecom / Digital | ₹20,000–30,000 Cr+ | DRHP preparation | H1/H2 2026 |
| NSE | Stock Exchange | ₹20,000–24,500 Cr | Bankers RFP closed Apr 27 ✓ | Oct–Dec 2026 |
| Zepto | Quick Commerce | ₹11,000 Cr | SEBI in-principle nod ✓ | Jul–Sep 2026 |
| PhonePe | Fintech / UPI | ₹13,000–14,000 Cr | Confidential DRHP filed ✓ | Mid 2026 |
| Inox Clean Energy | Renewable Energy | ~₹8,400 Cr | Plans revived Apr 2026 | Q3–Q4 2026 |
| Flipkart | E-commerce | ₹15,000 Cr+ | NCLT domicile shift approved ✓ | 2026 |
| OYO | Hospitality | ₹6,650 Cr | Shareholder approval pending | 2026 |
| boAt | Consumer Electronics | ₹1,500 Cr | DRHP filed ✓ | 2026 |
| SBI MF | Asset Management | TBD | Planning stage | 2026 |