The Indian IPO Super-Cycle:
Liquidity, Value & Maturity
The Indian primary market is positioned for a landmark year in 2026, with an unprecedented pipeline of over 190 companies targeting a collective fundraising of more than ₹2.5 lakh crore ($30 billion).
This surge is driven by a confluence of factors, including robust domestic liquidity from the financialization of household savings, a buoyant secondary market, and a streamlined regulatory environment fostered by the Securities and Exchange Board of India (SEBI). The 2026 calendar is anchored by several mega-listings poised to reshape India's capital markets, including the historic debut of telecom giant Reliance Jio, the long-awaited listing of the National Stock Exchange (NSE), and the public offerings of e-commerce leader Flipkart and fintech powerhouse PhonePe.
Key takeaways indicate a maturing market, characterized by broader sectoral diversification beyond technology to include financial services, consumer brands, and market infrastructure. Investor sentiment is evolving, with a sharper focus on profitability and sustainable unit economics.
1. The 2026 Market Landscape
1.1. Scale of the Pipeline
Note: Minor discrepancies exist across sources but the overall scale remains consistent.
1.2. Key Market Drivers
- ● Financialization of Savings
- ● Strong Economic Outlook
- ● Regulatory Streamlining (T+3)
1.3. Sentiment
Main board subscriptions moderated to 33x, favoring credible earnings over speculative growth.
2. Analysis of Major IPOs
2.1. Reliance Jio
Consensus Valuation Forecasts
2.2. National Stock Exchange
2.3. Flipkart
Valuation: $60B - $70B
Myntra PAT: Jumped 1,674% to ₹548.3 Cr.
2.4. PhonePe
Valuation: $12B - $15B
Dominant UPI player (40%+ share).
2.5. OYO
10 consecutive EBITDA-positive quarters. Net profit ₹200 Cr (Q1FY26).
2.6. Zepto
Private Val: $7 billion. Test of 10-minute delivery economics.
2.7. Pipeline Expansion
3. Strategy & Risks
3.1. Strategic Approach
- Screen for Business Quality
- Evaluate Peer Valuations
- Understand Regulatory Moats
- Diversify Sector Exposure
3.2. Primary Risks
- ● Valuation & Overpricing
- ● Performance Risk
- ● Market Volatility
- ● Regulatory/Policy Shifts