5 Biggest Upcoming IPOs After NSE IPO 2026

By: Sachin Kumar • September 23, 2026

Missed the NSE IPO? 5 Large Upcoming IPOs to Watch in India

India’s IPO market is heading into another busy phase after the ₹22,561.57 crore National Stock Exchange (NSE) IPO closed on September 21, 2026. The NSE issue attracted bids worth around ₹90,000 crore and was subscribed 5.71 times, with its shares scheduled to list on September 24.

But the NSE issue is not the end of the story. According to Prime Database data reported by The Economic Times, 147 companies with SEBI approval could raise up to ₹2.80 lakh crore, while another 75 companies that have filed draft papers could potentially raise about ₹1.47 lakh crore. Together, the two pipelines represent proposed IPOs worth roughly ₹4.27 lakh crore.

Among this large pipeline, five proposed issues stand out because of their estimated size: Jio Platforms, PhonePe, Mahanadi Coalfields, Avaada Electro and Oravel Stays (OYO).

1. Jio Platforms IPO — Estimated ₹35,000 crore

Jio Platforms is currently the largest proposed IPO in the pipeline by estimated issue size, at around ₹35,000 crore. The company filed its IPO papers on June 19, 2026, and received SEBI approval on August 28.

Jio Platforms is the technology and digital-services holding company behind businesses including Reliance Jio. Reliance Industries had earlier disclosed that its board approved a proposed IPO comprising up to 27 crore equity shares, with the final issue price to be determined through the book-building process.

Reuters reported in August that the proposed offering could raise about $3.8 billion, making it potentially one of India's largest-ever listings.

For investors, the important factors will be the eventual issue size, valuation, financial performance and how the market prices Jio's telecommunications, digital and technology businesses as a standalone listed company.

2. PhonePe IPO — Estimated ₹12,000 crore

PhonePe is another closely watched name in India's IPO pipeline.

The company has an estimated issue size of around ₹12,000 crore, according to Prime Database figures cited by The Economic Times. PhonePe filed its draft papers on September 24, 2025, but was still awaiting SEBI approval as of September 23, 2026.

The IPO would give public-market investors exposure to one of India's largest digital-payments and financial-services platforms.

However, the eventual investment case will depend on more than the company's brand and scale. Investors will need to examine revenue growth, profitability, payments economics, financial-services expansion, valuation and the proportion of fresh shares versus offers for sale when the final documents become available.

3. Mahanadi Coalfields IPO — Estimated ₹10,000 crore

The proposed Mahanadi Coalfields IPO represents a very different type of opportunity from technology and fintech listings.

The company has an estimated issue size of ₹10,000 crore and filed its draft IPO papers on September 3, 2026. It is currently in the pipeline awaiting SEBI approval.

Mahanadi Coalfields operates in the mining, minerals and metals sector, meaning its financial performance and eventual valuation could be influenced by coal demand, production volumes, commodity economics, regulatory policies and the broader outlook for India's power sector.

Because the company is still at the draft-filing stage, investors should wait for the final offer documents and issue structure before drawing conclusions about valuation or expected returns.

4. Avaada Electro — Estimated ₹7,600 crore

Avaada Group's Avaada Electro is another sizeable proposed issue, with an estimated IPO size of around ₹7,600 crore.

The company filed its IPO papers in October 2025 and received SEBI approval on April 15, 2026, placing it among the companies that have already cleared the regulatory approval stage.

Avaada Electro operates in the power-generation and supply segment. That puts renewable-energy investment, electricity demand, project execution, financing requirements and India's energy-transition ambitions among the factors investors will likely examine.

Importantly, SEBI approval does not mean an IPO will immediately open. The company still needs to determine its launch timing and final terms.

5. Oravel Stays (OYO) — Estimated ₹6,650 crore

OYO, through Oravel Stays, is also part of the large IPO pipeline.

The proposed issue is estimated at approximately ₹6,650 crore. Oravel Stays filed its IPO papers on January 1, 2026, and received SEBI approval on June 2, 2026. The company operates across hotels, resorts, restaurants and tourism-related businesses.

For investors, the key questions will include how the company's business has evolved since its earlier IPO attempts, its profitability and cash generation, the economics of its asset-light model and the valuation attached to the offering.

What the IPO pipeline means for investors

The scale of the pipeline is significant, but the ₹4.27 lakh crore figure should not be interpreted as money that will necessarily be raised immediately.

Some companies have only filed draft papers and are still waiting for regulatory clearance. Others have received approval but have not yet announced their final launch dates. Issue sizes can also change before an IPO opens. The Economic Times specifically noted that SEBI approval does not guarantee an immediate market launch and that estimated issue amounts can change.

This distinction matters for retail investors. A large IPO can generate substantial attention without necessarily being attractively valued.

The final price band, valuation, fresh issue versus OFS structure, use of proceeds, financial performance and risks will matter more than the headline size of an offering.

Investors should also avoid assuming that strong IPO subscription automatically translates into strong long-term stock performance. Subscription figures primarily show demand during the offering period; they do not establish what a company will earn after listing.

What to watch before applying

For the five proposed IPOs, investors should monitor:

Final IPO dates and price bands
Updated DRHP/RHP and financial statements
Fresh issue versus offer-for-sale components
Use of IPO proceeds
Revenue, profit and cash-flow trends
Valuation compared with listed peers
Promoter and existing-investor stake sales
Industry-specific risks
Post-listing quarterly results

The approval status is also important. Jio Platforms, Avaada Electro and Oravel Stays have received SEBI approval, while PhonePe and Mahanadi Coalfields were still awaiting regulatory clearance in the latest pipeline data.

The bottom line

Missing the NSE IPO does not mean investors have run out of large public-market opportunities. The current pipeline includes companies spanning telecommunications and digital technology, fintech, coal, renewable energy and hospitality.

Jio Platforms has the largest estimated issue at ₹35,000 crore, followed by PhonePe at ₹12,000 crore, Mahanadi Coalfields at ₹10,000 crore, Avaada Electro at ₹7,600 crore and Oravel Stays at ₹6,650 crore.

However, these are proposed issue sizes, not guaranteed fundraising amounts, and several of the companies have yet to announce final IPO terms. For retail investors, the next step is therefore not simply watching which IPO is biggest, but studying each company's financials, valuation and risk profile once the final documents and price bands are available.

Follow the blog for more IPO, stock-market and business updates.

This article is for informational and educational purposes only and should not be considered investment advice.

Educational Disclaimer: All content published on AIViralHub is strictly for educational and informational purposes. Investments in the securities market are subject to market risks. Read all scheme-related documents carefully before investing.