India IPO haul may hit record $25B in 2026 as PhonePe, Jio and Zepto line up listings
India's 2026 IPO proceeds could reach a record $25 billion, up 14% on 2025's 352 listings, with 90+ companies already approved. Retail-relevant debuts include Walmart-backed PhonePe, Jio Platforms and quick-commerce player Zepto amid strong investor demand.
What happened
India IPO proceeds may reach a record $25 billion in 2026, with retail-relevant listings including Walmart-backed PhonePe, Jio Platforms, and quick-commerce
Key facts
- $25 billion 2026 IPO proceeds
- 14% increase
- 352 IPOs in 2025
- 90+ companies approved
Why this matters
Track PhonePe, Jio Platforms, and Zepto listings as valuation benchmarks and potential partnership or acquisition catalysts in a heating Indian retail and payments landscape.
What to watch
- DRHP filings and SEBI approval cadence for PhonePe, Jio, Zepto
- Post-listing day-1 pops vs sustained aftermarket for early 2026 debuts
- Domestic SIP inflow trend and FII net positioning in Indian equities
- Quick-commerce unit-economics disclosures (AOV, contribution margin)
- Grey-market premium signals ahead of anchor books
- Anchor investors and mutual funds build cash reserves to participate in mega-listings
- Quick-commerce peers (Blinkit, Instamart) accelerate profitability narratives ahead of Zepto pricing
- PhonePe/Walmart finalize valuation anchoring vs domestic fintech comps
- Existing listed retail names face rotation risk as capital chases new issuance