SBI Funds, Manipal Health anchor H2 2026 IPO revival; Zepto, Flipkart, PhonePe, Jio in queue
India's primary market is set for a busy second half of 2026, led by SBI Funds Management (~$1.1bn) and Manipal Health. Consumer-facing names including Zepto, Flipkart, PhonePe and Reliance Jio could follow as sentiment recovers, reshaping retail-sector listings worth $5-8.5bn.
India's IPO pipeline reviving in H2 2026, led by SBI Funds and Manipal Health. Retail-relevant issuers including Zepto, Flipkart, PhonePe and Reliance Jio may tap markets later in the year as sentiment improves.
Why this matters
Zepto's IPO timing has shifted: earlier signals pointed to a June filing and ~$1bn July listing at $7bn valuation, but unlisted shares slid 25%. H2 2026 placement aligns Zepto with a broader, sentiment-led revival.
Retail-company signals steady at 1,339 over the past 90 days.
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