For Indian investors, the upcoming IPOs provide an opportunity to access rapidly growing companies before they establish themselves on Dalal Street.
As India approaches 2025–2026, increased retail involvement, stricter SEBI regulations, and more robust capital markets are paving the way for one of the busiest IPO periods in recent years.
This guide outlines the latest upcoming IPOs in India, featuring anticipated listings such as Reliance Jio, PhonePe, Zepto, Flipkart, Oyo, and SBI Mutual Fund—along with valuable insights into IPO GMP trends.
The Macro Landscape Behind Upcoming IPOs
India’s upcoming IPOs in 2025–2026 are taking advantage of strong domestic liquidity, even as global markets remain unstable. In 2025, public issues climbed to 371, and the average IPO sizes exceeded ₹1,600 crore—signifying a clear trend towards large-cap listings.
The momentum has been propelled by the 2025 reforms from the Securities and Exchange Board of India, which include relaxed public shareholding norms that support significant listings such as Reliance Jio Platforms, along with stricter anchor lock-ins and a faster listing cycle.
At the same time, the tax changes for FY 2025–26 discourage quick exits but favor long-term and pre-IPO investors in companies such as Oyo, Zepto, and PhonePe—underscoring the importance of valuation discipline.
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Why Upcoming IPOs Matter
An IPO denotes a company’s transition from private to public ownership.
For investors, upcoming IPOs provide early exposure to rapidly growing businesses, potential listing profits, and long-term wealth creation—assuming that the fundamentals and valuation support participation.
In this cycle, success will depend more on understanding regulation, taxation, and the quality of the business rather than on hype.
Reliance Jio IPO: The Biggest Among Upcoming IPOs
Among the different IPOs on the horizon, Reliance Jio Platforms is anticipated to be the most impactful. Expected in 2026, it could potentially become the largest IPO in India, underpinned by robust telecom leadership and an expanding digital ecosystem. The valuation will depend on investors’ perceptions of Jio as either a telecom utility or a broader digital platform, with the monetization of its extensive user base being critical.
Retail interest might receive a boost due to a possible shareholder quota for existing Reliance Industries shareholders, which could enhance the likelihood of allotment.
Latest Upcoming IPOs in India (2025–2026)
The upcoming IPOs in India feature a diverse array of leaders from tech, fintech, and financial services:
- PhonePe IPO—Strong UPI presence and fintech expansion, but profitability remains a key issue.
- Flipkart IPO—A mature e-commerce leader that offers exposure to India’s consumption growth, yet it faces margin pressures.
- Zepto IPO—An emerging quick-commerce giant; sustainability and cash burn represent key challenges.
- Oyo IPO—Improved operational discipline, primarily for investors with a higher risk tolerance.
- SBI Mutual Fund IPO—A credible, asset-light entity that is fully leveraging the sustained financialization of savings.
Upcoming IPO GMP: How Much Should You Trust It?
The Grey Market Premium (GMP) for IPOs showcases short-term sentiment instead of intrinsic value. While a strong GMP typically points to demand, astute investors consider it just one of many indicators, alongside fundamentals, pricing, and long-term growth opportunities.
Which Upcoming IPO Is Best to Buy in 2025?
There is no universally recognized “best” among the upcoming IPOs; the best fit is determined by your individual goals and risk appetite.
Conservative investors may gravitate towards reputable names like Reliance Jio Platforms or SBI Mutual Fund, while those who are more risk-tolerant might consider growth-centric IPOs such as Zepto or Oyo, but should do so carefully.
Who Should Invest in Upcoming IPOs?
Ideal for: Upcoming IPOs are a good match for long-term investors with varied portfolios who can handle market fluctuations and prioritize fundamentals over immediate profits.
Steer clear if you anticipate assured short-term returns, primarily invest based on hype, or lack adequate emergency savings.
How to Apply for Upcoming IPOs in India
To take part in upcoming IPOs, you need to have a PAN, Demat, and trading account.
Applications are processed through your bank or broker using ASBA or UPI, after which you can follow the allotment and listing status.
Taxation on IPO Gains in India
Taxation on IPO Gains in India: The profits earned on the listing day are classified as short-term capital gains, while shares that are held for more than one year are eligible for long-term capital gains. The tax rate is contingent on the holding period and total profit, so it’s advisable to seek the counsel of a tax professional for personalized advice.
Frequently Asked Questions About Upcoming IPOs
Which IPO is coming next in India?
The timing of IPOs can change regularly, but significant listings such as Reliance Jio Platforms and PhonePe are largely anticipated in the 2025–2026 cycle.
Which upcoming IPO is best to buy in 2025?
There isn’t a definitive “best” IPO. The ideal selection relies on valuation, the fundamentals of the business, and your risk tolerance—not on trends or excitement.
What is the minimum amount for IPO allotment?
The minimum investment needed for IPO allotment is equivalent to the price of one lot, which generally falls between ₹14,000 and ₹15,000 for retail investors in India. The specific amount varies based on the IPO’s issue price and the lot size outlined in the prospectus.
How to get 100% IPO allotment?
There is no guaranteed method to secure a full 100% IPO allotment, but you can improve your chances by applying in the retail or shareholder quota, avoiding oversubscribed issues, using ASBA/UPI for early applications, and holding shares of the parent company (if a shareholder quota is available).
Is there any algorithm for IPO allotment?
Absolutely, the IPO allotment system in India works through a computerized algorithm managed by SEBI, rather than through manual selection. In situations where IPOs are oversubscribed, shares in the retail category are allocated using a lottery-based randomization system, ensuring that all valid applications have an equal opportunity. Brokers do not influence the allotment, and the entire process is designed to be fair and transparent.
Final Thoughts
The upcoming IPOs for 2025–2026 represent a transition from speculative offerings to established category leaders. Companies such as Reliance Jio Platforms, PhonePe, SBI Mutual Fund, and Oyo provide a blend of stability and growth; however, returns will rely on valuation discipline rather than mere excitement.
SEBI reforms, quicker listings, and greater transparency have enhanced the IPO ecosystem. Still, real “alpha” is identified through prospectus analysis, grasping taxation and holding periods, and recognizing the difference between grey-market prices and long-term value.
Action tip: Keep an eye on upcoming IPOs, carefully review fundamentals, and invest only in opportunities that align with your financial goals—not the market hype.
