Upcoming IPOs in India 2026 – Complete Calendar & Analysis

India entered 2026 after a record IPO year, making upcoming IPOs in India 2026 one of the most closely tracked themes among investors. In 2025, the country recorded 373 IPOs and raised INR 1.95 lakh crore, making it the world’s most active IPO market by deal count. SME listings were a major part of this surge, with average sizes ranging from INR 11 crore to over INR 24 crore, showing that IPO activity was not limited to large companies alone. 

The momentum has continued into 2026, and upcoming IPOs in India 2026 continue to attract strong investor attention. As of June 2026, India records 103 IPOs, with 27 mainboards and 76 SMEs. 

So far, as of 16 June 2026, 96 IPOs have already opened or are running, including names such as CMR Green Technologies Ltd IPO, Hexagon Nutrition Ltd IPO, and Powerica Ltd IPO. June has also brought SME issues such as Merritronix Ltd IPO, Vegorama Punjabi Angithi Ltd IPO, and Q-Line Biotech Ltd IPO.

The next leg of the 2026 IPO calendar is now being watched closely. The 2026 IPO also involves names such as NSE, Reliance Jio, OYO and Boat, along with a steady flow of SME IPOs, which the investors are tracking more closely. 

This article tracks the most important upcoming IPOs in India 2026 and analyses the key issues investors may want to follow before applying. 

Upcoming IPO India 2026 Calendar

The upcoming number of IPOs is not officially fixed, as issue timelines frequently change during the journey from DRHP filing and regulatory review to final launch. 

However, the IPO pipeline continues to be active, supported by new draft filings, fresh approvals, and ongoing public issues. The SEBI’s public issues database, along with exchange and broker IPO trackers, regularly reflects new entrants and live offerings across both the mainboard and SME segments. 

The table below provides a snapshot of the most closely watched companies in the upcoming IPO India 2026 calendar. These names have attracted significant market attention due to their scale, brand recognition, fundraising plans, or progress within the IPO pipeline. 

Since detailed issue information is not yet available for all companies, the list should be viewed as a watchlist of potential IPO candidates rather than a final schedule of upcoming offerings. 

Upcoming Mainboard IPOs in India 2026

The following list covers some of the most notable upcoming mainboard IPOs in India 2026, based on publicly available filings and exchange disclosures. 

IPO timelines, issue sizes, regulatory approvals, and filing status may change as companies progress through the SEBI review and listing process. 

Company	Pricing Method	Issue size (in INR crore)	Issue price (in INR)	Opening and close date	Listing at
Aastha Spintex Ltd.	Bookbuilding	160.00	–	–	BSE, NSE
Advit Jewels Ltd.	Bookbuilding	165.16	130.00 to 138.00	23/06/2026 to 25/06/2026	BSE, NSE
Turtlemint Fintech Solutions Ltd.	Bookbuilding	882.67	144.00 to 152.00	19/06/2026 to 23/06/2026	BSE, NSE

Upcoming SME IPOs 2026

Alongside large public issues, upcoming SME IPOs 2026 continue to attract investor attention due to their faster listing schedules and growth potential. 

As of 16 June 2026, the near-term SME IPO calendar is led by a handful of companies that are either open for subscription, scheduled to launch shortly, or awaiting listing. Investors should note that SME IPO schedules can change quickly, making it important to track the latest updates before applying.

Company	Pricing Method	Issue size (in INR crore)	Issue price (in INR)	Opening and close date	Listing at
Horizon Reclaim (India) Ltd.	Bookbuilding	54.27	103	12/06/2026 to 16/06/2026	BSE SME
Diksha Polymers Ltd.	Fixed Price	17.90	112	17/06/2026 to 19/06/2026	BSE SME
Liotech Industries Ltd.	Fixed Price	36.02	321	17/06/2026 to 19/06/2026	BSE SME
Leapfrog Engineering Services Ltd.	Bookbuilding	88.51	21 to 23	17/06/2026 to 19/06/2026	BSE SME
Clay Craft India Ltd.	Bookbuilding	110.11	193 to 203	17/06/2026 to 19/06/2026	NSE SME
Avience Biomedicals Ltd.	Bookbuilding	30.24	196 to 208	18/06/2026 to 22/06/2026	NSE SME
Riyaasat Lifestyle Ltd.	Bookbuilding	30.77	102 to 108	18/06/2026 to 22/06/2026	BSE SME

SME IPOs typically reach the market faster than mainboard offerings and exhibit different investment characteristics. These issues generally feature smaller fundraising targets, higher minimum application sizes, lower liquidity, and greater price volatility after listing. As a result, SME IPOs can present both significant opportunities and elevated risks compared with larger public offerings.

Upcoming PSU IPOs

Government-backed offerings could become a significant part of upcoming IPOs in India 2026 and the years ahead. The government is reportedly looking to raise around USD 19.7 billion, or nearly INR 1.79 lakh crore, through IPOs of state-run firms by FY2030. The plan may cover sectors such as railways, power, petroleum and natural gas, aviation and coal.

PSU IPOs usually attract attention because many of these companies operate in established sectors with large assets, steady business operations and government backing. They may also appeal to investors looking beyond high-growth private companies.

Other DRHP-Stage IPOs to Track

Several upcoming IPOs in India 2026 are still progressing through the DRHP stage and have not yet announced issue dates. 

Company	Sector	Current status	Issue details available
Matangi Rubber Ltd	Automotive Components / Rubber Manufacturing	DRHP filed on 2 June 2026	Up to 72.76 lakh equity shares, including fresh issue and OFS
Arohan Financial Services	Financial Services / Microfinance (NBFC-MFI)	DRHP filed on 2 June 2026	TBA
Gaurik Fashion	Fashion and lifestyle retail	DRHP filed in 15 May 2026	Up to 70 lakh equity shares, including fresh issue and OFS
Jindal Supreme Ltd	Steel & Infrastructure Products	DRHP filed on 5 May 2026	Up to 134.28 lakh equity shares, including fresh issue and OFS
Playsimple Games Ltd	Mobile Gaming / Technology	DRHP filed on 29 April 2026	TBA
Punjabi Carbonic Ltd	Industrial & Specialty Gases	DRHP filed on 22 April 2026	Up to 95 lakh equity shares, including fresh issue and OFS

Note that filing a DRHP does not guarantee an IPO launch. Companies may revise, delay, withdraw, or receive regulatory observations before moving ahead with a public issue. 

How to Analyse an Upcoming IPO Before Applying

Investors following upcoming IPOs in India 2026 should review more than subscription dates and GMP figures. 

While an IPO calendar can tell investors what is opening and when. But the decision to apply should come from the offer document, financials, valuation and risks. Before applying, you must evaluate the company’s business, financial performance, valuation, and risks. 

Here are the key points to review:

1. Check the business model

Start with a basic question: How does the company make money?

Different businesses operate on different drivers. A quick commerce company, a stock exchange, a hospital chain and an SME manufacturer will all have different revenue drivers. For example, Zepto’s IPO may be judged on order frequency, delivery costs and customer retention. Manipal Health, on the other hand, would need to be assessed on occupancy, revenue per bed and hospital expansion.

2. Look beyond revenue growth

While a high revenue growth is positive, it does not show the full picture.

You should also check:

• profit or loss trend
• operating margins
• cash flow
• debt levels
• return ratios

For example, a company may report fast sales growth but still burn cash heavily. In that case, the IPO price should reflect the risk.

3. Understand the use of IPO proceeds

The offer document explains where the IPO proceeds will go. In a fresh issue, the funds are received by the company and may be used for expansion, debt reduction, or working capital requirements. In an offer for sale (OFS), existing shareholders sell part of their holdings, and the company does not receive the proceeds. Understanding this distinction helps investors assess the purpose of the IPO. 

4. Compare valuation with listed peers

A good company can still be an expensive IPO.

Investors should compare the IPO valuation with listed companies in the same sector. For a hospital IPO, compare it with listed hospital chains. For a financial services IPO, compare it with relevant NBFCs, exchanges or fintech peers.

If the IPO is priced much higher than peers, the company should have strong reasons to justify that premium.

5. Read the risk factors

The risk section of the RHP is one of the most useful parts of the offer document. 

You should watch for:

• pending litigation,
• high debt,
• customer concentration,
• promoter-related concerns,
• regulatory dependence,
• raw material price risk, and
• losses or weak cash flow.

For SME IPOs, this becomes even more important because smaller companies may be more sensitive to one large customer, one sector slowdown or one funding issue.

6. Do not rely only on GMP

Grey Market Premium (GMP) is often discussed before an IPO listing, but it is unofficial and can change quickly. While GMP may indicate market sentiment, it should not be the primary reason for investing in an IPO. 

7. Match the IPO with your risk appetite

Not every IPO is suitable for every investor. Mainboard IPOs generally involve larger and more established businesses, while SME IPOs can be more volatile and less liquid. 

The better approach is to ask:

• Do I understand the business?
• Are the financials improving?
• Is the valuation reasonable?
• Are the risks acceptable?
• Am I applying for listing gains or long-term holding?

Ultimately, an IPO should be judged on its fundamentals, valuation, and risk profile rather than on market buzz alone. 

Final Thoughts

India’s IPO market continues to offer opportunities across both established businesses and emerging companies. While headline names such as NSE, OYO, Reliance Jio, and PhonePe often attract the most attention, investors should also monitor smaller mainboard and SME offerings entering the market throughout the year. 

An IPO calendar can help track issue dates, but investment decisions should always be based on business quality, financial performance, valuation, and risk factors. 

Investcon explains that successful IPO investing is not about chasing market excitement. It is about understanding the company behind the offer and assessing whether it fits your investment objectives. 

FAQs

What are the biggest upcoming IPOs in India in 2026?

Several widely watched IPO candidates include NSE, OYO, Hero FinCorp, Reliance Jio, and PhonePe. Actual launch dates depend on regulatory approvals and market conditions.

How can I apply for an upcoming IPO in India?

You can apply through their demat and trading account using the ASBA facility offered by banks and stockbrokers during the subscription period.

What is the difference between a mainboard IPO and an SME IPO?

Mainboard IPOs are generally larger offerings with broader investor participation. SME IPOs are designed for smaller companies and often have higher lot sizes and lower liquidity.

Does a high GMP guarantee listing gains?

No. Grey Market Premium reflects unofficial market sentiment and can change before listing. It should not be treated as a guarantee of listing performance.

How do I analyse upcoming IPOs in India 2026 before investing?

Investors should review the business model, financial performance, valuation, use of proceeds, competitive position, and risk factors disclosed in the offer document before applying.