India’s initial public offering (IPO) market is gearing up for another busy year, with a growing roster of new-age technology companies preparing to tap the capital markets in 2026, buoyed by strong primary market sentiment and improving post-listing performance of technology-led firms. As many as 11 new-age companies are collectively looking to raise around ₹36,700 crore through IPOs next year, according to industry estimates.

The renewed optimism follows a sharp rebound in new-age IPO activity over the past two years. In 2025, as many as nine high-profile new-age technology companies (NATCs)—including PhysicsWallah, Groww, Pine Labs, Lenskart, Ather Energy, Urban Company and WeWork India—raised a record ₹30,602 crore through initial public offerings. This marked the highest annual fundraising by new-age firms since 2021, when seven major NATCs such as Paytm, Zomato and Nykaa mobilised ₹42,826 crore via IPOs.

The recovery had begun in 2024, when 10 new-age tech companies—including Swiggy, Go Digit, TBO Tek, Awfis, Ola Electric, FirstCry, ixigo and Unicommerce—made their market debuts, together raising around ₹30,000 crore.

This resurgence followed a sharp slowdown in 2022 and 2023, when only three and five IPOs, respectively, hit the markets. During this period, many companies deferred listing plans amid valuation resets, global technology-sector headwinds and weak post-listing performance of early new-age entrants, particularly Paytm, Zomato and Nykaa.

Big-ticket IPOs line up in 2026

Tracking recent responses to new age IPOs, several consumer internet, fintech, logistics and SaaS-driven firms are now preparing to test investor appetite in 2026. The list includes PhonePe, Zepto, OYO, Shiprocket, Shadowfax, Turtlemint, Fractal Analytics, Curefoods India, boAt, AceVector, and Innovatiview India.

Among the largest potential offerings is PhonePe, which is estimated to be planning an IPO of around ₹12,000 crore. The Walmart-owned digital payments and financial services company has filed a confidential draft prospectus with the markets regulator. The proposed issue is expected to be entirely an offer for sale (OFS) by existing shareholders, with Walmart, Tiger Global and Microsoft likely to collectively pare around 10% of their holdings, according to industry sources.

Quick-commerce major Zepto is also said to be exploring a public issue of about ₹11,000 crore. The company recently filed its confidential draft prospectus with the Securities and Exchange Board of India (SEBI) for an IPO comprising a mix of a fresh issue and an OFS by early investors. Founded by Aadit Palicha and Kaivalya Vohra, Zepto is expected to deploy fresh capital towards expansion, balance sheet strengthening and growth initiatives.

Hospitality platform OYO has also returned to the IPO pipeline with a proposed issue size of nearly ₹6,650 crore. Its parent entity, Oravel Stays, now renamed PRISM, has reportedly pre-filed its draft red herring prospectus through the confidential route. PRISM is the 19th company to opt for SEBI’s confidential pre-filing mechanism, joining names such as Zepto, PhonePe, PhysicsWallah, Tata Capital, Meesho, Groww, boAt and Shiprocket.

Logistics, analytics and consumer brands join the race

Logistics and supply-chain startups are also lining up for listings. Shiprocket is estimated to raise around ₹2,342 crore, while last-mile delivery player Shadowfax is expected to tap the markets for roughly ₹2,000 crore. Insurtech platform Turtlemint is another name to watch, with sources indicating an IPO size of about ₹2,000 crore.

On the enterprise and analytics front, Fractal Analytics Limited has outlined an offer size of ₹4,900 crore, comprising a ₹1,279.3 crore fresh issue and an OFS of ₹3,620.7 crore. Curefoods India Limited is planning a ₹800 crore fresh issue, along with an OFS of 4.85 crore equity shares.

Consumer electronics brand boAt, operated by Imagine Marketing Limited, is also back in focus, with a proposed IPO size of ₹1,500 crore, including a ₹500 crore fresh issue and a ₹1,000 crore OFS. Meanwhile, AceVector Limited, the parent of Snapdeal and Unicommerce, is expected to raise around ₹300 crore through a fresh issue, alongside an OFS of about 6.38 crore equity shares.

Innovatiview India Limited, which provides crowd management and surveillance solutions, is also part of the 2026 IPO pipeline, with an OFS-led issue estimated at around ₹2,000 crore.