India’s primary market is expected to remain highly active in 2026 after a record IPO cycle in 2025, with more than 190 companies lining up to tap public markets. Data from Prime Database shows 84 firms have already secured SEBI approval to raise about ₹1.14 lakh crore, while another 108 await clearance to raise nearly ₹1.46 lakh crore, taking the potential total beyond ₹2.5 lakh crore . High profile names expected to lead the cycle include Reliance Jio, w hich could become one of India’s largest ever IPOs, NSE, Flipkart, PhonePe, Zepto, Hero FinCorp, OYO, boAt and SBI Mutual Fund .