Upcoming IPOs in 2026 and How was the IPO Market in 2025?
In this blog, we take a look at the IPOs lined up for 2026 and review how IPOs performed in 2025. With a long list of high-profile companies preparing to tap the markets, 2026 is shaping up to be one of the most watched IPO years in recent times. The upcoming mainboard pipeline spans financial services, consumer platforms, logistics, manufacturing, and digital infrastructure, signalling a broad-based cycle rather than a single-theme rush. IPOs often divide investors into two camps: those who see them as overpriced and unpredictable, and those who view them as opportunities for quick gains. But instead of relying on opinions, the real answer lies in the data. A look at how IPOs actually performed in 2025 helps cut through the noise and sets a clearer context for what investors should expect going into 2026. Upcoming Mainboard IPOs in 2026 (Announced and To Be Announced)
Bharat Coking Coal
IPO: 09 - 13 Jan 2026 | Listing: 16 Jan 2026 | Price: ₹21 - ₹23
Reliance Jio
PhonePe
SBI Mutual Fund
Zetwerk
PayU
Flipkart
NSE
Zepto
BOAT
Hindustan Coca-Cola Beverages
CarDekho
KUKU (Mebigo Labs)
Technocraft Ventures
Molbio Diagnostics
Eldorado Agritech
Leap India
Hero Fincorp
Cult.fit
Milky Mist
Innovition
Shadowfax Technologies
These names span financial services, consumer platforms, logistics, manufacturing, and digital infrastructure, pointing to a broad-based pipeline rather than a single-theme cycle.Is investing in IPOs really worth it?There are usually two schools of thought around IPOs. One argues that applying for IPOs is irrational due to high valuations and listing-day uncertainty. The other believes IPOs offer an opportunity to make quick gains. Rather than taking sides, let’s step back and examine what actually played out in 2025. IPO Snapshot: How 2025 Shaped Up The year 2025 was active and eventful for mainboard IPOs.
Total mainboard IPOs: 108
Listings at a premium: 72 (~ 67% of the IPOs)
Flat or discount listings: 36 (~ 33% of the IPOs)
Maximum listing gain: ~73%
Maximum listing loss: ~ (-35%)
Median listing gain: ~ 5%
On the surface, the numbers suggest a broadly positive environment, but the dispersion beneath the averages is what stands out.
What the 2025 IPO Data Really Indicates
A 67% premium listing ratio indicates healthy demand, but the median listing gain of just 5% tells a more nuanced story. While some IPOs delivered sharp first-day pops, a large number clustered around modest outcomes.At the same time, the ~(-35%) maximum listing loss highlights that poor pricing and weak narratives were penalised quickly. In other words, 2025 rewarded selectivity, not participation by default.The takeaway is clear: the IPO market in 2025 was active, but far from forgiving. This can typically be seen in scenarios where the market is either bearish or flattish.
Looking Ahead: What Could 2026 Hold?
As 2026 approaches, the IPO calendar appears crowded with a mix of:
Large, well-known consumer and platform businesses
Financial services and infrastructure-linked names
New-age, venture-backed companies preparing for the public markets
Unlike earlier cycles driven purely by liquidity, the upcoming slate suggests a phase where scale, visibility, and business maturity will matter more than novelty.
Conclusion: A Busy Calendar, But Not a Blind One
The 2025 IPO data sets the context for 2026 clearly. The market is open, participation is strong, but pricing discipline and business quality are being tested early and decisively.With a packed pipeline ahead, 2026 is shaping up to be less about scarcity and more about differentiation. For market participants, the lesson from 2025 remains relevant: IPO activity may be abundant, but outcomes are unlikely to be uniform.The cycle has moved forward, but it’s doing so with sharper filters than before.
