India’s equity markets are entering a rare convergence of mega-cap technology listings and a crowded pipeline of small- and mid-cap public issues. While 2026 is expected to be defined by blockbuster offerings from Reliance Jio–linked businesses and Flipkart, the closing weeks of 2025 are already witnessing a surge of IPO activity across NSE, BSE, and SME platforms. Together, these offerings illustrate both ends of India’s capital-market spectrum: scale-driven digital platforms and niche, profitability-focused enterprises.
A public listing of businesses under Reliance Jio or Jio Platforms remains one of the most closely watched capital-market events globally. Market estimates continue to place potential valuations between US$150–170 billion, positioning the offering among the world’s largest technology IPOs. Strategic investments by global players in recent years have already established valuation benchmarks and enhanced governance standards.
The investment thesis is built on Jio’s unmatched telecom subscriber base, nationwide 5G deployment, and deep integration across digital services including broadband, cloud, enterprise solutions, media streaming, and fintech. The next growth phase is expected to focus on monetisation rather than pure subscriber additions, with bundled digital ecosystems driving average revenue per user. A phased listing or partial stake dilution remains the most likely structure, balancing capital raising with promoter control.
Flipkart is progressing steadily toward an India-based IPO, targeted by market participants for late 2026. Regulatory approvals have advanced following the company’s move to shift domicile back to India, a crucial step before filing a draft red herring prospectus. The listing is expected to unlock value for shareholders while aligning the company more closely with domestic capital markets.
Flipkart’s equity story hinges on scale in e-commerce, logistics, and digital payments, supported by improving contribution margins and operational efficiency. Competitive positioning against both domestic and global rivals, combined with increasing use of artificial intelligence for supply-chain optimisation and customer experience, will be central to valuation discussions. Depending on market conditions, Flipkart could emerge as one of India’s largest consumer-internet IPOs.
Alongside these two, December 2025 and early January 2026 feature an unusually dense IPO calendar. These offerings span manufacturing, technology services, healthcare, logistics, and specialty chemicals, reflecting strong risk appetite among retail and high-net-worth investors.
| Name | Exchange | Subscription Period | Listing Date | Market Cap (₹ Cr) | Subscription | P/E | ROCE |
|---|---|---|---|---|---|---|---|
| Shyam Dhani Industries | NSE-SME | 22–24 Dec | 30 Dec | 143 | 59× | 17.7 | 24% |
| Gujarat Kidney | NSE | 22–24 Dec | 30 Dec | 899 | 1.1× | 95.5 | 52% |
| Dachepalli Publishers | BSE | 22–24 Dec | 30 Dec | 153 | 0.4× | 20.8 | 17% |
| Apollo Techno Industries | BSE | 23–26 Dec | 31 Dec | 178 | – | 13.1 | 31% |
| Nanta Tech | BSE | 23–26 Dec | 31 Dec | 113 | – | 24 | 61% |
| Bai‑Kakaji Polymers | BSE | 23–26 Dec | 31 Dec | 398 | – | 21.7 | 26% |
| Dhara Rail Projects | NSE-SME | 23–26 Dec | 31 Dec | 190 | – | 29.1 | – |
| EPW India | BSE | 30 Dec | – | 111 | – | 27.6 | 60% |
| Sundrex Oil | BSE | 30 Dec | – | 115 | – | 21.6 | 35% |
| Admach Systems | BSE | 31 Dec | – | 162 | – | 26.5 | 36% |
| E to E Transportation | NSE | 2 Jan | – | 300 | – | – | – |
The subscription data highlights a sharp divergence in investor appetite. SME offerings such as Shyam Dhani Industries demonstrate extraordinary oversubscription, driven by relatively modest valuations and healthy return ratios. In contrast, higher-valuation issues with elevated P/E multiples show more selective demand, underlining increased scrutiny of earnings visibility and capital efficiency.
High ROCE figures across several offerings signal strong operational leverage and efficient capital deployment, traits increasingly favoured in a tighter liquidity environment. The mix of exchanges also reflects growing comfort with SME platforms as stepping stones to future mainboard listings.
The coexistence of aggressive SME participation and anticipation around mega IPOs such as Reliance Jio and Flipkart suggests depth and maturity in India’s equity ecosystem. Smaller issues provide near-term liquidity and diversification, while 2026’s marquee listings could redefine benchmark indices and global investor allocation to India.
As regulatory clarity improves and market volatility stabilises, the pipeline from December 2025 into 2026 positions India as one of the world’s most dynamic IPO markets, spanning grassroots entrepreneurship to digital-economy giants.