Key Listings: Jio, NSE, Oyo

Equirus Capital predicts that the Indian IPO market in 2026 will be a huge success, with a robust pipeline of offerings anticipated to generate up to $20 billion (about ₹1.66 lakh crore). Large primary market transactions, maturing private equity investments worth roughly $165 billion looking for exits, and growing involvement from cutting-edge digital economy firms, as well as tier-2 and tier-3 city issuers, are the main causes of this spike.

Reliance Jio, NSE, and Oyo are just a few of the major IPOs that are expected to influence this successful year. With estimations between $130 and $170 billion, Reliance Jio is anticipated to begin its much-anticipated initial public offering (IPO) in the first half of 2026. This might be one of the largest IPOs since Reliance Petroleum in 2006. Following substantial company development and an increase in average income per user, this telecom giant is preparing for its initial public offering (IPO), indicating an appealing prospect for investors.

After several failed attempts, the internet hotel company Oyo is also getting ready for an IPO in early 2026. With consecutive EBITDA-positive quarters and revenue growth, the company's financials have improved, laying the groundwork for a big IPO worth between $7 and $8 billion. Another much anticipated listing is the NSE's IPO, which is anticipated to draw significant investor interest and significantly increase the amount of capital raised.

Overall, Equirus identifies three structural trends for IPOs in 2026: growing contributions from smaller locations, greater deal sizes improving market breadth and liquidity, and ongoing investor interest for digital economy companies. It is anticipated that this dynamic will stimulate strong initial public offerings (IPOs) and propel India's primary market to a new level of capital raising.