Synopsis : Four prominent companies are moving closer to their stock market listings, with draft filings, regulatory approvals and offer structures already taking shape. Backed by strong brands and large investor interest, these IPOs are expected to be among the most significant offerings in India’s capital markets and digital economy space.
India’s IPO market may see heightened activity in the coming months as several well-known companies advance their plans to enter the stock market. Representing diverse sectors including financial infrastructure, hospitality, quick commerce and digital payments, these upcoming public issues are expected to generate strong interest among investors. With established brands, significant market presence and growing anticipation around their listings, these IPOs could become some of the most closely tracked offerings in the Indian stock market.
National Stock Exchange (NSE)
The National Stock Exchange (NSE) is reportedly set to file its Draft Red Herring Prospectus (DRHP) with SEBI this week, marking a major step toward one of India’s most anticipated IPOs. The issue is expected to be a pure Offer for Sale (OFS), meaning NSE itself will not raise fresh capital and all proceeds will go to existing shareholders selling their stakes.
According to reports, the IPO may involve the sale of around 5%–6% of NSE’s equity capital, significantly above the minimum public shareholding requirement. Based on the current unlisted market valuation, the exchange is expected to command a valuation of over Rs.5 lakh crore ($55–60 billion). At this valuation, the IPO size could be in the range of Rs.21,000 crore to Rs.30,000 crore, potentially making it one of the largest IPOs in Indian capital market history.
Major shareholders expected to participate in the OFS include State Bank of India (SBI), LIC, Temasek Holdings, Canada Pension Plan Investment Board (CPPIB), ChrysCapital and several other institutional investors. Reports indicate SBI could emerge as one of the largest sellers in the issue.
In the unlisted market, NSE shares have recently traded around Rs.2,300–2,500 per share, implying a market capitalization of more than Rs.5 lakh crore. The final IPO price band will be disclosed closer to the launch after regulatory approval.
The IPO also marks the culmination of NSE’s decade-long journey toward listing. The exchange first sought a public listing in 2016, but regulatory and governance-related issues delayed the process. Following settlements and regulatory clearances, the long-pending listing is now moving toward reality, with market participants expecting the stock to debut before the end of 2026.
OYO ( Oravel Stays Limited)
OYO was founded by Ritesh Agarwal, OYO positioned itself as a technology-driven hospitality platform operating hotels, homes and related accommodation services across multiple geographies. The company’s promoters included Ritesh Agarwal, RA Hospitality Holdings (Cayman), and SVF India Holdings (Cayman).
OYO parent Oravel Stays Limited filed its Draft Red Herring Prospectus (DRHP) for an IPO aggregating up to Rs.8,430 crore, comprising a fresh issue of Rs.7,000 crore and an Offer for Sale (OFS) of Rs.1,430 crore by existing shareholders. The IPO was structured as a book-built issue and included a potential pre-IPO placement of up to Rs.1,400 crore, which could reduce the size of the fresh issue if completed.
The largest seller in the OFS was proposed to be SVF India Holdings (Cayman) Limited (SoftBank), which planned to offload shares worth about Rs.1,328.5 crore. Other selling shareholders included A1 Holdings Inc., China Lodging Holdings (HK) Limited, and Global Ivy Ventures LLP.
The proceeds from the fresh issue were intended to support business expansion, strengthen the balance sheet and fund strategic growth initiatives. The shares were proposed to be listed on both the NSE and BSE.
Leading investment banks managing the issue included Kotak Mahindra Capital, J.P. Morgan, Citigroup, ICICI Securities, Nomura, JM Financial and Deutsche Equities India.
At the time of filing, the price band and issue valuation had not been disclosed in the DRHP. However, the proposed IPO was expected to be one of India’s largest new-age technology listings, providing investors an opportunity to participate in OYO’s long-term growth story in the global travel and hospitality sector.
Zepto (Kiranakart Technologies Private Limited)
Zepto was founded in 2020 by Aadit Palicha and Kaivalya Vohra, Zepto has emerged as one of India’s leading quick-commerce platforms. The company was originally incorporated as Kiranakart Technologies Private Limited and later renamed Zepto before converting into a public company in December 2025.
Zepto has filed its Updated Draft Red Herring Prospectus (UDRHP) for one of India’s largest new-age technology IPOs, comprising a fresh issue of shares worth Rs.8,010 crore and an Offer for Sale (OFS) of up to 11.35 crore equity shares by existing investors. The company may also undertake a pre-IPO placement of up to Rs.1,602 crore, which would reduce the size of the fresh issue if completed.
The IPO will be a 100% book-built issue, with shares proposed to be listed on both the NSE and BSE. The face value of each share is Rs.5, while the final price band and issue valuation will be announced closer to the launch.
The OFS will see partial stake sales by some of Zepto’s early backers. The largest seller is Nexus Ventures VI Holdings, which plans to sell up to 5.74 crore shares, followed by Nexus Ventures VII Holdings with 3.04 crore shares. Other investors participating in the OFS include Contrary ZEP Holdings, Razor Ventures Zepto, Kaiser Foundation Hospitals, and Kaiser Permanente Group Trust.
The IPO is being managed by a consortium of leading investment banks, including Axis Capital, Morgan Stanley, Goldman Sachs, Motilal Oswal, HSBC, JM Financial and IIFL Capital Services.
With a sizeable fresh issue, strong investor backing and a rapidly expanding presence in India’s quick-commerce market, the IPO is expected to be closely watched as a key test of public market appetite for high-growth consumer internet businesses.
PhonePe (WM Digital Commerce Holdings)
Phonepe was founded in 2012 and led by founders Sameer Nigam and Rahul Chari, PhonePe has evolved into one of India’s largest digital payments and financial services platforms. The company was originally incorporated as FX Mart Private Limited, later renamed PhonePe Private Limited in 2016, and converted into a public limited company in May 2025 ahead of its listing plans. PhonePe’s promoters are WM Digital Commerce Holdings Pte. Ltd. and Wal-Mart International Holdings, Inc., highlighting the backing of the Walmart group.
PhonePe has filed its Updated Draft Red Herring Prospectus (UDRHP-I) for its initial public offering, which will be entirely an Offer for Sale (OFS) of up to 5.07 crore equity shares with no fresh issue component. The fintech major’s promoters and existing investors will partially monetize their holdings through the offering, while the company itself will not receive any proceeds from the IPO.
The proposed issue comprises the sale of up to 5,06,60,446 equity shares with a face value of Rs.1 each. The IPO will be launched through the book-building process and the shares are proposed to be listed on both the NSE and BSE. The price band and final issue size in rupee terms will be announced closer to the launch.
The largest shareholder participating in the OFS is promoter entity WM Digital Commerce Holdings Pte. Ltd., which plans to sell up to 4.59 crore shares. Other selling shareholders include Tiger Global PIP 9-1 Ltd., which will offer up to 10.39 lakh shares, and Microsoft Global Finance Unlimited Company, which plans to sell up to 36.79 lakh shares.
The IPO is being managed by a consortium of leading investment banks including Kotak Mahindra Capital, J.P. Morgan, Citigroup, Morgan Stanley, Axis Capital, Goldman Sachs, Jefferies, and JM Financial.
The IPO marks another major listing from India’s digital economy space and is expected to attract significant investor attention given PhonePe’s leadership position in digital payments, fintech, insurance, lending, wealth management and e-commerce-related services.
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