Synopsis: Several leading new-age companies across quick commerce, fintech, fitness, and pharma are gearing up for IPOs in 2026. Their upcoming public issues are expected to attract strong investor interest, backed by expansion plans, improving financials, and ambitious fundraising targets.
India’s primary market is expected to remain active in 2026, with several prominent new-age companies preparing to make their stock market debut. These upcoming IPOs span high-growth sectors such as quick commerce, fintech, fitness, and pharma.
Many of these companies are looking to raise capital to fund expansion, strengthen their technology platforms, reduce debt, and support future growth initiatives. Their listings are likely to be closely watched by investors, as they could rank among the biggest startup IPOs in the country.
Zepto Ltd
Quick commerce startup Zepto has received SEBI approval for its proposed Initial Public Offering (IPO) on May 8, 2026. The company will move ahead with the public issue, subject to market conditions and other necessary approvals. The approval remains valid for 18 months.
The IPO will be a book-built issue, comprising a fresh issue of equity shares worth Rs. 8,010 crore and an Offer for Sale (OFS) of up to 11.35 crore equity shares by existing shareholders.
Zepto plans to list its shares on both the BSE and NSE. Axis Capital is the book-running lead manager, while Kfin Technologies has been appointed as the registrar. The company is yet to announce the IPO price band, subscription dates, and lot size.
Cult.fit
Fitness and active lifestyle platform Cult.fit has filed its Draft Red Herring Prospectus (DRHP) with SEBI for its proposed IPO. The issue comprises a fresh issue of equity shares worth up to Rs. 950 crore and an Offer for Sale (OFS) of up to 17.86 crore shares by existing investors. The company plans to list on both the BSE and NSE, while the price band and subscription dates are yet to be announced.
The OFS includes shares from investors such as Tata Digital, Accel India, Kalaari Capital, MacRitchie Investments, along with co-founder Mukesh Bansal and actor Hrithik Roshan. Cult.fit may also raise up to Rs. 190 crore through a pre-IPO placement. The IPO proceeds will be used to expand fitness centres, meet lease obligations, strengthen brand marketing, invest in its Cultsport subsidiary, and for general corporate purposes.
As of March 31, 2026, Cult.fit operated 708 fitness centres across 77 cities with nearly 9.87 lakh paid members, making it India’s largest organized fitness network by number of centres. The company reported strong financial improvement, with revenue rising to Rs. 1,720.6 crore in FY26 from Rs. 926.66 crore in FY24, while net losses narrowed to Rs. 251.85 crore and Adjusted EBITDA turned positive at Rs. 144.78 crore in FY26.
Razorpay
The Razorpay IPO is one of the most highly anticipated fintech public offerings in India. Razorpay Software Private Limited, a prominent digital payments and financial services platform, has confidentially filed its Draft Red Herring Prospectus (DRHP) with SEBI. The company is widely expected to make its stock market debut by the end of 2026, with plans to list on both the BSE and NSE mainboards.
Market reports suggest that the company is targeting an IPO issue size of approximately Rs. 5,000–Rs. 6,000 crore (around $500–600 million). Razorpay is expected to target a valuation of around $5–6 billion. The offering is anticipated to be structured as a 50:50 mix of fresh issues to raise new capital and an Offer for Sale (OFS), allowing existing investors a partial exit.
The capital raised from the fresh issue will primarily be used to expand Razorpay’s product portfolio, upgrade its AI-powered technology infrastructure, and scale newer business verticals like its neobanking platform (RazorpayX). Financially, the company demonstrated strong momentum with an estimated operating revenue of around Rs. 3,783 crore (reflecting nearly 65% year-on-year growth), though it reported a net loss due to one-time ESOP restructuring costs.
Fibe Parent Social Worth Technologies
Social Worth Technologies Limited, the parent company of the digital consumer financing platform Fibe (formerly EarlySalary), filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 29, 2026. The initial public offering is planned as a 100% book-built issue. It features a fresh issue of shares aiming to raise up to Rs. 750 crore alongside an Offer for Sale (OFS) of up to 4.007 crore equity shares, each carrying a face value of Rs. 5. Specific timelines, the price band, and lot sizes will be finalized and announced following regulatory review.
Fibe operates as a technology-driven consumer financing platform utilizing AI, machine learning, and data science to provide credit solutions for personal loans, education, healthcare, and travel. As of March 31, 2026, the company manages assets under management (AUM) totaling Rs. 8,602.74 crore and maintains a network of over 10,387 merchant touchpoints across India. The net proceeds generated from the fresh issue of the IPO are slated to be invested in its material subsidiary, ESPL, to strengthen its capital base for onward lending requirements, as well as for general corporate purposes.
The company’s financial metrics reflect substantial growth over the past three fiscal years. For FY26, revenue from operations climbed to Rs. 1,584.54 crore, up from Rs. 1,208.94 crore in FY25 and Rs. 771.86 crore in FY24. Profit After Tax (PAT) experienced a significant surge, reaching Rs. 257.46 crore in FY26 compared to Rs. 113.73 crore in the previous year. Additionally, EBITDA grew to Rs. 647.77 crore in FY26, indicating strong operational efficiency ahead of its public listing.
PharmEasy
PharmEasy is a leading Indian digital healthcare platform operated by its parent entity, API Holdings Limited. Founded in 2015, the platform functions as an all-in-one healthcare ecosystem, offering online medicine delivery, teleconsultations, and diagnostic test bookings. It connects over 25 million registered users with a vast network of pharmacies, wholesalers, clinics, and hospitals across India.
The company plans to launch an Initial Public Offering (IPO), aiming to raise Rs. 6,250 crores through a fresh issue of shares. The capital raised is designated for critical corporate milestones: Rs. 1,929 crores will be utilized to prepay or repay existing borrowings, Rs. 1,259 crores will fund organic growth initiatives, and Rs. 1,500 crores is set aside to drive inorganic growth through strategic mergers and acquisitions.
As a market leader, PharmEasy utilizes advanced AI/ML algorithms and data science to optimize its supply chain and provide real-time logistics visibility. While the platform demonstrated strong resilience and user growth during the COVID-19 pandemic, potential investors should consider its solid market position alongside inherent risks, such as changing e-commerce regulations and the company’s past financial losses.
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