IPO Watchlist 2026: Sectors to Track and Risks to Avoid

2025 stayed busy almost all year, with over 100 mainboard listings and record-level fundraising numbers being widely reported by market trackers.​ At the same time, listing gains cooled meaningfully versus 2023-2024, which mattered because it showed that “subscription hype” can exist even when post-listing confidence fades.​

This sets up 2026 as a transition year where investors are likely to become more selective, and where global supply-chain changes, tariff-led trade shifts, and capital moving between sectors can influence which companies choose to list and how they get valued.​

This blog helps you track the most-watched potential mainboard IPOs of 2026 and gives a simple checklist to spot quality and avoid common IPO mistakes, without jargon or “tips”.

Why 2026 IPOs Matter

A large IPO year is not just about more stocks to buy; it can change market leadership, liquidity (how easily shares trade), and investor attention for years.​ If big, widely followed names like NSE and Reliance Jio move closer to listing, 2026 can become a “benchmark year” that resets valuation expectations across sectors like capital markets, telecom, fintech, and consumer internet.​

Also, when fundraising is concentrated in large deals, it can pull money away from other parts of the market, which makes discipline and patience more important for retail investors.​

Most Expected IPOs of 2026

Potentially the first IPO of 2026, Bharat Coking Coal (BCCL) is tracked because it is closely linked to the steel supply chain and has been reported as an OFS-only issue by promoter Coal India, with FY25 domestic production share cited at 58.50%. For retail investors, this kind of listing is often less about “growth stories” and more about understanding commodity cycles and the policy-linked nature of the business.

Reliance Jio is being tracked because it could be among India’s largest listings, with multiple reports placing possible IPO fundraising in a wide band of about ₹30,000 crore to ₹52,000 crore and timing often discussed around H1 2026.​ The bigger shift here is not just size; Jio’s scale and its 5G rollout narrative can influence how the market values India’s “digital infrastructure” theme.​

National Stock Exchange (NSE) remains one of the most closely watched potential listings because it is the core infrastructure for India’s equity and derivatives ecosystem.​ Its IPO path has been linked to clearing legacy regulatory overhangs, and recent reporting around SEBI settlement provisioning has been seen as an important step toward reducing uncertainty.​

Reports have also cited a valuation around ₹4.7 lakh crore and discussions of selling about 10% in an IPO, which is why the deal size gets talked about as potentially very large.​

Fractal Analytics is in focus early in 2026 because reporting tied to its DRHP has highlighted a proposed ₹4,900 crore IPO structure, including a fresh issue and an offer-for-sale component. The market will watch it as a “profitability and repeatability” test for enterprise AI services, where clients and long contracts matter more than app downloads.

IPO of Clean Max Enviro Energy Solutions is watched because the reported deal structure indicates a sizeable ₹5,200 crore issue, and the company sits in the commercial and industrial renewable energy provider space. If it lists, it may strengthen the “energy transition” pipeline where investors increasingly want clearer cash-flow paths, not just big capacity announcements.

Hero FinCorp draws attention as a retail and MSME-focused NBFC (a non-bank lender) where growth can look strong, but risk control and funding costs matter a lot.
Its reported IPO structure includes both fresh issue and OFS, with proceeds intended to strengthen Tier–I capital (core capital buffer) for future lending.

Other potential mainboard IPOs that could stay in the 2026 conversation also include Flipkart, where the listing plan has often been linked to shifting the structure back to India before a domestic float; PhonePe, which is targeting an early-2026 window and has also been building out beyond payments into insurance, lending and wealth; Zepto, the quick-commerce player that has already initiated early steps with the regulator for a public issue; OYO, which is again looking at a 2026 fundraise and keeps positioning itself as a more tech-led hospitality platform; SBI Mutual Fund (SBI Funds Management), where the proposed listing is expected to be largely an offer-for-sale by SBI and Amundi; and boAt (Imagine Marketing), which has spoken about a 2026 listing with a fresh-issue plus OFS mix in its revised DRHP.

Sectors Likely to Dominate 2026 IPOs

Market infrastructure and financialization plays could stand out if NSE moves forward, because it reflects India’s rising participation in equities and derivatives and the “pipes” that support that activity.​

Digital consumer ecosystems stay on the radar when names like Reliance Jio are in the conversation, because they can set new reference points for how the market values scale, networks, and platform-like reach.​

Energy transition and enterprise tech look IPO-ready based on visible January 2026 candidates like Clean Max and Fractal, which signal investor appetite for business models with clearer B2B demand and execution proof.

What Retail Investors Should Actually Look For

• Business clarity: In one line, it should be clear how the company makes money and what drives demand.
• Revenue visibility: Prefer models where future sales have some predictability (contracts, repeat usage, sticky distribution).
• Management quality: Look for consistency in messaging and clean disclosures; avoid stories that keep changing.
• Customer concentration: If a few customers drive most revenue, growth can look smooth until it suddenly is not.
• Long-term vs listing-day mindset: 2025 showed that strong subscription does not guarantee strong post-listing returns.​

Also Read: 65% IPOs Gave Gains in 2025, But Only 41% Stayed Above Listing Price

IPO Risks People Often Ignore

• Grey market bias: unofficial “GMP” chatter can shape expectations, but it is not regulated information and can mislead.
• Valuation traps: a great brand can still be a bad deal if priced for perfection, especially in crowded IPO years.
• Lock-in selling pressure: when early investors become free to sell after lock-in periods, supply can hit the stock later.
• Over-subscription illusion: heavy bidding can reflect liquidity and short-term demand, not business quality, which was visible in the 2025 gap between participation and typical listing outcomes.​

Final Word

IPO years like 2026 can be exciting, but they can also be distracting.​ When too many listings hit the market, attention becomes a currency. Companies compete for it, the media amplifies it, and investors feel they must act quickly.

The best retail outcomes usually come from doing the opposite: slowing down, reading the basics, and staying honest about what is understood and what is not.

​A simple way to think about IPOs is this: an IPO is not a “new opportunity”. It is a new price for an existing business. That price may be fair, or it may be built on perfect assumptions. And perfect assumptions are fragile.

So the win is not applying to more IPOs. The win is building the habit of saying “no” quickly when the business is unclear, the story keeps shifting, or the valuation feels like it needs everything to go right. ​Awareness matters because it keeps you informed. Discipline matters because it protects your capital.

​If 2025 taught anything, it is that popularity and performance do not always travel together. ​Treat 2026 as a year to sharpen judgment. The real edge is not speed. It is clarity.​

For more IPOs, check INDmoney’s IPO tracker here.

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