Missed the NSE IPO? 5 Mega IPOs That Could Shape India’s Next Primary-Market Wave

India’s IPO market is entering another closely watched phase. After the ₹22,561.57-crore National Stock Exchange (NSE) IPO, investors now have several large companies in the pipeline that could bring substantial amounts of fresh equity to the market. The NSE issue received bids worth around ₹90,000 crore and was subscribed 5.71 times before its September 21 closing. Its shares are scheduled to list on September 24, 2026.

But the bigger story is what comes next.

According to Prime Database data cited by Economic Times, 147 companies with SEBI approval could potentially raise up to ₹2.80 lakh crore, while another 75 companies that have filed draft papers could raise up to ₹1.47 lakh crore. Together, the proposed IPO pipeline is estimated at about ₹4.27 lakh crore.

Here are five of the largest proposed issues currently worth tracking.

1. Jio Platforms – Proposed IPO of ₹35,000 Crore

Jio Platforms is currently the largest proposed IPO in the pipeline based on the estimated issue size.

The company filed its IPO papers in June 2026 and received SEBI approval on August 28. Its proposed issue size is estimated at around ₹35,000 crore.

Jio Platforms sits at the centre of Reliance Industries’ digital ecosystem, with businesses spanning telecommunications and digital services.

A Jio IPO could therefore attract attention well beyond the traditional IPO investor base.

What to watch: valuation, issue structure, use of proceeds and the eventual pricing of the offering.

2. PhonePe – Proposed IPO of ₹12,000 Crore

PhonePe is another major technology-driven company preparing for a potential public-market debut.

The fintech company filed its draft IPO papers in September 2025. Its proposed issue size is estimated at around ₹12,000 crore, although it is still awaiting regulatory approval according to the cited pipeline data.

PhonePe has built a large digital payments business and has expanded into financial services.

For investors, the IPO could provide a public-market valuation benchmark for India's large fintech companies.

What to watch: profitability, valuation, growth rates and the proportion of fresh issue versus offer for sale.

3. Mahanadi Coalfields – Proposed IPO of ₹10,000 Crore

Mahanadi Coalfields is another large proposed offering, with an estimated issue size of ₹10,000 crore.

The company filed its IPO papers on September 3, 2026, and is currently in the regulatory approval pipeline.

Unlike the technology-focused names, Mahanadi Coalfields represents India's traditional mining and energy ecosystem.

Its potential IPO will therefore give investors exposure to a very different business model compared with companies such as Jio Platforms and PhonePe.

What to watch: commodity demand, coal prices, production volumes, government policies and the company's financial performance.

4. Avaada Electro – Proposed IPO of ₹7,600 Crore

Avaada Electro has an estimated IPO size of around ₹7,600 crore.

The company received SEBI approval in April 2026 and operates in the power-generation and supply segment.

Its proposed listing comes at a time when India's electricity consumption, renewable-energy investment and demand for new power infrastructure remain important themes for investors.

However, investors would need to examine the company's debt, capital expenditure requirements and cash flows rather than focusing only on the renewable-energy narrative.

5. Oravel Stays (OYO) – Proposed IPO of ₹6,650 Crore

Oravel Stays, associated with the OYO brand, is another sizeable company in the approved IPO pipeline.

Its proposed issue is estimated at ₹6,650 crore, with SEBI approval received in June 2026. The company operates across hotels, resorts, restaurants and tourism-related businesses.

OYO's potential public-market debut will be particularly interesting because the company's business has undergone significant changes over the years, including a greater focus on profitability and financial discipline.

What to watch: revenue growth, profitability, debt levels, hotel network expansion and the valuation investors are asked to pay.

Why the ₹4.27 Lakh Crore Pipeline Matters

The size of the pipeline is significant, but it does not mean that ₹4.27 lakh crore will immediately enter the market.

There is an important distinction between companies that have already received regulatory approval and companies that have merely filed draft papers.

Even after receiving SEBI approval, companies can choose their IPO launch timing. Issue sizes can also change before an IPO actually opens. Companies awaiting approval face another layer of uncertainty.

That means investors should treat the ₹4.27 lakh crore figure as a pipeline estimate rather than a confirmed fundraising amount.

The Bigger Trend: IPOs Are Becoming More Diverse

The current pipeline also highlights how India's IPO market has broadened.

Technology and fintech companies such as Jio Platforms and PhonePe are appearing alongside traditional businesses such as Mahanadi Coalfields, while energy and hospitality companies are also preparing for potential listings.

Recent market activity shows that investor appetite for new issues remains substantial. At the same time, the primary market is already seeing a steady flow of smaller offerings. For example, six companies were scheduled to launch IPOs during the week of September 22, targeting a combined ₹3,825 crore.

What Investors Should Check Before Applying

A large IPO size does not automatically make an issue attractive.

Before applying to any upcoming IPO, investors can examine:

• Revenue and profit growth
• Debt and cash flows
• IPO valuation
• Fresh issue versus offer for sale
• Use of IPO proceeds
• Promoter and existing shareholder selling
• Industry growth prospects
• Comparable listed companies
• Risks disclosed in the DRHP/RHP

This is especially important when popular brands generate significant retail excitement.

Final Takeaway

The NSE IPO may have grabbed the market's attention, but India's primary market story is far from over.

Jio Platforms, PhonePe, Mahanadi Coalfields, Avaada Electro and Oravel Stays are among the largest proposed offerings currently visible in the pipeline. Their eventual launch dates, valuations and final issue structures could change.

For retail investors, the key isn't simply to chase the next big IPO. The more useful approach is to understand what the company is selling, how it is valued and what investors are actually buying.

IPO timelines and proposed issue sizes can change before launch. Investors should check the final prospectus and regulatory filings before making investment decisions.