The Year the IPO Market Stopped Holding Its Breath<\/title>\n<link rel=\"preconnect\" href=\"https:\/\/fonts.googleapis.com\">\n<link rel=\"preconnect\" href=\"https:\/\/fonts.gstatic.com\" crossorigin>\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Fraunces:ital,opsz,wght@0,9..144,300;0,9..144,500;0,9..144,600;1,9..144,400;1,9..144,500&family=Inter:wght@400;500;600&family=IBM+Plex+Mono:wght@400;500&display=swap\" rel=\"stylesheet\">\n<style>\n :root{\n --bg: #0c0c0d;\n --panel: #151417;\n --ink: #ece7de;\n --ink-dim: #97918a;\n --ink-faint: #5f5b56;\n --accent: #c9a227;\n --rule: rgba(255,255,255,0.09);\n }\n\n *{ box-sizing: border-box; }\n\n html, body{\n margin:0;\n padding:0;\n background: var(--bg);\n color: var(--ink);\n }\n\n body{\n font-family: 'Inter', system-ui, sans-serif;\n -webkit-font-smoothing: antialiased;\n }\n\n .page{\n max-width: 760px;\n margin: 0 auto;\n padding: 4.5rem 1.5rem 5rem;\n }\n\n .masthead .kicker{\n font-family: 'IBM Plex Mono', monospace;\n text-transform: uppercase;\n letter-spacing: 0.16em;\n font-size: 0.72rem;\n color: var(--accent);\n margin-bottom: 1.1rem;\n }\n\n h1{\n font-family: 'Fraunces', serif;\n font-weight: 600;\n font-size: clamp(2.1rem, 5.4vw, 3.5rem);\n line-height: 1.06;\n letter-spacing: -0.01em;\n margin: 0 0 1.3rem;\n }\n\n .dek{\n font-family: 'Fraunces', serif;\n font-style: italic;\n font-weight: 400;\n font-size: clamp(1.05rem, 2.2vw, 1.3rem);\n color: var(--ink-dim);\n line-height: 1.55;\n max-width: 36em;\n margin: 0 0 2rem;\n }\n\n .byline{\n font-family: 'IBM Plex Mono', monospace;\n font-size: 0.74rem;\n color: var(--ink-faint);\n letter-spacing: 0.02em;\n padding-top: 1.2rem;\n border-top: 1px solid var(--rule);\n }\n\n \/* ticker *\/\n .ticker{\n margin: 2.8rem -1.5rem 3.2rem;\n background: var(--panel);\n border-top: 1px solid var(--rule);\n border-bottom: 1px solid var(--rule);\n overflow: hidden;\n white-space: nowrap;\n }\n\n .ticker-track{\n display: inline-flex;\n width: max-content;\n animation: marquee 48s linear infinite;\n }\n\n .ticker-item{\n font-family: 'IBM Plex Mono', monospace;\n font-size: 0.78rem;\n letter-spacing: 0.03em;\n color: var(--ink-dim);\n padding: 0.85rem 1.6rem;\n display: inline-flex;\n align-items: center;\n gap: 0.6rem;\n border-right: 1px solid var(--rule);\n }\n\n .ticker-item .val{\n color: var(--accent);\n }\n\n @keyframes marquee{\n from{ transform: translateX(0); }\n to{ transform: translateX(-50%); }\n }\n\n @media (prefers-reduced-motion: reduce){\n .ticker-track{ animation: none; }\n .ticker{ overflow-x: auto; }\n }\n\n \/* article *\/\n article.body{\n font-size: 1.06rem;\n line-height: 1.78;\n color: var(--ink);\n }\n\n article.body p{\n margin: 0 0 1.35rem;\n }\n\n .lede::first-letter{\n font-family: 'Fraunces', serif;\n font-weight: 600;\n font-size: 3.6em;\n line-height: 0.78;\n float: left;\n padding: 0.04em 0.09em 0 0;\n color: var(--accent);\n }\n\n .label{\n font-family: 'IBM Plex Mono', monospace;\n text-transform: uppercase;\n letter-spacing: 0.15em;\n font-size: 0.76rem;\n color: var(--accent);\n margin: 2.7rem 0 1rem;\n padding-top: 1.5rem;\n border-top: 1px solid var(--rule);\n }\n\n blockquote{\n margin: 2.1rem 0;\n padding-left: 1.3rem;\n border-left: 2px solid var(--accent);\n font-family: 'Fraunces', serif;\n font-style: italic;\n font-weight: 400;\n font-size: 1.22rem;\n line-height: 1.5;\n color: var(--ink);\n }\n\n .sign-off{\n font-family: 'Fraunces', serif;\n font-style: italic;\n color: var(--ink-dim);\n margin-top: 1.8rem;\n }\n\n footer.endnote{\n margin-top: 3.4rem;\n padding-top: 1.4rem;\n border-top: 1px solid var(--rule);\n font-family: 'IBM Plex Mono', monospace;\n font-size: 0.76rem;\n line-height: 1.7;\n color: var(--ink-faint);\n }\n\n @media (max-width: 480px){\n .page{ padding: 3rem 1.2rem 4rem; }\n .ticker{ margin: 2.2rem -1.2rem 2.6rem; }\n }\n<\/style>\n<\/head>\n<body>\n\n<div class=\"page\">\n\n <header class=\"masthead\">\n <div class=\"kicker\">Markets \u2014 Mid-Year Outlook<\/div>\n <h1>The Year the IPO Market Stopped Holding Its Breath<\/h1>\n From AI labs that haven’t turned a profit to the exchange that prices every other Indian stock, here’s what’s actually worth watching before the rest of 2026 plays out.<\/p>\n <div class=\"byline\">Field notes on the 2026 listing calendar \u00b7 Updated June 28, 2026<\/div>\n <\/header>\n\n <div class=\"ticker\" aria-hidden=\"true\">\n <div class=\"ticker-track\">\n OPENAI ~$830B+<\/span><\/span>\n ANTHROPIC ~$350B<\/span><\/span>\n SPACEX LISTED \u00b7 SPCX<\/span><\/span>\n DATABRICKS $134B<\/span><\/span>\n NSE \u20b930,000 CR<\/span><\/span>\n JIO PLATFORMS \u20b937,000 CR<\/span><\/span>\n STRIPE $106B+<\/span><\/span>\n CEREBRAS LISTED \u00b7 CBRS<\/span><\/span>\n ZEPTO \u20b98,010 CR<\/span><\/span>\n CANVA $42B<\/span><\/span>\n DISCORD FILED<\/span><\/span>\n REVOLUT $90B<\/span><\/span>\n OPENAI ~$830B+<\/span><\/span>\n ANTHROPIC ~$350B<\/span><\/span>\n SPACEX LISTED \u00b7 SPCX<\/span><\/span>\n DATABRICKS $134B<\/span><\/span>\n NSE \u20b930,000 CR<\/span><\/span>\n JIO PLATFORMS \u20b937,000 CR<\/span><\/span>\n STRIPE $106B+<\/span><\/span>\n CEREBRAS LISTED \u00b7 CBRS<\/span><\/span>\n ZEPTO \u20b98,010 CR<\/span><\/span>\n CANVA $42B<\/span><\/span>\n DISCORD FILED<\/span><\/span>\n REVOLUT $90B<\/span><\/span>\n <\/div>\n <\/div>\n\n <article class=\"body\">\n\n There’s a particular kind of noise that builds before a big IPO season, and 2026 has had it for months now. Bankers fully booked, term sheets flying, every fintech newsletter suddenly rediscovering the word “centicorn.” After a genuinely quiet 2025 \u2014 lower rates promised but never quite arriving, big private names staying private out of sheer caution \u2014 the pipeline finally cracked open this spring, and it cracked open everywhere at once: in San Francisco boardrooms, in Mumbai’s BKC towers, and in whatever room Elon Musk currently considers his office.<\/p>\n\n Start with the one that’s already happened, because it’s worth pausing on. SpaceX listed on the Nasdaq in mid-June under the ticker SPCX, opening near $150 a share. For years this was the IPO everyone talked about and nobody quite believed would arrive \u2014 Musk dismissed the rumors more than once before eventually conceding they were accurate. A trillion-dollar-plus valuation for a rocket company still reads like a strange sentence, even now that it’s actually trading. But it set the tone early: this isn’t shaping up to be a year for modest debuts.<\/p>\n\n The AI Reckoning<\/p>\n\n The part of the pipeline that genuinely interests me more is the part that isn’t settled yet. OpenAI and Anthropic are both circling public markets, and watching the two of them maneuver around each other has become its own kind of theater. OpenAI is reportedly weighing a listing that could value it anywhere from $830 billion past the trillion-dollar mark, depending on which week’s leak you trust, even as its own leadership has been openly lukewarm about the idea of running a public company on a quarterly clock. Anthropic, for its part, has confidentially filed with the SEC and is said to be arranging a process that lets some employees sell shares ahead of a fuller listing, with valuation chatter drifting north of $350 billion. Whichever one rings the bell first, the real question for both is identical: can a company burning tens of billions a year convince public investors that the burn is a phase rather than a feature. The revenue growth behind both companies has been startling \u2014 that part isn’t spin \u2014 but markets tend to have far less patience for “trust the trajectory” once an actual ticker is attached to the story.<\/p>\n\n One step below those headline names, the infrastructure layer of this AI boom is lining up its own debuts. Databricks raised at a $134 billion valuation late last year and looks like one of the more grown-up candidates here \u2014 real recurring revenue, a sprawling enterprise customer base, a genuine moat against Snowflake. Cerebras already beat most of the AI crowd to market, pricing its chip-maker IPO this spring after pulling an earlier attempt back in 2024; the stock popped sharply on debut and then handed a chunk of that right back the next session, which is more or less the entire 2026 IPO experience compressed into forty-eight hours. Cohesity and a cluster of data-infrastructure names are reportedly circling too, riding the same logic \u2014 everyone building AI needs somewhere to put the data, and somewhere safe to keep it.<\/p>\n\n <blockquote>The size of the headline and the quality of the eventual outcome have never been the same thing, and 2026 isn’t about to be the year that changes.<\/blockquote>\n\n Outside AI, there’s a decent fintech and consumer slate worth a glance too. Stripe gets whispered about every single year and somehow never quite arrives, though secondary trading now puts it comfortably past $100 billion, so the pressure to finally commit is real. Discord confidentially filed earlier this year, which surprised exactly nobody who’s watched a gaming-adjacent chat app quietly become essential plumbing for half the internet’s group conversations. Canva is sitting on a $42 billion valuation from a recent secondary sale and looks like one of the calmer candidates on this list \u2014 a profitable design tool that nobody really argues about. And then there’s the odder cluster: Revolut pushing toward a public float in Europe, ByteDance perpetually rumored and perpetually tangled up in geopolitics, and Inspire Brands \u2014 the holding company quietly running Dunkin’ and Buffalo Wild Wings \u2014 filing confidentially in a much less glamorous, considerably more boring corner of the IPO world. Not every good listing has to be an AI story.<\/p>\n\n Closer to Home<\/p>\n\n For anyone who spends more time staring at NSE data than at Nasdaq tickers, though, the real story this year isn’t happening in San Francisco at all \u2014 it’s the fact that India’s own stock exchange is about to list itself. NSE filed its DRHP on the 17th of June, capping a process that had been stuck in regulatory limbo since roughly 2016, mostly thanks to the long-running co-location controversy. The offer is a pure offer-for-sale, so no fresh capital actually lands inside the company, but at an estimated \u20b930,000 crore it’s set to become the largest IPO in Indian history, edging past Hyundai Motor India’s record from 2024. There’s something almost poetic about the exchange that prices every other Indian listing finally having to put a price on itself.<\/p>\n\n It isn’t going alone, either. Jio Platforms filed its own DRHP the same week, reportedly chasing an even bigger number \u2014 somewhere around \u20b937,000 crore \u2014 which would make it India’s single biggest IPO if it lands as planned. Zepto’s updated draft is in for roughly \u20b98,000 crore, SBI Mutual Fund’s asset management arm has clearance to raise around \u20b913,000 crore, and PhonePe keeps floating around as the fintech everyone assumes will list eventually, just apparently not yet. Add it up and the second half of 2026 looks almost absurdly stacked for India’s primary market \u2014 reports are throwing around figures like two hundred-plus companies preparing filings, a number that sounds inflated until you remember just how slow the first half of the year actually was.<\/p>\n\n And it’s worth saying: scroll through any live IPO tracker this week and right alongside Jio and NSE you’ll find names like Twinkle Papers, Aastha Spintex, and Adon Agro Commodities quietly opening their own tiny SME issues. For every NSE-sized story dominating the headlines, there’s a dozen small mainboard and SME listings raising a few crore apiece without anyone outside their sector noticing. It’s a good reminder that “IPO season” isn’t one event \u2014 it’s hundreds of much smaller ones happening underneath the big names, all at once.<\/p>\n\n None of this is happening in a vacuum, either. Both Nifty and Sensex are down for the year so far, and a fair number of recently listed names have limped out of the gate rather than popped. So the heavyweight names choosing this exact moment to file are making something of a bet \u2014 either that the worst of the volatility is behind them, or simply that they’ve run out of room to keep waiting.<\/p>\n\n My honest take, for whatever it’s worth: bigger doesn’t automatically mean better, and a marquee name on a prospectus says very little about what happens to the stock six months after the lock-up expires. Look at how 2025’s biggest debuts actually performed \u2014 some up triple digits, at least one down more than seventy percent from its offer price. The size of the headline and the quality of the eventual outcome have never been the same thing. If you’re genuinely weighing whether to put money into any of these, Indian or global, the unglamorous advice still happens to be the correct one: read past the press release, look at the actual unit economics, and treat grey market premiums and pre-listing chatter as sentiment, not analysis. None of this is meant as a recommendation either way \u2014 it’s just a map of what’s worth paying attention to.<\/p>\n\n What keeps pulling my attention back, watching all of this from the sidelines, is how much of the 2026 calendar reads like a quiet referendum on patience. Companies that spent years deliberately staying private \u2014 OpenAI, Anthropic, even NSE in its own bureaucratic way \u2014 are all simultaneously running out of reasons to keep waiting. Whether that adds up to the record-breaking year some analysts keep promising, or to a messier mix of hits and disappointments once the dust settles, isn’t something anyone can honestly tell you yet.<\/p>\n\n The calendar’s full either way. Worth watching, even if you never put in a single bid.<\/p>\n\n <\/article>\n\n <footer class=\"endnote\">\n Valuations, filing dates, and deal sizes above reflect public reporting as of late June 2026 and will keep shifting from here \u2014 none of this should be read as investment advice, just a map of what to watch.\n <\/footer>\n\n<\/div>\n\n<\/body>\n<\/html>\n","protected":false},"excerpt":{"rendered":"The Year the IPO Market Stopped Holding Its Breath Markets \u2014 Mid-Year Outlook The Year the IPO Market Stopped Holding Its Breath From AI labs that haven’t turned a profit to the exchange that prices every other Indian stock, here’s what’s actually worth watching before the rest of 2026 plays out. Field notes on the…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-66","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/posts\/66","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/comments?post=66"}],"version-history":[{"count":1,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/posts\/66\/revisions"}],"predecessor-version":[{"id":67,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/posts\/66\/revisions\/67"}],"wp:attachment":[{"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/media?parent=66"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/categories?post=66"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/tags?post=66"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

{"id":66,"date":"2026-06-28T11:08:15","date_gmt":"2026-06-28T05:38:15","guid":{"rendered":"https:\/\/zonora.in\/stocks\/?p=66"},"modified":"2026-06-28T11:08:15","modified_gmt":"2026-06-28T05:38:15","slug":"upcoming-ipos-to-watch-in-2026","status":"publish","type":"post","link":"https:\/\/zonora.in\/stocks\/2026\/06\/28\/upcoming-ipos-to-watch-in-2026\/","title":{"rendered":"Upcoming IPOs to Watch in 2026"},"content":{"rendered":"\n\n\n\n\n\nThe Year the IPO Market Stopped Holding Its Breath<\/title>\n<link rel=\"preconnect\" href=\"https:\/\/fonts.googleapis.com\">\n<link rel=\"preconnect\" href=\"https:\/\/fonts.gstatic.com\" crossorigin>\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Fraunces:ital,opsz,wght@0,9..144,300;0,9..144,500;0,9..144,600;1,9..144,400;1,9..144,500&family=Inter:wght@400;500;600&family=IBM+Plex+Mono:wght@400;500&display=swap\" rel=\"stylesheet\">\n<style>\n :root{\n --bg: #0c0c0d;\n --panel: #151417;\n --ink: #ece7de;\n --ink-dim: #97918a;\n --ink-faint: #5f5b56;\n --accent: #c9a227;\n --rule: rgba(255,255,255,0.09);\n }\n\n *{ box-sizing: border-box; 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}\n .ticker{ margin: 2.2rem -1.2rem 2.6rem; }\n }\n<\/style>\n<\/head>\n<body>\n\n<div class=\"page\">\n\n <header class=\"masthead\">\n <div class=\"kicker\">Markets \u2014 Mid-Year Outlook<\/div>\n <h1>The Year the IPO Market Stopped Holding Its Breath<\/h1>\n From AI labs that haven’t turned a profit to the exchange that prices every other Indian stock, here’s what’s actually worth watching before the rest of 2026 plays out.<\/p>\n <div class=\"byline\">Field notes on the 2026 listing calendar \u00b7 Updated June 28, 2026<\/div>\n <\/header>\n\n <div class=\"ticker\" aria-hidden=\"true\">\n <div class=\"ticker-track\">\n OPENAI ~$830B+<\/span><\/span>\n ANTHROPIC ~$350B<\/span><\/span>\n SPACEX LISTED \u00b7 SPCX<\/span><\/span>\n DATABRICKS $134B<\/span><\/span>\n NSE \u20b930,000 CR<\/span><\/span>\n JIO PLATFORMS \u20b937,000 CR<\/span><\/span>\n STRIPE $106B+<\/span><\/span>\n CEREBRAS LISTED \u00b7 CBRS<\/span><\/span>\n ZEPTO \u20b98,010 CR<\/span><\/span>\n CANVA $42B<\/span><\/span>\n DISCORD FILED<\/span><\/span>\n REVOLUT $90B<\/span><\/span>\n OPENAI ~$830B+<\/span><\/span>\n ANTHROPIC ~$350B<\/span><\/span>\n SPACEX LISTED \u00b7 SPCX<\/span><\/span>\n DATABRICKS $134B<\/span><\/span>\n NSE \u20b930,000 CR<\/span><\/span>\n JIO PLATFORMS \u20b937,000 CR<\/span><\/span>\n STRIPE $106B+<\/span><\/span>\n CEREBRAS LISTED \u00b7 CBRS<\/span><\/span>\n ZEPTO \u20b98,010 CR<\/span><\/span>\n CANVA $42B<\/span><\/span>\n DISCORD FILED<\/span><\/span>\n REVOLUT $90B<\/span><\/span>\n <\/div>\n <\/div>\n\n <article class=\"body\">\n\n There’s a particular kind of noise that builds before a big IPO season, and 2026 has had it for months now. Bankers fully booked, term sheets flying, every fintech newsletter suddenly rediscovering the word “centicorn.” After a genuinely quiet 2025 \u2014 lower rates promised but never quite arriving, big private names staying private out of sheer caution \u2014 the pipeline finally cracked open this spring, and it cracked open everywhere at once: in San Francisco boardrooms, in Mumbai’s BKC towers, and in whatever room Elon Musk currently considers his office.<\/p>\n\n Start with the one that’s already happened, because it’s worth pausing on. SpaceX listed on the Nasdaq in mid-June under the ticker SPCX, opening near $150 a share. For years this was the IPO everyone talked about and nobody quite believed would arrive \u2014 Musk dismissed the rumors more than once before eventually conceding they were accurate. A trillion-dollar-plus valuation for a rocket company still reads like a strange sentence, even now that it’s actually trading. But it set the tone early: this isn’t shaping up to be a year for modest debuts.<\/p>\n\n The AI Reckoning<\/p>\n\n The part of the pipeline that genuinely interests me more is the part that isn’t settled yet. OpenAI and Anthropic are both circling public markets, and watching the two of them maneuver around each other has become its own kind of theater. OpenAI is reportedly weighing a listing that could value it anywhere from $830 billion past the trillion-dollar mark, depending on which week’s leak you trust, even as its own leadership has been openly lukewarm about the idea of running a public company on a quarterly clock. Anthropic, for its part, has confidentially filed with the SEC and is said to be arranging a process that lets some employees sell shares ahead of a fuller listing, with valuation chatter drifting north of $350 billion. Whichever one rings the bell first, the real question for both is identical: can a company burning tens of billions a year convince public investors that the burn is a phase rather than a feature. The revenue growth behind both companies has been startling \u2014 that part isn’t spin \u2014 but markets tend to have far less patience for “trust the trajectory” once an actual ticker is attached to the story.<\/p>\n\n One step below those headline names, the infrastructure layer of this AI boom is lining up its own debuts. Databricks raised at a $134 billion valuation late last year and looks like one of the more grown-up candidates here \u2014 real recurring revenue, a sprawling enterprise customer base, a genuine moat against Snowflake. Cerebras already beat most of the AI crowd to market, pricing its chip-maker IPO this spring after pulling an earlier attempt back in 2024; the stock popped sharply on debut and then handed a chunk of that right back the next session, which is more or less the entire 2026 IPO experience compressed into forty-eight hours. Cohesity and a cluster of data-infrastructure names are reportedly circling too, riding the same logic \u2014 everyone building AI needs somewhere to put the data, and somewhere safe to keep it.<\/p>\n\n <blockquote>The size of the headline and the quality of the eventual outcome have never been the same thing, and 2026 isn’t about to be the year that changes.<\/blockquote>\n\n Outside AI, there’s a decent fintech and consumer slate worth a glance too. Stripe gets whispered about every single year and somehow never quite arrives, though secondary trading now puts it comfortably past $100 billion, so the pressure to finally commit is real. Discord confidentially filed earlier this year, which surprised exactly nobody who’s watched a gaming-adjacent chat app quietly become essential plumbing for half the internet’s group conversations. Canva is sitting on a $42 billion valuation from a recent secondary sale and looks like one of the calmer candidates on this list \u2014 a profitable design tool that nobody really argues about. And then there’s the odder cluster: Revolut pushing toward a public float in Europe, ByteDance perpetually rumored and perpetually tangled up in geopolitics, and Inspire Brands \u2014 the holding company quietly running Dunkin’ and Buffalo Wild Wings \u2014 filing confidentially in a much less glamorous, considerably more boring corner of the IPO world. Not every good listing has to be an AI story.<\/p>\n\n Closer to Home<\/p>\n\n For anyone who spends more time staring at NSE data than at Nasdaq tickers, though, the real story this year isn’t happening in San Francisco at all \u2014 it’s the fact that India’s own stock exchange is about to list itself. NSE filed its DRHP on the 17th of June, capping a process that had been stuck in regulatory limbo since roughly 2016, mostly thanks to the long-running co-location controversy. The offer is a pure offer-for-sale, so no fresh capital actually lands inside the company, but at an estimated \u20b930,000 crore it’s set to become the largest IPO in Indian history, edging past Hyundai Motor India’s record from 2024. There’s something almost poetic about the exchange that prices every other Indian listing finally having to put a price on itself.<\/p>\n\n It isn’t going alone, either. Jio Platforms filed its own DRHP the same week, reportedly chasing an even bigger number \u2014 somewhere around \u20b937,000 crore \u2014 which would make it India’s single biggest IPO if it lands as planned. Zepto’s updated draft is in for roughly \u20b98,000 crore, SBI Mutual Fund’s asset management arm has clearance to raise around \u20b913,000 crore, and PhonePe keeps floating around as the fintech everyone assumes will list eventually, just apparently not yet. Add it up and the second half of 2026 looks almost absurdly stacked for India’s primary market \u2014 reports are throwing around figures like two hundred-plus companies preparing filings, a number that sounds inflated until you remember just how slow the first half of the year actually was.<\/p>\n\n And it’s worth saying: scroll through any live IPO tracker this week and right alongside Jio and NSE you’ll find names like Twinkle Papers, Aastha Spintex, and Adon Agro Commodities quietly opening their own tiny SME issues. For every NSE-sized story dominating the headlines, there’s a dozen small mainboard and SME listings raising a few crore apiece without anyone outside their sector noticing. It’s a good reminder that “IPO season” isn’t one event \u2014 it’s hundreds of much smaller ones happening underneath the big names, all at once.<\/p>\n\n None of this is happening in a vacuum, either. Both Nifty and Sensex are down for the year so far, and a fair number of recently listed names have limped out of the gate rather than popped. So the heavyweight names choosing this exact moment to file are making something of a bet \u2014 either that the worst of the volatility is behind them, or simply that they’ve run out of room to keep waiting.<\/p>\n\n My honest take, for whatever it’s worth: bigger doesn’t automatically mean better, and a marquee name on a prospectus says very little about what happens to the stock six months after the lock-up expires. Look at how 2025’s biggest debuts actually performed \u2014 some up triple digits, at least one down more than seventy percent from its offer price. The size of the headline and the quality of the eventual outcome have never been the same thing. If you’re genuinely weighing whether to put money into any of these, Indian or global, the unglamorous advice still happens to be the correct one: read past the press release, look at the actual unit economics, and treat grey market premiums and pre-listing chatter as sentiment, not analysis. None of this is meant as a recommendation either way \u2014 it’s just a map of what’s worth paying attention to.<\/p>\n\n What keeps pulling my attention back, watching all of this from the sidelines, is how much of the 2026 calendar reads like a quiet referendum on patience. Companies that spent years deliberately staying private \u2014 OpenAI, Anthropic, even NSE in its own bureaucratic way \u2014 are all simultaneously running out of reasons to keep waiting. Whether that adds up to the record-breaking year some analysts keep promising, or to a messier mix of hits and disappointments once the dust settles, isn’t something anyone can honestly tell you yet.<\/p>\n\n The calendar’s full either way. Worth watching, even if you never put in a single bid.<\/p>\n\n <\/article>\n\n <footer class=\"endnote\">\n Valuations, filing dates, and deal sizes above reflect public reporting as of late June 2026 and will keep shifting from here \u2014 none of this should be read as investment advice, just a map of what to watch.\n <\/footer>\n\n<\/div>\n\n<\/body>\n<\/html>\n","protected":false},"excerpt":{"rendered":"The Year the IPO Market Stopped Holding Its Breath Markets \u2014 Mid-Year Outlook The Year the IPO Market Stopped Holding Its Breath From AI labs that haven’t turned a profit to the exchange that prices every other Indian stock, here’s what’s actually worth watching before the rest of 2026 plays out. Field notes on the…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-66","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/posts\/66","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/comments?post=66"}],"version-history":[{"count":1,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/posts\/66\/revisions"}],"predecessor-version":[{"id":67,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/posts\/66\/revisions\/67"}],"wp:attachment":[{"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/media?parent=66"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/categories?post=66"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zonora.in\/stocks\/wp-json\/wp\/v2\/tags?post=66"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}