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From quick commerce firm Zepto and digital payments firm PhonePe to AI-led analytics and hospitality, several high-profile companies have filed draft papers or taken key regulatory steps toward listing. Here’s a look at some of the most closely watched IPOs to track in 2026.India’s IPO pipeline for 2026 is shaping up to be one of the busiest in recent years, with new-age technology firms, consumer brands and established unicorns lining up for market debuts.  Here’s a look at some of the most closely watched IPOs to track in 2026.Zepto | Quick commerce firm Zepto Ltd has confidentially filed draft IPO papers with SEBI, signalling a likely market debut between July and September 2026. Founded by Aadit Palicha and Kaivalya Vohra, Zepto was last valued at $7 billion after a $450 million fundraise led by CalPERS in October 2025. The company posted a sharp jump in FY25 revenue to ₹11,109 crore, though losses widened to ₹3,367 crore. Zepto has also seen strong user momentum, adding 1.2 million weekly active users in mid-December, outpacing key rivals in the quick commerce space.PRISM (OYO Parent) | PRISM, the parent company of hospitality platform OYO, has confidentially filed draft IPO papers after securing shareholder approval to raise up to ₹6,650 crore. The proposed listing could value the company at $7–8 billion, sources told CNBC-TV18. Since shelving its 2021 IPO plan, PRISM has expanded globally, strengthened its premium hotel portfolio and acquired US-based G6 Hospitality. The company turned profitable in Q1 FY26 and recently received a stable outlook from Moody’s, which expects EBITDA to more than double in the current fiscal year.PhonePe | Digital payments major PhonePe has submitted draft IPO papers to SEBI through the confidential route, with existing investors likely to sell up to a 10% stake. The entire ₹12,000-crore issue is expected to be an offer for sale, led by majority shareholder Walmart, along with Tiger Global and Microsoft. PhonePe reported FY25 operating revenue of ₹7,114.8 crore, up over 40% year-on-year, while narrowing losses to ₹1,727 crore. Payments remain the core revenue driver despite expansion into credit, insurance and broking.Flipkart | Walmart-owned Flipkart has moved closer to a potential domestic IPO after the NCLT approved the company’s plan to shift its holding structure from Singapore to India. The reverse flip is aimed at aligning Flipkart’s legal base with its largely India-focused operations and simplifying its corporate structure ahead of a listing. As part of the approved scheme, multiple group entities, including Myntra and Flipkart Marketplace, will be merged into Flipkart Internet Private Limited in phases. The development clears a key regulatory hurdle for filing IPO papers in the coming year.boAt | Wearables and audio brand boAt is gearing up for its second IPO attempt, even as its latest DRHP flags audit concerns over past financial disclosures and internal controls. Auditors highlighted discrepancies in lender submissions, diversion of short-term borrowings and compliance gaps at overseas subsidiaries. The proposed ₹1,500-crore IPO includes a ₹500-crore fresh issue and a ₹1,000-crore offer for sale by existing shareholders, including founders Aman Gupta and Sameer Mehta. While boAt has returned to profitability and commands a leading market share, it faces rising competition and pricing pressure in a slowing wearables market.Fractal Analytics | AI and data analytics firm Fractal Analytics has received SEBI approval for its IPO, marking a potential first for an AI-focused company in Indian public markets. The Mumbai-based firm reported FY25 revenue of ₹2,765 crore and a net profit of ₹220.6 crore, after returning to profitability. The IPO will comprise a ₹1,279-crore fresh issue and an offer for sale of up to ₹3,621 crore, largely providing exits to private equity investors. Fractal plans to use proceeds for debt repayment, R&D and global expansion, with a strong focus on generative AI.Other IPOs to Watch: Curefoods, Rentomojo, Cult.fit, and Shadowfax | Several other new-age companies are also advancing IPO preparations. Accel-backed Curefoods has filed draft papers for an ₹800-crore fresh issue alongside an OFS, with proceeds largely earmarked for expanding its Krispy Kreme franchise and omni-channel food formats. Rentomojo, the rental furniture and appliances platform, is in early-stage IPO discussions after reporting its third straight year of profitability in FY25. Cult.fit, backed by Zomato, Accel and Tata Digital, has appointed bankers for a proposed ₹2,500-crore IPO that could value the fitness platform at nearly $2 billion. Meanwhile, logistics firm Shadowfax has filed updated draft papers for a ₹2,000-crore IPO as it looks to scale its fast-growing nationwide delivery network.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.