Top 10 Upcoming and Ongoing IPOs in India 2026: Best IPOs to Watch

India’s IPO market continues to attract strong investor interest in 2026, with companies from logistics, jewellery, infrastructure, asset management and financial services preparing to tap the primary market.

For investors, the challenge is not finding IPOs—it is identifying the best IPOs worth watching based on business quality, growth prospects, valuations, market sentiment and potential listing gains.

In this guide, we look at the top 10 upcoming and ongoing IPOs in India in 2026, along with their expected issue size, status, key opportunities and major risks.

Disclaimer: IPO dates, price bands, GMP and subscription figures can change quickly. GMP is unofficial and should not be considered a guaranteed indication of listing performance. Investors should read the official IPO documents and evaluate their own risk tolerance before investing.

Top 10 Upcoming and Ongoing IPOs in India

Rank	IPO	Status	Approx. Issue Size	Overall View
1	Shiprocket	Ongoing	₹2,190 crore	⭐⭐⭐⭐⭐
2	Lalithaa Jewellery Mart	Upcoming	₹1,700 crore	⭐⭐⭐⭐½
3	Horizon Industrial Parks	Upcoming	₹2,600 crore	⭐⭐⭐⭐½
4	Gaja Alternative Asset Management	Upcoming	₹550 crore	⭐⭐⭐⭐
5	Skyways Air Services	Upcoming	~₹583 crore	⭐⭐⭐⭐
6	Behari Lal Engineering	Ongoing	₹302 crore	⭐⭐⭐⭐
7	Credent Global Finance / Connect	Ongoing / SME	—	⭐⭐⭐½
8	Sankesh Jewellers	Upcoming	—	⭐⭐⭐½
9	Technocrats Plasma Systems	Upcoming / SME	—	⭐⭐⭐½
10	Syktech Infinite Platform	Upcoming / SME	—	⭐⭐⭐½

1. Shiprocket IPO

Shiprocket is one of the most closely watched IPOs among the current offerings.

The company operates in the e-commerce enablement and logistics space, an industry that could benefit from continued growth in online commerce and digital businesses.

With an issue size of around ₹2,190 crore, Shiprocket has attracted considerable investor attention. Its technology-driven logistics model and exposure to India’s expanding e-commerce ecosystem make it particularly interesting for investors looking beyond traditional businesses.

Why investors are watching Shiprocket

• Exposure to India’s growing e-commerce ecosystem
• Technology-enabled logistics platform
• Large and diversified customer base
• Potential long-term growth opportunity
• Strong investor interest

Key risk

Competition in logistics and e-commerce infrastructure remains intense. Investors should also examine profitability, cash flows and IPO valuation rather than relying solely on market sentiment.

Our view: Shiprocket stands out as one of the more interesting IPOs for investors seeking a combination of growth and exposure to India’s digital economy.

2. Lalithaa Jewellery Mart IPO

Lalithaa Jewellery Mart is another major IPO to watch in 2026.

The jewellery retailer is looking to raise approximately ₹1,700 crore, including a significant fresh issue component. The company operates in India’s large and growing jewellery market.

India’s jewellery sector benefits from strong consumer demand, brand expansion and increasing formalisation of the market.

Why consider Lalithaa Jewellery?

• Exposure to India’s large jewellery market
• Established retail presence
• Potential expansion opportunities
• Strong long-term consumer demand
• Significant IPO size

Risks to consider

Jewellery businesses are highly sensitive to gold prices, consumer spending, inventory requirements and competition. Investors should carefully compare the company’s valuation with listed jewellery peers.

Our view: A potentially attractive long-term opportunity, but valuation will be crucial.

3. Horizon Industrial Parks IPO

Horizon Industrial Parks is positioned in the industrial and logistics infrastructure segment.

The proposed IPO is around ₹2,600 crore, making it one of the larger offerings among the IPOs currently on the radar.

India’s growing manufacturing activity, e-commerce penetration and organised supply chains could support long-term demand for warehousing and industrial infrastructure.

Key positives

• Exposure to logistics and industrial infrastructure
• Potential benefit from India’s manufacturing growth
• Large addressable market
• Long-term infrastructure opportunity

Risks

Infrastructure businesses can require substantial capital investment and may be sensitive to interest rates, economic cycles and occupancy levels.

Our view: One of the IPOs worth tracking for investors with a medium- to long-term horizon.

4. Gaja Alternative Asset Management IPO

Gaja Alternative Asset Management is planning a relatively smaller IPO of approximately ₹550 crore.

The price band has been reported at ₹152–160 per share, with the IPO scheduled for August 19–21, 2026.

The company’s presence in the alternative asset-management space gives investors exposure to a financial-services segment that has been expanding alongside India’s growing pool of investable wealth.

Potential advantages

• Exposure to India’s financial-services sector
• Growing alternative investment market
• Relatively smaller issue size
• Potential for business expansion

Risks

Asset-management businesses can be affected by market cycles, investor sentiment, fee pressure and competition.

Our view: Interesting, but investors should focus heavily on valuation, assets under management and profitability before subscribing.

5. Skyways Air Services IPO

Skyways Air Services is another upcoming IPO attracting attention.

The company operates in the logistics and air-freight ecosystem, giving investors exposure to India’s expanding trade and logistics infrastructure.

The proposed issue size is around ₹583 crore, with the reported price band at approximately ₹131–138.

Why watch Skyways Air Services?

• Exposure to India’s logistics sector
• Growth potential from increasing trade volumes
• Air-freight and logistics infrastructure opportunity
• Mid-sized IPO

Major risks

The logistics sector can face margin pressure, fuel-cost fluctuations, economic cycles and intense competition.

Our view: Worth tracking, particularly for investors who want exposure to India’s logistics growth story.

6. Behari Lal Engineering IPO

Behari Lal Engineering is among the ongoing offerings attracting attention from IPO investors.

The company operates in the engineering/manufacturing space and has generated interest partly because of market sentiment around the issue.

However, investors should be particularly careful with SME IPOs because liquidity after listing can be considerably lower than that of large mainboard companies.

Before investing, check:

• Revenue growth
• Profit margins
• Debt levels
• Promoter holding
• Valuation
• Post-listing liquidity

Our view: Potentially attractive for aggressive investors, but the risk level is higher than for established mainboard IPOs.

7. Credent Global Finance / Connect IPO

Credent Global Finance/Connect represents another opportunity in the SME IPO segment.

Financial-services businesses can benefit from India’s expanding credit and investment ecosystem, but investors need to examine the company’s financial performance and valuation closely.

Key consideration

SME IPOs can experience sharp price movements after listing. Therefore, investors should have a higher risk tolerance and avoid investing simply because an IPO is heavily subscribed.

Our view: Suitable only for investors comfortable with higher volatility and lower liquidity.

8. Sankesh Jewellers IPO

Sankesh Jewellers is another jewellery-sector IPO to keep on the radar.

The Indian jewellery market remains structurally attractive because of India’s large consumer base and increasing formalisation of jewellery retail.

However, investors should compare the company’s growth rate, margins and valuation with larger listed jewellery companies before making an investment decision.

Our view: Interesting sector exposure, but business quality and valuation should determine the investment decision.

9. Technocrats Plasma Systems IPO

Technocrats Plasma Systems is an SME IPO that investors looking for smaller companies may want to monitor.

SME IPOs can offer exposure to niche businesses with strong growth potential, but they also carry significantly higher risks.

Investors should check:

• Order book
• Revenue growth
• EBITDA margins
• Working-capital requirements
• Debt
• Promoter background
• Valuation
• Liquidity after listing

Our view: A higher-risk opportunity that requires deeper financial analysis.

10. Syktech Infinite Platform IPO

Syktech Infinite Platform rounds out our list of IPOs to watch.

As with other SME offerings, investors should not judge the issue solely by subscription numbers or GMP.

A detailed assessment of the company’s financial statements, business model, competitive position and valuation is essential.

Our view: Worth monitoring for aggressive investors, but it carries greater risk than the larger mainboard IPOs.

Which IPOs Look Most Attractive?

Based on a combination of business opportunity, sector outlook and potential growth, our watchlist can be divided into three categories.

🟢 Stronger IPOs to Watch

• Shiprocket:- Best suited to investors looking for exposure to India’s digital commerce and logistics ecosystem.

• Horizon Industrial Parks:- Interesting infrastructure and warehousing play with potential long-term demand drivers.

• Lalithaa Jewellery Mart:- Potentially attractive for investors bullish on India’s organised jewellery market.

🟡 Moderate-Risk Opportunities

• Gaja Alternative Asset Management:- Interesting financial-services opportunity, but valuation needs careful analysis.

• Skyways Air Services:- Potential logistics growth story, with the usual sector-related risks.

🔴 Higher-Risk / SME IPOs

• Behari Lal Engineering
• Credent Global Finance / Connect
• Sankesh Jewellers
• Technocrats Plasma Systems
• Syktech Infinite Platform

These IPOs may offer higher returns, but investors should also expect greater volatility and lower liquidity.

IPO GMP: Should You Trust It?

Grey Market Premium, commonly called GMP, is frequently used by retail investors to estimate potential listing gains.

For example, if an IPO has an issue price of ₹100 and its GMP is ₹20, investors may interpret that as an expected listing price of around ₹120.

However, GMP is unofficial and not guaranteed.

It can change significantly before listing and does not necessarily reflect the company’s fundamental value.

Therefore, investors should use GMP only as one additional sentiment indicator, not as the primary reason to subscribe.

What Should You Check Before Applying for an IPO?

Before investing in any IPO, consider these seven factors:

1. Business model

Understand how the company makes money and whether its business has sustainable competitive advantages.

2. Revenue and profit growth

Look for consistent growth rather than a sudden improvement immediately before the IPO.

3. Valuation

Compare the IPO’s valuation with listed competitors in the same industry.

4. Debt

High debt can become a major problem during periods of slower growth or higher interest rates.

5. Use of IPO proceeds

Check whether the company is raising money for expansion, debt repayment, acquisitions or other purposes.

6. Promoter and shareholder selling

A large offer-for-sale component means existing shareholders are selling shares rather than the company receiving all the proceeds.

7. Market sentiment

Subscription levels and GMP can provide useful information about short-term sentiment, but they should not replace fundamental analysis.

Upcoming IPOs to Watch Beyond the Top 10

Investors should also keep an eye on some of the much larger companies reportedly preparing for IPOs in the second half of 2026.

These include NSE, Jio Platforms, Zepto, SBI Funds Management, PhonePe and Zetwerk.

These could potentially become some of the year’s biggest IPO stories, although their final dates, issue sizes and valuations may change before launch.

Final Verdict

The Indian IPO market is offering investors a wide range of opportunities in 2026, from technology-enabled businesses and logistics companies to jewellery retailers, infrastructure platforms and financial-services firms.

If you’re looking primarily for quality and long-term potential, our top names to research further are:

1. Shiprocket
2. Horizon Industrial Parks
3. Lalithaa Jewellery Mart
4. Gaja Alternative Asset Management
5. Skyways Air Services

For investors considering SME IPOs, the potential rewards can be higher, but so can the risks. Liquidity, valuation and financial performance should be examined carefully before investing.

Most importantly, don’t subscribe to an IPO solely because of a high GMP or heavy subscription. A strong IPO investment starts with understanding the underlying business, its financials and the price you’re paying for it.

This article is for informational purposes only and should not be considered investment advice. IPO information, dates, price bands and GMP can change. Always verify the latest information from official exchange filings and the company’s IPO documents before investing.