November, 2, 2026 – Jio Platforms, the National Stock Exchange of India (NSE), SBI Funds Management, Manipal Health Enterprises and Zetwerk Manufacturing Businesses lead ENN’s ranking of India’s largest IPOs of 2026 by issue size.
India’s primary market has seen several major public offerings in 2026, spanning telecommunications, financial services, healthcare and industrial technology. Among the largest reported offerings, Jio Platforms leads the ranking, followed by the National Stock Exchange of India and SBI Funds Management.
Based on the issue sizes supplied for this analysis, the five companies raised approximately ₹76,876 crore combined through their IPOs. The total reflects the individual figures listed below and remains subject to verification against final exchange filings.
For investors tracking the biggest IPOs in India in 2026, these offerings illustrate the scale and sector diversity of the country’s public equity market.
Top 5 Biggest IPOs in India in 2026
| Rank | Company | Reported IPO issue size | Sector |
|---|---|---|---|
| 1 | Jio Platforms | ₹30,213 crore | Telecom and digital services |
| 2 | National Stock Exchange of India (NSE) | ₹22,561.57 crore | Financial markets |
| 3 | SBI Funds Management | ₹9,812.91 crore | Asset management |
| 4 | Manipal Health Enterprises | ₹9,275.22 crore | Healthcare |
| 5 | Zetwerk Manufacturing Businesses | ₹5,012.33 crore | Manufacturing technology |
Source: ENN’s compilation of the figures supplied for this ranking. Confirm the final issue sizes, pricing and listing status against official offer documents and exchange disclosures before publication.
1. Jio Platforms — ₹30,213 crore
Jio Platforms tops this ranking with a reported IPO issue size of ₹30,213 crore, placing it ahead of every other offering included in this list.
The company operates across telecommunications and digital services, supported by a broad technology ecosystem. Its business activities span connectivity, digital applications, enterprise services and cloud-related infrastructure.
The scale of the reported offering highlights investor interest in large technology-led businesses and the continued development of India’s digital economy.
Key details
- Rank: 1
- Reported issue size: ₹30,213 crore
- Sector: Telecommunications and digital services
- IPO structure: Reported fresh issue
For investors researching the largest Indian IPOs, Jio Platforms represents the telecommunications and digital infrastructure segment of the market.
2. National Stock Exchange of India — ₹22,561.57 crore
The National Stock Exchange of India, commonly known as the NSE, ranks second with a reported issue size of ₹22,561.57 crore.
As one of India’s major stock exchanges, the NSE plays an important role in the country’s capital-market infrastructure. Its business supports equity trading, derivatives, market data and other financial-market services.
The reported offering stands out because it involves a stock exchange operator rather than a conventional operating company in sectors such as retail, technology or healthcare.
The IPO structure is particularly important for investors to understand. In an offer for sale, existing shareholders sell their shares, and the proceeds generally go to those shareholders rather than to the company.
Key details
- Rank: 2
- Reported issue size: ₹22,561.57 crore
- Sector: Financial markets
- IPO structure: Reported offer for sale
The NSE’s position in this ranking reflects the scale of the reported transaction and the importance of financial-market infrastructure in India’s investment ecosystem.
3. SBI Funds Management — ₹9,812.91 crore
SBI Funds Management ranks third with a reported issue size of ₹9,812.91 crore.
The asset-management business serves investors through investment products and portfolio-management services. Asset managers occupy an important position in India’s financial system by connecting household savings and institutional capital with financial markets.
The reported IPO is particularly relevant to investors following the growth of mutual funds and professionally managed investment products in India.
According to the supplied figures, the offering was structured as an offer for sale by existing shareholders. Under this arrangement, the transaction enables shareholders to sell existing holdings rather than raising fresh equity capital for the company.
Key details
- Rank: 3
- Reported issue size: ₹9,812.91 crore
- Sector: Asset management
- IPO structure: Reported offer for sale
SBI Funds Management’s position highlights the role of financial-services companies in India’s public-market activity.
4. Manipal Health Enterprises — ₹9,275.22 crore
Manipal Health Enterprises ranks fourth with a reported IPO issue size of ₹9,275.22 crore.
The company operates in the healthcare sector, where private hospital networks are an important part of India’s healthcare delivery infrastructure. Demand for hospital services, specialised treatment and expanded healthcare capacity has created opportunities for established operators and new entrants.
According to the supplied figures, the IPO included both a fresh issue and an offer for sale.
These two components serve different purposes. A fresh issue raises capital for the company, while an offer for sale allows existing shareholders to sell their holdings. The allocation of proceeds matters when assessing how an IPO could support a company’s future plans.
Key details
- Rank: 4
- Reported issue size: ₹9,275.22 crore
- Sector: Healthcare
- IPO structure: Reported fresh issue and offer for sale
Manipal Health Enterprises adds a healthcare business to a ranking otherwise dominated by technology and financial services.
5. Zetwerk Manufacturing Businesses — ₹5,012.33 crore
Zetwerk Manufacturing Businesses completes the top five with a reported IPO issue size of ₹5,012.33 crore.
Zetwerk operates in manufacturing and supply-chain technology, connecting industrial production capabilities with enterprise customers. Its business spans areas such as electronics, aerospace and industrial components.
The company represents a different part of India’s economic growth story: technology-enabled manufacturing and the development of industrial supply chains.
According to the supplied figures, the IPO combined a fresh issue with an offer for sale. The fresh-issue component would provide capital to the company, while the offer-for-sale portion would allow existing shareholders to sell shares.
Key details
- Rank: 5
- Reported issue size: ₹5,012.33 crore
- Sector: Manufacturing and supply-chain technology
- IPO structure: Reported fresh issue and offer for sale
Zetwerk’s inclusion demonstrates the diversity of companies seeking access to India’s public equity markets.
What the Biggest IPOs in India in 2026 Tell Us
The five offerings span several major sectors, including telecommunications, financial markets, asset management, healthcare and manufacturing technology.
Three trends stand out.
1. Large businesses are accessing public capital
Large IPOs can provide companies and existing shareholders with access to public-market liquidity. Depending on the offering structure, proceeds can fund business expansion, strengthen balance sheets or enable early investors to realise part of their holdings.
However, a large issue size does not automatically indicate that an IPO is attractively valued.
2. Financial services remain significant
The NSE and SBI Funds Management feature prominently in the ranking, underlining the scale of India’s financial-services ecosystem.
Investors assessing financial-services IPOs should consider factors such as revenue growth, profitability, regulatory exposure, competitive position and the sustainability of earnings.
3. Manufacturing and healthcare are also represented
Manipal Health Enterprises and Zetwerk show how businesses outside traditional consumer technology and financial services can feature among major public offerings.
For investors, sector diversification is an important consideration when evaluating IPO opportunities. Each industry has different growth drivers, capital requirements and risks.
How ENN Ranked India’s Biggest IPOs in 2026
ENN’s ranking is intended to compare the five offerings using a consistent measure: total IPO issue size in Indian rupees at final pricing.
The issue size generally includes the fresh issue and offer-for-sale components, where applicable. It should not be confused with the company’s market capitalisation after listing or the amount of fresh capital received by the company.
Before publication, the figures should be checked against:
- Final red herring prospectuses and offer documents.
- Official NSE and BSE issue and listing disclosures.
- Final offer prices and share quantities.
- Company announcements and reliable financial reporting.
Only offerings with confirmed pricing and listing status as of the article’s publication date should be included in a ranking of completed IPOs. Companies that have only filed preliminary IPO documents should be excluded until the relevant offering has been priced and meets the ranking’s inclusion criteria.
Frequently Asked Questions
What is the biggest IPO in India in 2026?
Based on the figures supplied for this ENN ranking, Jio Platforms leads with a reported issue size of ₹30,213 crore. This figure and the offering’s completion status should be confirmed against official disclosures before publication.
Which IPO ranks second in India in 2026 by issue size?
The National Stock Exchange of India (NSE) ranks second in the supplied list, with a reported issue size of ₹22,561.57 crore.
Which companies make up the top five biggest IPOs in India in 2026?
The supplied ranking lists Jio Platforms, NSE, SBI Funds Management, Manipal Health Enterprises and Zetwerk Manufacturing Businesses.
What does IPO issue size mean?
IPO issue size is the total value of shares offered in an initial public offering. It can include newly issued shares and shares sold by existing shareholders. A fresh issue raises capital for the company, while an offer for sale generally directs proceeds to the selling shareholders.
Does a larger IPO mean a better investment?
No. Issue size measures the scale of an offering, not its investment quality. Investors should also evaluate valuation, financial performance, growth prospects, competitive position, governance, risk factors and market conditions.
Final Takeaway
The biggest IPOs in India in 2026 span multiple sectors, from digital infrastructure and financial markets to healthcare and manufacturing technology.
Jio Platforms leads the supplied ranking, followed by NSE and SBI Funds Management. Manipal Health Enterprises and Zetwerk complete the top five.
For investors and market watchers, the key is to look beyond headline issue sizes. Understanding the offering structure, company fundamentals, valuation and use of proceeds provides a more complete picture of each IPO.
ENN will update this ranking as necessary when final issue-size figures and listing information are confirmed through official disclosures.
Ruchi Kumar is the associate editor at Entrepreneur News Network and TVW News India, where she leads editorial strategy, brand storytelling, and startup ecosystem coverage. With a strong focus on innovation, business, and marketing insights, he curates impactful narratives that spotlight India’s evolving entrepreneurial landscape. She has written extensively on fintech, AI and emerging startups.
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