₹1 Lakh Cr IPO Wave: Shiprocket, PhonePe and Others Set to List in 2026

SYNOPSIS: India’s IPO pipeline for 2026 features seven large issues across analytics, logistics, fintech and renewables, with proposed fundraising exceeding one lakh crore, subject to approvals, market conditions and execution readiness.

India’s IPO market is gearing up for a blockbuster 2026, with a strong pipeline of large initial public offerings across technology, fintech, logistics, analytics and renewable energy. Several well-known, private-market leaders are preparing to tap public markets, collectively targeting fundraises exceeding Rs. 1 lakh crore.

From data analytics firm Fractal Analytics to digital payments giant PhonePe and logistics platform Shadowfax, these proposed IPOs highlight both the growing maturity of India’s startup ecosystem and investor appetite for scaled, platform-driven businesses. That said, the actual rollout of these listings will depend on regulatory approvals, market sentiment and execution readiness, making selectivity key for investors.

Fractal Analytics

SEBI granted approval for Fractal Analytics Limited’s IPO on 18th November 2025. The company is now set to move ahead with the IPO launch, subject to market conditions and requisite clearances. Fractal Analytics has filed draft documents for a Rs. 4,900 crore IPO, comprising a fresh issue of shares worth Rs. 1,279.3 crore and an offer for sale (OFS) aggregating Rs. 3,620.7 crore.

The company intends to utilise its net proceeds primarily for debt-related and growth initiatives. Around Rs. 265 crores will be invested in its subsidiary, Fractal USA, towards the prepayment and/or scheduled repayment of borrowings, either fully or partially. Approximately Rs. 57 crores has been earmarked for the purchase of laptops, while Rs. 121 crores will be used to set up new office premises in India.

In addition, the company plans to invest about Rs. 355 crores in R&D, as well as sales and marketing activities under Fractal Alpha. The remaining funds will be deployed towards inorganic growth opportunities, including potential acquisitions, other strategic initiatives, and general corporate purposes.

Fractal Analytics Limited, established in March 2000, is one of the leading providers of advanced analytics that helps companies leverage data-driven insights in making considered decisions. Its analytics solution helps companies to enhance profitability by powering their customer management efforts with scientific decision-making. 

Shadowfax Technologies

Flipkart-backed Shadowfax Technologies engaged in the business of providing a platform for logistics services using technology to Business-to-Business customers is coming with an IPO with a book build issue of Rs. 1,907.27 crores. 

The issue is a combination of fresh issue of 8.06 crore shares aggregating to Rs. 1,000 crores and offer for sale of 7.32 crore shares aggregating to Rs. 907.27 crores. The IPO price band of Shadowfax is set at Rs. 118 to Rs. 124 per share.

The company plans to deploy its net proceeds in line with the board-approved resolution dated 28th June 2025. A major portion, amounting to Rs. 423.43 crores, will be used to fund capital expenditure related to strengthening and expanding its network infrastructure. 

Another Rs. 138.64 crores has been earmarked for meeting lease payment obligations for new first-mile centres, last-mile centres, and sortation facilities. Additionally, nearly Rs. 88.6 crores will be allocated towards branding, marketing, and communication initiatives. The remaining funds will be utilised for inorganic growth opportunities, including potential acquisitions, along with general corporate purposes.

Shadowfax Technologies IPO opens for subscription on Jan 20, 2026 and closes on Jan 22, 2026. The allotment for the Shadowfax Technologies IPO is expected to be finalised on 23rd January 2026. Shadowfax Technologies IPO will list on BSE and NSE, with a tentative listing date fixed as 28th January 2026.

Hero FinCorp

SEBI has approved the IPO of Hero Fincorp Ltd. on 22nd May 2025, with the company proceeding with the next steps to launch the IPO, subject to market conditions and other approvals. The SEBI approval is valid for 12 months. Hero Fincorp IPO is a Book Build Issue of Rs. 3,668.13 crores consisting of a fresh issue of shares worth Rs. 2,100.00 crores and an offer for sale (OFS) of Rs. 1,568.13 crores.

The company plans to deploy its net proceeds towards augmentation of its Tier – I Capital base to meet future capital requirements towards onward lending which are expected to arise out of the growth in the company’s business and assets, and to ensure compliance with regulatory requirements on capital adequacy prescribed by the RBI from time to time.

Hero FinCorp Limited, registered as a Non-Banking Financial (Non-deposit accepting) Company, is engaged in the business of offering a diversified suite of financial products catered primarily to the retail and MSME customer segment in India. 

The company offers retail, MSME and corporate and institutional finance (CIF) loans, with retail loans including vehicle, personal and mortgage loans. It has an AUM of Rs. 51,820.8 crores as at 31st March 2024, of which retail and MSME loan verticals contributed 65.08 percent and 20.80 percent, respectively. 

Clean Max Enviro Energy Solutions

SEBI has approved the IPO of Clean Max Enviro Energy Solutions Ltd. on 30th October 2025, with a Book Build Issue of Rs. 5,200 crores consisting of a fresh issue of shares worth Rs. 1,500 crores and an offer for sale (OFS) of Rs. 3,700 crores.

The company plans to utilise its net proceeds primarily to reduce leverage. A total of Rs. 1,125 crores has been earmarked for the repayment and/or prepayment, either partially or in full, of certain outstanding borrowings of the company and/or its subsidiaries. Of this amount, around Rs. 326 crores is proposed to be deployed during FY26, while the remaining Rs. 799 crores is planned for deployment in FY27. Any balance from the issue proceeds will be used towards general corporate purposes, in line with the company’s operational and strategic requirements.

According to CRISIL, Clean Max Enviro Energy Solutions is one of India’s largest commercial and industrial (C&I) renewable energy provider as of 31st March 2025. The company has 2.54 GW of operational, owned and managed capacity, and 2.53 GW of contracted yet to be executed capacity as of 31st July 2025.

The company specialises in delivering Net Zero and decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers across data centres, AI and technology industries, and C&I enterprises. Further, its expertise spans across providing energy contracting, EPC, O&M services of renewable energy plants.

Shiprocket

SEBI has approved the IPO of Shiprocket Limited on 31st October 2025, with a Book Build Issue of Rs. 2,342.35 crores consisting of a fresh issue of shares worth Rs. 1,100 crores and an offer for sale (OFS) of Rs. 1,242.35 crores.

The company plans to utilise the net proceeds from the offer across growth, deleveraging, and strategic initiatives over the next few years. A major portion, amounting to Rs. 505 crores, will be invested in expanding Shiprocket’s platforms for both its emerging and core businesses. This includes Rs. 294 crores earmarked for marketing initiatives and Rs. 211 crores for strengthening technology infrastructure and capabilities. The deployment of these funds is phased, with Rs. 136.6 crores planned for FY27, Rs. 178 crores for FY28, and Rs. 190.3 crores for FY29.

In addition, Rs. 210 crores will be used for the repayment or prepayment, in full or in part, of certain borrowings of the company, including accrued interest, with the entire amount proposed to be utilised in FY27. The remaining proceeds will be directed towards supporting inorganic growth through potential acquisitions, along with general corporate purposes, in line with the company’s long-term growth strategy.

Shiprocket Limited is an e-commerce enablement platform powering direct commerce, with a focus of helping small businesses, retail brands, D2C merchants, and social commerce retailers scale through its technology stack. Additionally, the company is engaged in the business of analytics, marketing automation and personalization services for e-com and retail companies. It runs analytics on behaviour and transactional data and utilises that data for providing marketing or analysis services to its merchants.

PhonePe

Walmart-backed PhonePe Limited submitted its Draft Red Herring Prospectus (DRHP) to SEBI on 23rd September 2025, marking a key step towards its IPO. The company is targeting a stock market debut in the first half of 2026 and, according to sources, is planning an IPO of around Rs. 12,000 crore, with valuation estimates ranging between Rs. 80,000 crore and Rs. 1 lakh crore.

PhonePe is India’s largest digital payments platform and is engaged in the business of offering financial services like insurance, lending, and wealth management. The company has also launched new consumer technology businesses, including Pincode, Share.Market, and the Indus Appstore.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post ₹1 Lakh Cr IPO Wave: Shiprocket, PhonePe and Others Set to List in 2026 appeared first on Trade Brains.