India’s initial public offering market is heading into another potentially historic phase, with several large companies preparing to tap public markets after a record-setting third quarter. As of September 30, 2026, Indian IPOs have raised more than $13 billion, while July–September alone produced more than $9 billion of fundraising, the strongest third quarter on record, according to Bloomberg data reported by The Economic Times.
The next phase of the market could be dominated by a handful of very large offerings. Among the most closely watched names are Jio Platforms, Avaada Electro and Advanta Enterprises. Their proposed offerings span telecommunications and digital services, renewable-energy manufacturing and agriculture, giving investors exposure to very different sectors.
The scale of these transactions is also significant. Jio Platforms’ proposed issue has been reported at more than ₹35,000 crore, Avaada Electro is targeting around ₹7,600 crore, while Advanta Enterprises is preparing a proposed offering of roughly $400 million, according to recent reports.
Jio Platforms: The Market’s Biggest Upcoming IPO
The largest of the three is Jio Platforms, the Reliance Industries-controlled company that houses Reliance Jio and a growing portfolio of digital businesses.
Jio Platforms filed its DRHP earlier this year for a proposed IPO that could raise approximately ₹37,700 crore, according to reports based on the company’s filing and people familiar with the transaction. If completed at that scale, it would rank among India’s largest-ever IPOs. Business Standard reported that the proposed issue could value Jio Platforms at nearly ₹9.5 trillion, or more than $100 billion.
The proposed offering is structured as a fresh issue, rather than an offer for sale by existing strategic investors such as Meta, Google, KKR, Silver Lake and General Atlantic. Business Standard reported that the issue could involve up to 270 million shares, representing about 2.9% of post-issue share capital.
A significant portion of the proceeds is intended for financial restructuring. The DRHP provides for around ₹27,500 crore to prepay borrowings raised by a material subsidiary, according to Business Standard.
The proposed listing would also represent an important milestone for Reliance because it would bring one of its major consumer-facing businesses directly to the public markets.
Jio’s Business Goes Beyond Telecom
Although Jio is best known for its telecom network, Jio Platforms has developed into a broader digital ecosystem.
Its businesses span connectivity, digital services and technology. The company has also outlined plans involving areas such as artificial intelligence and satellite connectivity, highlighting the expansion of Jio beyond its original telecom business.
Business Standard reported that Jio Platforms generated approximately ₹1.47 trillion in revenue and around ₹30,000 crore in profit after tax in FY2026.
The eventual valuation and investor response will therefore depend not only on Jio’s telecom operations but also on how the market values its wider digital-business portfolio.
Avaada Electro: A Major Renewable-Energy IPO
The second major offering is Avaada Electro, the solar-manufacturing arm of the Avaada Group.
Reuters reported on September 25 that Avaada Electro had begun roadshows for an IPO targeting approximately ₹76 billion, or about ₹7,600 crore. The company is targeting a market debut before the end of 2026, although the final timing and size remain subject to market conditions and the IPO process.
The proposed issue comprises approximately ₹1,600 crore of fresh shares and ₹6,000 crore through an offer for sale by Avaada Ventures, according to Reuters.
Avaada Electro is positioned within India’s rapidly expanding renewable-energy manufacturing industry. According to its draft IPO documents cited by Reuters, the company had 8.5 GW of operational solar-module capacity.
Its planned listing comes as India continues to expand renewable-energy infrastructure and targets 500 GW of installed non-fossil-fuel power capacity by 2030.
Brookfield Connection Adds Another Dimension
Avaada’s IPO also has an important institutional-investment angle.
Reuters reported that Brookfield does not directly own equity in Avaada Electro but supports its parent, Avaada Ventures, through a $1 billion convertible-debenture financing commitment.
The proposed IPO would therefore provide public-market access to a company operating in one of the fastest-growing areas of India’s energy transition.
Avaada is also entering the market alongside other renewable-energy companies. Clean Max and Juniper Green Energy have already listed in 2026, while additional renewable-energy businesses are preparing offerings.
Advanta Enterprises Adds Agriculture to the IPO Pipeline
The third company highlighted in the current IPO pipeline is Advanta Enterprises, which is preparing a proposed offering of approximately $400 million, according to The Economic Times’ report on India’s upcoming large IPOs.
Advanta operates in the agricultural-inputs and seeds industry, giving the upcoming IPO pipeline exposure to a sector very different from Jio and Avaada.
The proposed offering is particularly relevant because India’s IPO market is no longer concentrated in one or two industries. The broader pipeline includes companies from technology, financial services, renewable energy, consumer businesses, healthcare, manufacturing and infrastructure.
A Massive IPO Pipeline Is Waiting
The three companies are only part of India’s much larger public-market pipeline.
Prime Database data cited by Financial Express estimated that 238 companies were either holding valid SEBI approvals or had filed offer documents and were awaiting regulatory clearance. Together, the potential fundraising pipeline was estimated at approximately ₹4.66 lakh crore.
Jio Platforms, NSE and PhonePe represented some of the largest proposed transactions in that pipeline. Financial Express estimated proposed issue sizes of approximately ₹37,700 crore for Jio Platforms, ₹30,000 crore for NSE and ₹12,000 crore for PhonePe.
The pipeline also includes renewable-energy names such as Avaada Electro, SAEL Industries and Sembcorp Green Infra, alongside companies from consumer services, financial services and technology.
Record Fundraising Does Not Mean Every IPO Will Launch at the Same Time
Despite the enormous pipeline, proposed IPO sizes should not be treated as guaranteed fundraising. Companies can postpone offerings, modify issue sizes or wait for more favourable market conditions.
The Economic Times reported that market volatility, investor selectivity and valuation expectations could influence the timing of upcoming offerings. Bankers are nevertheless seeing substantial issuance potential through the final quarter of 2026 and potentially into early 2027.
This distinction is important because the headline pipeline represents potential fundraising, not money that has already been raised.
2026 Could Become Another ₹1 Lakh Crore-Plus IPO Year
India is already on track to cross the ₹1 lakh crore IPO fundraising milestone in 2026. The Economic Times reported earlier this month that 81 IPOs had raised approximately ₹83,062 crore, with the NSE offering expected to push the total beyond ₹1 lakh crore.
The NSE IPO has since generated enormous demand. Reuters reported that the exchange’s approximately $2.3 billion offering attracted bids worth more than $10 billion and was subscribed 5.71 times overall.
With Jio Platforms, Avaada Electro, Advanta and several other large companies still in the pipeline, India’s primary market could remain one of the most active areas of the country’s financial markets through the final months of 2026.
What Investors Will Watch Next
The upcoming IPO wave will put particular attention on valuation, issue structure, fresh capital deployment, profitability, debt levels and sector-specific growth prospects.
Jio’s offering will be closely watched because of its unprecedented scale and its position within Reliance’s digital ecosystem. Avaada’s IPO will provide a major test of investor appetite for renewable-energy manufacturing. Advanta will bring another agriculture-focused business to the public markets.
For investors, the size of an IPO alone does not determine its eventual market performance. The final price band, valuation, financial results, use of proceeds, competitive environment and disclosures in the final prospectus will all become important once individual issues open for subscription.
India’s record IPO activity therefore enters its next stage with some of the country’s largest and most recognisable businesses waiting in the queue. Jio Platforms, Avaada Electro and Advanta Enterprises represent three very different businesses, but together they illustrate the scale and sector diversity of the next generation of India’s public-market fundraising.
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