Upcoming IPOs in India 2026: DRHP & RHP Tracker
An "upcoming IPO" is any offering that is on its way to the market but not yet open for subscription. Some have announced firm dates and a price band; many others have only filed their draft offer document with SEBI and are awaiting regulatory clearance. This page tracks both — the mainboard and SME issues lined up for 2026 — so you can research early, prepare your demat and UPI, and be ready the moment bidding opens. Getting in front of an IPO, rather than reacting on the final day, is one of the simplest edges a retail investor can build.
DRHP, UDRHP and RHP — the documents that matter
Every mainboard IPO passes through a paper trail with SEBI, and each stage tells you how close the offering is:
- DRHP (Draft Red Herring Prospectus): The first public filing. It contains the company’s business description, financials, risk factors and the broad structure of the issue, but usually not the final price band or exact dates. When a company files its DRHP, its IPO becomes "upcoming".
- SEBI observations: SEBI reviews the draft and issues observations (its form of approval). The company must address them before proceeding. This step can take several weeks to a few months.
- UDRHP (Updated DRHP): An updated draft incorporating SEBI’s observations and refreshed financials, filed closer to launch.
- RHP (Red Herring Prospectus): The near-final document filed with the Registrar of Companies just before the issue opens. It carries the price band and the open, close and tentative listing dates. Once the RHP is out, the IPO moves from "upcoming" to "open" within days.
Reading the DRHP early — particularly the risk factors, the objects of the issue and the financial statements — gives you a big head start over investors who only look at an IPO on its opening day.
How the SEBI approval process works
After a company and its merchant bankers file the DRHP, SEBI examines it for adequate disclosure — it does not vet the investment merit or guarantee returns. SEBI may seek clarifications, ask for additional disclosures, or in some cases keep the document "in abeyance". Once observations are issued, the company generally has up to twelve months to launch the IPO. This is why the presence of a DRHP does not mean an IPO is imminent; it means the process has started. Our upcoming list flags where each issue stands so you are not caught off guard.
Timeline: from DRHP to listing day
It helps to picture the whole journey. A company typically spends months preparing its accounts and appointing merchant bankers before the DRHP is even filed. After filing, SEBI’s review commonly takes one to three months, sometimes longer. Once observations are received, the company waits for a favourable market window, then files the RHP with the final price band and dates, holds the anchor allocation a day before opening, and runs the three-day bidding window. Allotment is finalised within a couple of working days of the close, and listing follows under the T+3 timeline. From draft filing to listing, the full cycle usually spans several months to a year — which is exactly why early research pays off.
Fresh issue versus offer for sale
When you research an upcoming IPO, look closely at how the issue is structured. A fresh issue creates new shares and brings money into the company, typically to fund expansion, repay debt or strengthen the balance sheet — this is value-accretive for the business. An offer for sale (OFS) is existing shareholders (often promoters or early investors) selling their stake; that money goes to them, not the company. Many IPOs combine both. A large OFS is not automatically bad, but an issue that is almost entirely an exit for existing holders deserves a closer look at why they are selling.
How IPO pricing is decided
In a book-built IPO, the company and its bankers set a price band rather than a single price. They arrive at it by studying the company’s financials, growth outlook and the valuations of comparable listed peers, then gauging institutional appetite through pre-marketing. Anchor demand a day before the open provides a final read. The actual price you pay is usually the cut-off — the top of the band for a well-subscribed issue. The RHP’s "Basis for Issue Price" section spells out the earnings multiple and peer comparison the company is using to justify the number; reading it tells you whether you are being asked to pay a fair price or a rich one for future growth that may or may not arrive.
Mainboard vs SME upcoming IPOs
Use the Mainboard and SME tabs above to focus your research. Mainboard upcoming IPOs are larger companies that will list on the NSE and BSE main boards; they attract wide institutional interest and heavy retail participation, and their retail application size is modest. SME upcoming IPOs are smaller companies headed for the NSE Emerge or BSE SME platforms; they require a much larger minimum application (typically ₹1–2 lakh), are less liquid, and demand deeper due diligence because disclosure and analyst coverage are thinner. Both can be rewarding, but they carry very different risk profiles and application sizes.
How to read a DRHP quickly
A prospectus can run to hundreds of pages, but you can extract most of what matters in an hour. Start with the "Objects of the Issue" to see where the money goes. Read the "Risk Factors" — companies are candid here because they must be. Check the summary financial statements for the three-year trend in revenue, profit and margins. Look at the "Basis for Issue Price" to understand the valuation the company is asking for. Scan the "Capital Structure" and promoter holding to see who owns what and how much is being sold. Finally, review any related-party transactions and outstanding litigation. These sections, read together, tell you far more than any grey-market number.
Red flags to watch in an upcoming IPO
Some warning signs recur often enough to keep a checklist. Be cautious when an issue is almost entirely an offer for sale with little fresh capital; when revenue growth is not matched by real profit or cash flow; when a large share of revenue comes from a single customer or related parties; when promoter holding drops sharply after listing; when the valuation implies a big premium to established, profitable peers; or when there is significant unresolved litigation or regulatory action. None of these is automatically disqualifying, but each deserves an explanation you find convincing before you commit money. The upcoming stage is the time to ask these questions calmly.
How to track and prepare for upcoming IPOs
Preparation turns a good IPO idea into an actual allotment. A short checklist:
- Keep a demat and trading account ready with a broker whose IPO application flow you find easy to use.
- Link and test your UPI ID in advance, and ensure your bank supports IPO mandates — mandate failures on the last day are a common reason applications are missed.
- Maintain sufficient balance so the application amount can be blocked; remember the money is debited only on allotment.
- Bookmark this page and each IPO’s detail page to follow date and price-band updates.
- Read the DRHP/RHP for the business model, financial trend, valuation and risk factors before you commit.
Anchor investors — an early demand signal
One working day before a mainboard IPO opens, a portion of the issue is allotted to anchor investors — large institutions that commit ahead of the public and accept a lock-in on their shares. The identity and appetite of anchor investors, disclosed just before the open, is one of the earliest concrete signals of institutional confidence in an upcoming IPO. Marquee anchor names and a fully subscribed anchor book are generally read as a positive; weak or absent anchor demand is a caution flag worth heeding.
Why some IPOs get delayed or withdrawn
Not every announced IPO reaches the market on schedule. Companies routinely push back or shelve issues when market conditions turn choppy, when valuations they were seeking no longer look achievable, or when SEBI seeks further clarifications. A SEBI approval is valid for a limited window, so a company that misses it must refile. This is why an entry on an upcoming list is a plan, not a promise — dates can slip, price bands can change, and occasionally an IPO is withdrawn entirely. Treat tentative details as exactly that until the RHP confirms them.
Building your IPO watchlist
Rather than chasing every issue, build a short watchlist of upcoming IPOs whose businesses you understand and want to own. Note their expected timing, the sector, and the two or three things you most want to verify when the RHP lands (usually valuation, the fresh-issue vs OFS split, and profitability trend). When the issue is finally priced and dated, you will be able to make a calm, informed decision in minutes instead of scrambling on the opening day. Discipline at the watchlist stage is what separates consistent IPO investors from the crowd.
What to research before an upcoming IPO opens
The upcoming window is the best time to do your homework calmly. Focus on the trend in revenue and profit over the last three years, the purpose of the issue (growth capital versus an offer-for-sale exit), the valuation implied by the price band relative to listed peers, promoter background and post-issue holding, the strength of the order book or customer base, and the specific risk factors the company discloses. By the time an IPO opens, your decision should already be made; the open window is for execution, not for starting your research.
Where to find the official documents
Every claim you read about an upcoming IPO should be traceable to a primary source. The DRHP and RHP are published on SEBI’s website, on the websites of the stock exchanges (NSE and BSE), and on the lead managers’ sites; the company’s own investor page usually links to them as well. The registrar’s website carries allotment and application details once the issue is live. When an IPO’s page on this site links to these documents, use them: a few minutes with the actual prospectus is worth more than any amount of second-hand commentary, and it protects you from the exaggerated or simply wrong information that circulates on social media around popular issues.
SME upcoming IPOs: extra diligence
If you are eyeing an upcoming SME issue, raise your diligence bar further. SME companies are smaller and younger, disclosures are lighter, independent research is scarce, and the shares trade in fixed lots on a separate platform with thin liquidity after listing. The minimum application of ₹1–2 lakh means a single SME bet can be a large part of a retail portfolio, so position sizing matters enormously. Read the DRHP end to end rather than skimming, pay special attention to promoter background, customer concentration and cash flows, and be honest about whether you could exit easily if the story changed. Treated with respect, SME IPOs can be rewarding; treated casually, they are among the easier ways to lose money in the primary market.
How we compile and update this list
The upcoming IPOs shown here are compiled from public sources — SEBI’s DRHP and RHP filings, stock-exchange circulars, registrar disclosures and company announcements. We update entries as new documents are filed and as dates and price bands are confirmed, moving each issue to our main IPO dashboard once it is priced and opens. Because the data originates from filings that are themselves subject to change, always treat dates, sizes and prices as tentative until the final RHP, and confirm the details on the official document before you apply.
How to use this upcoming-IPO list
The table above lists announced and DRHP-stage IPOs with their tentative dates, price band and issue size as they are confirmed. Entries marked "TBA" are awaiting finalisation. Click any company to open its full page — even at the upcoming stage you will find the available details, the objects of the issue, the company profile, and FAQs. As soon as an issue is priced and dated, it moves to our main IPO dashboard and, where a grey-market figure exists, to our IPO GMP page.
Disclaimer: Information on upcoming IPOs is compiled from SEBI filings (DRHP/RHP), exchange circulars and public sources, and is provided for information and education only. Dates, price bands and issue sizes are tentative and subject to change. This is not investment advice. Always read the final RHP and consult a qualified adviser before investing.