# Beyond NSE: Major Upcoming IPOs Investors Can Watch In India > India's IPO pipeline is buzzing with big names like PhonePe, Flipkart, Razorpay and Cult.fit. But which companies are actually preparing to list? Explore their latest IPO status, business prospects and what investors should watch before investing. - **URL**: https://www.arihantplus.com/blogs/ipo/beyond-nse-major-upcoming-ip-os-investors-can-watch-in-india - **Category**: IPO - **Author**: [Arihant Team](https://www.arihantplus.com/author/arihant-team) - **Published**: 2026-11-08 - **Updated**: 2026-11-09 - **Reading time**: 14 minutes read --- ## Introduction India's IPO market has been attracting attention, with several well-known companies preparing to enter the public markets. From fintech and e-commerce to healthcare, fitness and financial services, businesses across different sectors are exploring the possibility of launching an Initial Public Offering (IPO). Beyond NSE, many upcoming IPOs from companies such as PhonePe, Flipkart, Razorpay, Cult.fit and InCred are worth keeping an eye on. Their potential listings offer an opportunity to explore businesses that have grown significantly in their respective industries. Before investing, it is important to understand how a company operates, how financially sound it is, what valuation it is seeking and whether it has the potential to grow sustainably. Let's take a closer look at some major upcoming IPOs in India, their business models, current listing plans and th ## Major Upcoming IPOs to Watch Several companies across different sectors are in various stages of preparing for a public listing. While some have already filed their draft offer documents, others are still evaluating their IPO plans. Here is a quick overview of the companies to watch: | **Company** | **Sector** | **Current IPO Status** | | ------------- | ----------------------- | ----------------------------------------- | | **InCred** | Financial Services | DRHP filed | | **Cult.fit** | Fitness & Wellness | DRHP filed | | **PharmEasy** | Healthcare / E-pharmacy | IPO plans | | **Kent RO** | Consumer Durables | DRHP filed | | **Flipkart** | E-commerce | No confirmed timeline | | **PhonePe** | Fintech | UDRHP-I filed; IPO plans being reassessed | | **Razorpay** | Fintech / Payments | Confidential Filing | Let's understand what these companies do and what investors should know about their potential IPOs. ## InCred IPO InCred is a financial services group with businesses spanning lending, wealth management, investment and advisory services. Founded by Bhupinder Singh, the InCred Group operates through different businesses, including InCred Finance, InCred Capital and InCred Money. Its lending business caters to individuals and businesses, while its other divisions offer investment and wealth management services. This diversified presence gives InCred exposure to different segments of the financial services industry. **IPO Status** InCred Holdings initially filed its draft offer documents through the confidential route in November 2025 and received SEBI's observations in February 2026. It subsequently filed its Updated Draft Red Herring Prospectus-I (UDRHP-I) in May 2026\. Thereafter, it also filed a corrigendum to its updated offer document in September 2026. The proposed issue includes: * Fresh issue of shares worth up to INR 1,250 crore. * Offer for Sale (OFS) of up to 9.90 crore equity shares. The fresh issue proceeds are proposed to strengthen the capital base of its lending subsidiary, InCred Financial Services, and support its lending operations. **What should investors look at** For a financial services company like InCred, revenue and profit growth are only part of the picture. Investors should also examine the quality of its loan portfolio, repayment trends and ability to manage credit risk. Its lending operations also face competition from banks, non-banking financial companies (NBFCs) and digital lending platforms. The company's ability to maintain asset quality while expanding its loan book will be an important factor to watch. Competition in the lending industry, exposure to unsecured loans and the valuation at which the company plans to go public are other important factors to consider. ## Cult.fit IPO Cult.fit operates in India's fitness and wellness industry through a combination of physical fitness centres and digital platforms. Its business includes fitness subscriptions, partner-managed and franchise gyms, and the sale of fitness-related products. The company's integrated online and offline model allows it to reach customers through both its fitness centres and digital services. **Cult.fit IPO filing status and issue details** Cult.fit filed its DRHP with SEBI in July 2026\. The regulator issued its observations on the draft offer document in October 2026, allowing the company to move forward with its IPO plans. Cult.fit IPO is expected to hit the market in mid-December. The proposed issue comprises: * Fresh issue of shares worth up to INR 950 crore. * Offer for Sale of up to 17.86 crore equity shares by existing shareholders. The money raised through the fresh issue proceeds is proposed to be used for setting up new fitness centres, meeting certain lease and rental expenses, repaying borrowings, expanding exclusive brand outlets, marketing activities and general corporate purposes. **Revenue and profitability** Cult.fit has reported considerable growth in operating revenue over the past few years. Its income from operations increased from INR 926.7 crore in FY24 to INR 1,215.5 crore in FY25 and INR 1,720.6 crore in FY26. In FY26, its fitness services business contributed approximately INR 1,197.8 crore, accounting for around 70% of total revenue. Its fitness products segment generated another INR 522.8 crore. The company also narrowed its net loss to INR 251.8 crore in FY26 from INR 480.8 crore in FY25\. While this indicates an improvement, the business is yet to achieve overall net profitability. **What should investors watch?** Cult.fit's revenue growth and improving losses are important developments. However, investors should also examine customer retention, centre utilisation, expansion costs and the profitability of its fitness products business. The company's ability to expand into new markets while maintaining operating efficiency will be important to its long-term performance. ## PharmEasy IPO PharmEasy is a healthcare platform for consumers providing online medications, diagnostic tests and consultations with doctors, in addition to online tools and insights on illness and wellness. The business operates under its parent company, API Holdings, which previously pursued an aggressive expansion strategy involving acquisitions and significant spending to increase its customer base. However, the company has since focused on reducing debt, controlling expenses, enhancing margins and advancing healthcare services. **PharmEasy IPO filing status** Unlike companies that have already filed public offer documents, PharmEasy does not have a confirmed public DRHP filing for a new IPO as of November 2026. Its immediate focus appears to be improving its financial position and moving towards profitability. The company is reportedly evaluating its future options, which could include an IPO or a potential merger with Thyrocare. **Revenue and profitability** Financial performance of API Holdings improved in FY26 despite the fact that the firm was still showing losses. Operating revenue rose by 12.7% to Rs. 6,618.5 crore in FY26, compared with the previous financial year. **What should investors watch?** PharmEasy's potential IPO needs to be evaluated in the context of its earlier financial challenges and ongoing efforts to improve profitability. Investors should examine its debt position, operating margins, competitive landscape and ability to manage regulatory changes. Its progress towards profitability will also be an important consideration when assessing a possible IPO valuation ## Kent RO IPO Kent RO Systems is an Indian consumer durables company best known for its water purifiers. Founded by Mahesh Gupta, the company introduced RO-based water purification products to Indian consumers and later expanded into other household appliances. You probably would have seen one of its ad on TV featuring Hema Malini. Its established presence in the water purification market gives it a recognised position in India's consumer appliances industry. **Kent RO IPO filing status and issue details** Kent RO filed its DRHP with SEBI in January 2025\. The regulator issued its observations on the offer document in June 2025\. However, Kent has not launched any information post that nor has the company announced a confirmed date for its IPO yet. The proposed IPO is structured entirely as an Offer for Sale (OFS), involving approximately 1.01 crore existing shares held by its promoters. This means the proceeds from the sale will go to the selling shareholders rather than directly to the company. **Financial performance** Kent RO's revenue from operations increased from approximately INR 1,178 crore in FY24 to INR 1,274 crore in FY25. Investors should also examine its profitability, operating margins and competitive position to understand whether the company can sustain its growth. **What should investors watch?** Investors should examine Kent RO's financial performance, brand strength, product portfolio and competition from other water purifier and consumer appliance manufacturers. The proposed valuation and the extent of promoter shareholding after the IPO will also be important considerations. ## Flipkart IPO One of the India's largest e-commerce major Flipkart was founded in 2007\. Started out as an online bookstore, the company now sells everything from electronics, clothing, and home appliances to groceries and other everyday products. Flipkart functions via numerous businesses that cater to diverse customer needs. These include Flipkart Marketplace, Myntra, Cleartrip, Flipkart Minutes and Ekart and Logistics services. **Flipkart IPO filing status** Despite ongoing speculation about its public listing, Flipkart has not made a confirmed public DRHP filing as of November 2026\. In July 2026, Flipkart CEO Kalyan Krishnamurthy stated that the company did not have a timeline for going public. Therefore, Flipkart remains a potential IPO candidate rather than an issue with a confirmed launch schedule. Also, before it could progress with an Indian stock-market listing, Flipkart needs to shift its parent holding structure from Singapore to India. This process is known as redomiciliation, sometimes called a reverse flip. **Financial performance and IPO plans** Flipkart's financial performance and proposed valuation will be important considerations for investors. Its consolidated FY26 financial results indicate that revenue increased, while its net loss narrowed only slightly. This makes it important to examine not just revenue growth but also the company's ability to improve profitability. **What should investors watch?** Investors should follow the company's redomiciliation progress, financial performance, profitability and valuation expectations. Its ability to manage competition, maintain market share and improve operating efficiency will be important factors when evaluating a potential Flipkart IPO. ## PhonePe IPO PhonePe is one of India's leading digital payments platforms. It enables users to send money, pay bills, recharge mobile phones and make payments at shops using the Unified Payments Interface (UPI). Its widespread use of digital payment services has helped establish PhonePe as a prominent player in India's fintech ecosystem. **PhonePe IPO filing status and proposed structure** PhonePe filed for its DRHP through the confidential pre-filing route in September 2025 and subsequently filed its UDRHP-I with SEBI on 23 January 2026. However, due to geopolitical uncertainty and volatile market conditions, the company put a hold on its IPO in March 2026\. However, PhonePe is reportedly reassessing its listing plans, with a potential public listing targeted for February-March 2027\. It is also expected to update its IPO documents, with a valuation target of approximately $10 billion being reported. The proposed IPO is structured entirely as an OFS, meaning existing shareholders would sell their shares rather than PhonePe raising fresh capital through the issue. These are reported expectations rather than confirmed issue details. The company has not announced an IPO opening date or price band. **Revenue and financial performance** PhonePe's revenue from operations increased by approximately 11.5% in FY26 compared with FY25, reaching INR 7,920.5 crore. However, its consolidated net loss also increased from INR 1,727.4 crore in FY25 to INR 2,792 crore in FY26\. This indicates that higher revenue has not yet translated into improved profitability, as the company's expenses increased at a faster rate. **What should investors watch?** PhonePe's revenue growth, increasing losses and operating expenses will be important factors to evaluate. Investors should also consider the regulatory environment surrounding UPI transactions, the company's ability to monetise its merchant network and the valuation at which it eventually enters the public market. ## RazorPay Razorpay is an Indian fintech company that provides businesses with digital payment solutions and financial technology services that help them accept and manage payments. It was founded in 2014 by Harshil Mathur and Shashank Kumar. Its offerings extend beyond online payment processing to include in-store payment solutions, business banking, payouts, payroll and lending services. **Razorpay IPO filing status and issue details** Razorpay confidentially filed its draft IPO papers with SEBI in June 2026\. The company received SEBI's approval for its proposed IPO in November 2026, marking a significant step towards its public listing. According to media reports, Razorpay is looking to raise approximately INR 5,000-6,000 crore through the IPO, with a potential valuation of around $5 billion. The proposed issue is expected to include both a fresh issue and an Offer for Sale, although the final structure and allocation have not been disclosed. The company is reportedly targeting a listing between January and March 2027, subject to market conditions and completion of the required formalities. Since Razorpay used the confidential filing route, investors should wait for the public offer documents to understand the detailed financials, issue structure and risk factors. **Business model and financial outlook** Razorpay generates revenue through the payment and financial services it offers to businesses. Its business model includes payment processing fees, in-store payment solutions, business management software and additional financial offerings. As businesses increasingly adopt digital payment solutions, Razorpay has expanded its presence in the fintech industry. Its ability to diversify beyond payment processing and build a broader financial services ecosystem is an important part of its growth strategy. **What should investors watch?** Before evaluating Razorpay's IPO, investors should examine its revenue growth, profitability outlook, competition, business expansion and proposed valuation. Its ability to generate sustainable profits while expanding its financial services ecosystem will be an important consideration. ## What Should Investors Check Before Applying? An IPO can generate considerable market interest, particularly when the company is a recognised brand or operates in a fast-growing industry. However, investors should look beyond the company's popularity and understand its financial position before applying. Here are some important factors to examine. * **Business model and competitive position:** Understand what the company does, how it earns money and who its customers are. Check whether its business model can support long-term growth and whether it has an advantage over competitors. * **Revenue and profit growth:** Analyze the company's revenue and profit figures for the past few years to understand how its business is performing. * **EBITDA and margins:** EBITDA stands for earnings before interest, taxes, depreciation and amortization. It helps investors understand how well a company performs before these costs are considered. * **EPS:** A greater or growing EPS may reflect enhancing earnings per share. But investors should also consider whether the growth is sustainable and how the IPO may change the number of shares outstanding. * **ROE and ROCE:** These ratios help investors understand how efficiently a company uses its financial resources. * **Debt levels:** Verify how much the company is due for repayment to banks, financial institutions and other lenders. Also, assess if it can comfortably meet its interest payments and repay its borrowings. * **Fresh issue vs OFS:** A fresh issue may facilitate boosting the company's finances, while an OFS provides existing shareholders with an opportunity to sell their holdings. * **Use of IPO proceeds:** If the company is raising fresh capital, examine how it plans to use the funds. Whether the money is intended for expansion, repayment of borrowings, working capital or general corporate purposes can help investors understand the company's priorities and future plans. * **Valuation compared with listed peers:** A company with a higher valuation than its competitors may need stronger growth avenues or other benefits to justify that premium. * **Promoter/shareholder selling:** Check whether the company's promoters or current investors are selling shares via the IPO and how much of their ownership they will retain later. * **Key risks mentioned in the DRHP/RHP:** Do not neglect the risk factors just because the company has strong revenue growth or an identifiable brand. These disclosures can highlight challenges that may affect the company's future performance. It is also worth understanding the [**IPO grey market premium**](https://www.arihantplus.com/product/ipo), which is an informal indicator of market sentiment towards an upcoming issue. However, it should not be treated as a guarantee of listing gains or used as the sole basis for an investment decision. Investors can keep track of the [IPO grey market premium](https://www.arihantplus.com/blogs/ipo/ipo-gmp-today-grey-market-premium-listing-gain-guide) for relevant IPO updates. ## Applying for an IPO You can apply for IPOs directly through your ArihantPlus trading app in flat 30-seconds using UPI. Once an IPO opens for subscription, you can find all key information about the IPO, including its financials, business overview and also keep track of [**IPO subscription**](https://www.arihantplus.com/) status directly on the app. While subscription figures offer an indication of investor demand across different categories, they should not be the only factor influencing an investment decision. Once you have applied for the IPO, you can also check the [**IPO allotment status** ](https://www.arihantplus.com/product/ipo)directly through the ArihantPlus app. ## Conclusion India's IPO market gives you the opportunity to invest in high-growth companies that could be future stars and also access to new-age sectors and industries. Companies such as InCred Holdings, Cult.fit, Kent RO, PhonePe and Razorpay are interesting businesses and have plans to hit the Indian IPO market soon as they have already filed for their DRHPs. Meanwhile, PharmEasy and Flipkart remain potential IPO candidates, with their listing plans yet to take a definitive shape. However, not every IPO is worth investing - no matter how much hype is around the company's listing prospects. You should look beyond the listing buzz and evaluate the company's financial performance, business model, valuation, growth opportunities and associated risks. Ultimately, an IPO should be assessed on its business fundamentals and suitability for an investor's financial goals and risk tolerance, rather than the expectation of quick listing gains. ## FAQs **How can investors check the latest upcoming IPO dates and issue details?** Investors can keep a check on IPO dates, price bands, lot sizes and issue documents via authentic stock exchanges, financial dashboards and broker portals. **Can investors apply for an IPO before a company gets listed on the NSE or BSE?** Yes, investors can apply for an IPO before the company gets listed on the NSE or BSE. **What factors should investors consider before applying for an upcoming IPO?** Factors such as the company's financial health, the framework of the offering, and overall market conditions, rather than depending on listing-day expectations. --- *Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. This content is for educational purposes only and does not constitute investment advice. Arihant Capital Markets Ltd. is a SEBI-registered stock broker.*