Among other things, corporate India could witness some key developments in 2026. While Reliance Industries Chairman Mukesh Ambani has announced that Jio Platforms will go for a public listing in the first half of next year, there’s nothing official yet on two other mega IPOs (initial public offerings) that may bunch up in the same time band. Adding firepower to the Street, steel-to-software conglomerate Tata Group may possibly list its holding company, Tata Sons, next year — depending on the Reserve Bank of India (RBI) verdict on the matter, which is expected anytime now. The third listing, which is being anticipated as a blockbuster of sorts, may come from the house of Flipkart — now owned by Walmart. The size of an IPO, which determines how much capital a company raises, is of course a talking point. A lot has already been said about the Jio IPO, likely to be the biggest in India, beating Hyundai’s $3.3 billion market debut in 2024. But beyond size, a listing is often a defining moment for a company, both in terms of investor appeal and its own growth trajectory. How will the likely listings of Jio, the Tatas, and Flipkart pan out? In the case of Jio Platforms, the holding company of RIL’s digital assets including its telecom arm, the listing is expected to bring greater maturity into the sector it represents. After Jio’s IPO, all private telcos (Airtel and Vodafone Idea being the others) will be listed entities.
Although Voda Idea has been financially stressed with a huge debt pile, listing typically provides funds for expansion as well as for fresh investments to improve customer experience. The Reliance group has already indicated overseas expansion plans for Jio while detailing the company’s preparations for listing at its 48th annual general meeting last week. A possible tariff hike by Jio and others in the telecom sector has been a prominent theme in the analyst reports following the RIL annual general meeting. India is counted among the lowest-tariff countries in the world for telecom services. Industry leaders have frequently spoken about the need for higher tariffs but the pace of increase has been extremely slow. The monthly average revenue per user (Arpu) — a benchmark for a telco’s performance — has been below ~200 for a long time, compared to many times that figure for global peers. Recently, Airtel crossed the ~250-mark Arpu in what was seen as a milestone development. Jio’s listing is expected to push telecom Arpus upwards, thereby helping telcos to invest more in 5G, 6G and other next-gen tech tools. Satellite broadband, which is expected to cater to uncovered areas especially in the hinterland, could also benefit from the Jio listing. As for the other big listing, that of Tata Sons, the RBI is yet to clarify whether it needs to turn into a publicly listed entity or will be granted an exemption. Since September 2025 was supposed to be the deadline for compliance with the RBI norms, all eyes are currently on Mint Road .
The RBI had classified Tata Sons as an upper layer non-banking financial company (NBFC) in September 2022, which required it to go public within three years. However, some months ago, Tata Sons sought an exemption from the RBI, asking to be deregistered as a core investment company (CIC) so that it can skip the listing process. For that, Tata Sons declared itself as a debt-free company — a key condition for such an exemption. Tata Sons’ listing, if it happens, will stand out for reasons other than what a company IPO ordinarily brings to the table. More than anything else, it will entail restructuring of the articles of association (AoA), which define internal rules, governance norms, rights and powers of directors among other things. It will also imply possible changes in veto power of nominee directors, implying resetting of relationship between Tata Trusts and Tata Sons. Tata Trusts is the biggest shareholder of Tata Sons with a 66 per cent stake. A listing could also mean Shapoorji Pallonji group, which holds over 18 per cent in Tata Sons, shedding some of its stake. All told, if the RBI insists on it, it could be a listing with long-term repercussions for corporate India. Finally, the Flipkart listing is bound to make headlines for different reasons. Away from the legacy businesses such as Reliance and Tatas, Flipkart represents a new business universe and a new India. Often described as the poster boy of Indian e-commerce, Flipkart was launched in 2007 and became the first globally known homegrown startup with a success story to tell. Its journey, over the past 18 years, from Koramangala in Bengaluru to becoming a Walmart-owned company headquartered in Bentonville, Arkansas, has had many ups and downs. A listing in India could be a turning point for Flipkart, integrating it more deeply into the Indian retail landscape. At a time when Swadeshi sentiment is resonating strongly amid geopolitical disruptions, Flipkart’s listing could send out a strong message. IPOs have been the flavour of the season for some time. But the coming together of three mega IPOs, from diverse businesses and historic relevance, could tell a story that’s still in the making