Quick Take
- NSE filed its DRHP on June 17, 2026: a pure OFS targeting a Rs 5 lakh Cr valuation, India’s largest issue yet.
- Zepto filed an updated DRHP on June 8, 2026, with FY26 revenue at Rs 22,624 Cr and net loss of Rs 5,905 Cr.
- Startup DRHP count rose to 25; Razorpay joined the pipeline with a confidential Rs 5,000-6,000 Cr filing.
In This Article
The Indian Startup IPO Tracker just logged its biggest week of 2026, with the National Stock Exchange (NSE) filing draft papers for what could become India’s largest public issue ever.
NSE filed its Draft Red Herring Prospectus (DRHP, the document filed with SEBI before an IPO) on June 17, 2026. The issue is a pure Offer for Sale (OFS), with shareholders selling roughly 6% of equity. Alongside it, Zepto and Razorpay both advanced their filings, pushing the total startup DRHP count to 25, according to Inc42’s tracker.
StartupFeed Insight
The NSE filing is a market signal, not just a single listing. When the exchange that hosts most IPOs files its own papers, it tells every queued startup that the window is open now, not later. Watch the Zepto and NSE roadshows closely: both test different investor appetites. NSE sells profitability and a near-monopoly; Zepto sells growth with a Rs 5,905 Cr FY26 loss. Our prediction: if NSE clears SEBI review smoothly and lists before December 2026, at least four large startups in this pipeline will accelerate their own launches into Q3 FY26 to ride the same demand wave. By Soumya Verma.
What changed in the Indian Startup IPO Tracker this June?
The Indian Startup IPO Tracker saw three major filings cross SEBI’s desk in June 2026. The pipeline shifted from “finalising plans” to “papers filed” for several large names.
| Metric | Detail | Notes |
|---|---|---|
| Startup DRHPs filed | 25 (up from 23 in April) | Inc42 tracker; 25+ more finalising |
| NSE DRHP filing | June 17, 2026 | Pure OFS; ~Rs 30,000 Cr est. |
| Zepto updated DRHP | June 8, 2026 | Rs 8,010 Cr fresh issue plus OFS |
| Razorpay confidential filing | June 2026 | Rs 5,000-6,000 Cr est.; end-2026 target |
| Mainboard pipeline (all categories) | 236 proposals (May 2026) | Equirus Capital; Rs 27,000 Cr raised YTD |
The standout number is 236 mainboard proposals tracked as of May 2026, of which 163 had received SEBI observations. The pipeline is deep, but Q2 issuance slowed sharply after a busy Q1.
About NSE
The National Stock Exchange of India, founded in 1992 and headquartered in Mumbai, is the country’s largest stock exchange by trading volume and the world’s largest derivatives exchange by contract count. It runs the Nifty 50 index and hosts most Indian equity trading. LIC holds a 10.72% stake. The exchange settled legacy co-location matters with SEBI in 2025 before securing its listing clearance.
How big is the NSE IPO and why does it matter?
The NSE IPO is structured entirely as an OFS, with existing shareholders selling about 6% of the exchange. Early estimates peg the issue near Rs 30,000 Cr ($3.6 Bn), based on an unlisted valuation close to Rs 5 lakh crore. That would top the Hyundai Motor India IPO’s Rs 27,859 Cr issue from 2024 to become India’s largest. NSE received SEBI’s no-objection certificate on January 30, 2026, clearing a decade-long logjam tied to the co-location case. You can track the filing on the SEBI public issues page.
“NSE’s DRHP filing formally sets the clock ticking on a decade-long listing journey,” Ankit Jaiswal, Senior Research Analyst at Univest, said.
The move rippled through markets. BSE shares fell about 4.3% on June 17, 2026, in a “sell the news” reaction, after rallying for months on NSE listing hopes. Once NSE lists, investors can directly compare both exchanges.
How does the NSE IPO compare to other mega listings?
The NSE IPO sits at the top of a crowded 2026 queue. Here is how the largest issues stack up on size and structure.
| Company | Est. IPO Size | Structure / Status |
|---|---|---|
| NSE | Rs 30,000 Cr ($3.6 Bn) | Pure OFS; DRHP filed June 17, 2026 |
| Flipkart | Rs 25,000-30,000 Cr | Domicile shifted to India; DRHP in process |
| PhonePe | Rs 12,000 Cr (est.) | SEBI approved; launch reportedly paused |
| Zepto | Rs 8,010 Cr fresh plus OFS | Updated DRHP filed June 8, 2026 |
NSE stands apart because it sells consistent profitability and a near-monopoly position, while most startup peers are still proving their unit economics.
What do Zepto’s new IPO numbers reveal?
Zepto filed its updated DRHP on June 8, 2026, planning a fresh issue of Rs 8,010 Cr plus a large OFS by early investors. The new papers show FY26 revenue from operations surged 103.6% to Rs 22,624 Cr, from Rs 11,109 Cr in FY25, per the company’s DRHP. Net loss widened to Rs 5,905 Cr from Rs 4,700 Cr. Zepto operated 1,139 dark stores as of March 31, 2026, serving 4.79 crore annual transacting users, up 25% year on year.
Co-founders Aadit Palicha and Kaivalya Vohra are not selling any shares in the offer, the updated DRHP showed.
The loss tells the core 2026 story. Revenue doubled, but so did the cash burn. Zepto is reportedly pitching investors on EBITDA breakeven by FY28 and full-year profitability by FY29. The market will judge whether that path is credible enough to fund growth at scale.
What’s Next
SEBI review timelines now drive the calendar. NSE targets a listing before December 2026, while Zepto eyes a July to September 2026 window. Razorpay is aiming for an end-2026 debut after its confidential filing. Flipkart’s updated DRHP is the next big trigger to watch. Which of these listings do you think will price strongest when the bell rings?
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Last updated: June 19, 2026 at 11:30 IST
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
Written by Soumya Verma. Published: April 19, 2026. Updated: June 19, 2026. Have a tip? Write to us at editorial@startupfeed.in.
