Upcoming IPOs in November–December 2026: 8 Big Names to Watch

Last reviewed: 5 November 2026 (IST). Which upcoming IPOs in November and December 2026 should Indian investors watch? Mahanadi Coalfields, Avaada Electro, Carlsberg India, AGS Health, Razorpay, OYO's parent Oravel Stays, Cult.fit and Encube Ethicals are among eight names attracting attention. Recent market reporting suggests more than 20 issues could enter the market during the remaining weeks of 2026, but that is a forecast, not a confirmed IPO calendar. No subscription opening date has been verified for these eight offerings as of this review. Some—including Razorpay—may instead launch in 2027. Here are the latest reported sizes, document stages and questions to check before applying.

Upcoming IPOs in November–December 2026: what investors should know first

An IPO pipeline refers to the list of companies planning to go public. It isn’t a list of issues that are already open for subscription. There are milestones along the way to completing an IPO. The issuers receive observations from the regulator, which allow them to proceed with the IPO process. The observations, however, do not confirm the timing of the launch, price, allotment or listing gains.

If you are planning your first public issue, you should verify that your Demat account is active and your PAN, Bank details and application are up to date. If a potential investor doesn’t have a Demat account, they can review the online Demat account opening process, which will take some time, ahead of an announced subscription window. The intermediary will verify your eligibility before activating your Demat account.

Eight IPOs to watch: proposed issue size and latest status

The amounts given below are estimated sizes based on media reports or proposed sizes, and are not final offer sizes. Offers that are measured in shares may vary considerably from the final offer prices. The information given below is based on public information available up to 5 November, 2026.

Important correction: AGS Health's updated August draft described a ₹4,800 crore offering, although some pipeline summaries still cite ₹6,600 crore. OYO's proposed fresh issue was cut from ₹6,650 crore to ₹3,350 crore. Refer to subsequent RHPs for final figures.

Company-by-company IPO pipeline updates

1. Mahanadi Coalfields IPO: coal-sector listing plan

Mahanadi Coalfields is a subsidiary of Coal India. On 4 November 2026, reports stated that SEBI finalized its observations on its IPO papers. The proposed IPO is an offer for sale (OFS) of up to 66.18 crore shares (up to 10% of the subsidiary) by Coal India. Media estimates place the size of the OFS in the range of about ₹10,000 crore; however, the final figure would be determined by the price of the shares. Since this is an OFS, the proceeds would accrue to Coal India and not to Mahanadi Coalfields. The date of the proposed IPO has not been disclosed.

2. Avaada Electro IPO: solar manufacturing expansion

Avaada Electro, a manufacturer of solar cells and modules, filed a draft in August 2026 for an IPO comprising a fresh issue of up to ₹1,600 crore and an offer for sale (OFS) of up to ₹6,000 crore. The combined issue size was capped at ₹7,600 crore, subject to change with any pre-IPO placements. The Offer document will need to analyze manufacturing capacity and customer concentration. No final IPO dates and price bands were disclosed in the documents researched.

3. Carlsberg India IPO: an offer for sale, not fresh capital

Carlsberg India filed an updated Draft Red Herring Prospectus dated 27 October 2026 on 29 October. It proposes an offer for sale (OFS) of 8.64 crore equity shares, with no fresh issue. The reported figure of 6,700 crores is an indicative figure. Investors should analyze Carlsberg's beverages business and assess its profitability, distribution and regulatory exposures while evaluating valuation upon price band announcement.

4. AGS Health IPO: revised issue size matters

AGS Health provides revenue-cycle management services to healthcare organizations in the US. Its updated draft in August proposed an OFS of up to 3,000 crores and a fresh issue of up to 1,800 crores, totalling up to 4,800 crores. Some older listings have 6,600 crores; those should be ignored. Brevity of client base, revenue exposure outside of US, debt repayment obligation and the distinction between proceeds received by the company and proceeds paid to the seller should be evaluated.

5. Razorpay IPO: SEBI clearance reported, timing uncertain

Digital-payments company Razorpay took the confidential pre-filing route to submit IPO papers. Financial media reported that the company got SEBI approval for an IPO worth ₹5,000-6,000 crore on 4 November. A source close to the development said the listing window could be during January-March 2027, as opposed to November or December. Since public offer terms are not finalized, do not consider any valuation, price band or GMP that are being floated in the market as confirmed. Check the offer documents for updates and the company’s official communication.

6. OYO / Oravel Stays IPO: ₹3,350 crore fresh issue

In the market, Oravel Stays (commonly known as OYO) is also referred to as PRISM. In the addendum to its 26 October 2026 DRHP, the company reduced the size of the proposed fresh issue from ₹6,650 crore to ₹3,350 crore and removed the pre-IPO placement. The draft document suggests that the company will use a good portion of the proceeds for repayment/prepayment of borrowings. Before coming to a conclusion on the company based on the size of the fresh issue, take into account the cash inflows, operating and financing cash flows and relationships with hotel partners and other financing commitments.

7. Cult.fit IPO: fitness platform with SEBI observations

Cult.fit operates fitness centers and provides digital wellness services. According to media reports in October 2026, SEBI shared observations on its draft offer documents. The company proposed a Rs 950-crore fresh issue and an offer for sale (OFS) of up to 17.86 crore shares by existing investors. The total Rs 3,500-4,000 crore figure is an estimate as the valuation of selling shares would depend on the price fixed for the fresh issue. The focus of investors should be on membership economics, costs for opening new centers, lease obligations and profitability as opposed to the company’s brand value.

8. Encube Ethicals IPO: pharmaceutical OFS plan

Encube Ethicals filed its draft red herring prospectus with SEBI in August 2026 for an offer for sale (OFS) of up to Rs 3,000 crore by its existing shareholders. It is a pharmaceutical company and the proposed offer is for shareholders’ exit as it does not raise new cash for the company. As of the latest processed information, the draft was under examination. Its opening, price and lot band and other details have not been announced.

Why more IPOs are being discussed after October

The first half of 2026 saw a series of high-profile IPOs in India. A November 3 market report said there could be over 20 IPOs in the second half of November and December. With respect to timing, market forecasts typically describe a pipeline of potential transactions. Issuers may change the size of a transaction, or time it to seek more market-friendly valuations, before finally bringing it to market. Investors would be better served tracking confirmed RHPs and listing announcements, rather than treating an anticipated issuance schedule as a subscription calendar.

Fresh issue vs offer for sale: where does IPO money go?

In a fresh issue, the company issues new shares and receives the proceeds after relevant costs. In an offer for sale (OFS), existing shareholders sell their shares and receive the sale proceeds. In combined issues, shareholders sell some of their shares via an OFS, while the company issues additional new shares via a fresh issue. To know more, check out our beginner explanation of how IPOs work in India.

How beginners can prepare to apply for a future IPO

1. Get account-ready: Be prepared with a Demat account having correct KYC (PAN and bank account).

2. Confirm the live issue: Understand the key terms of the offer before applying. These include offering price, minimum lot size, eligibility, risk factors, offer timing and the registrar's name.

3. Understand your application route: Eligible applicants can apply for the shares via ASBA through the supported route of a participating bank or a UPI mandate. The application amount gets blocked as per the rules, and the process doesn’t guarantee the purchase of shares.

4. Submit and approve correctly: Applicants should check the bid details, UPI ID, bank instructions and the mandate, and ensure they submit them before the deadline. Applicants should not disclose their UPI PIN to anyone.

5. Track allotment: A successful applicant may get full/partial allotment of shares. If shares are allotted, the application amount gets debited, and the block is removed from the account. If shares are not allotted, the block is removed.

To review the process for investing in an IPO, look over the information on IPO investing information and application support. To understand how an offer for sale works in an IPO, take a look at the related article. Availability of an IPO through a broker should be confirmed after the IPO opens for business.

What to verify before treating an IPO as an opportunity

• Dates and status: Have you received the DRHP, SEBI observation, RHP or the Bidding notice?

• Use of proceeds: How much is the issuer raising vs. existing selling shareholders?

• Financial health: Are the revenue, operating cash flow, profits, debt, customer concentration sustainable?

• Pricing: Is the final price justified given the disclosed financials vs. peer listed companies?

• Risk and liquidity: Can the IPO price disappoint? What if demand is weak, is the market volatile?

IPO investing carries the risk of capital loss. A large offer, popular brand or strong unofficial grey-market discussion does not guarantee allotment or listing gains. Avoid borrowing merely to pursue a potentially oversubscribed issue, and never treat unverified GMP claims as a substitute for the prospectus.

Bottom line

Mahanadi Coalfields, Avaada Electro, Carlsberg India, AGS Health, Razorpay, OYO’s parent, Cult.fit and Encube Ethicals are worth keeping an eye on as potential IPOs at the end of 2026. However, just because an IPO is worth keeping an eye on does not mean it is imminent. Check for the latest information on the documents and notices for each company. You can prepare your account in advance, but making the decision to invest should be after considering the risks.