Startup IPO India 2026: who listed and how they opened
17 new-age tech companies listed on Indian exchanges between January and 1 November 2026, by Inc42's tracker: 10 opened above their issue price, 6 below and 1 flat. That follows a record 18 startup IPOs in 2025, which raised Rs 41,248 crore by Entrackr's count, about half of it paid to selling shareholders.
By Akshay Kendurkar, CEO, MyStartupValley
For years, the question Indian angels asked about exits was whether any would come. In 2025 and 2026 the question changed to how much of the IPO money reaches the people who wrote the first cheques.
This note covers what listed, how the listings opened, who is in the queue, and what IPO exits mean for early investors. It is facts, not a view on any stock.
How many startups listed in 2025 and 2026?
Entrackr counted a record 18 startup IPOs in 2025, up from 13 in 2024, raising about Rs 41,248 crore. In 2026, Inc42's tracker counts 17 new-age tech listings up to 1 November. Tracxn, which counts tech companies more widely, recorded 42 tech IPOs in 2025 and 29 in the first nine months of 2026.
Entrackr's December 2025 IPO report also gives the earlier counts: 10 in 2021, 6 in 2022 and 6 in 2023. Its annual report names Urban Company, Meesho, Groww, Lenskart and Ather Energy among the larger 2025 listings.
| Tracker and scope | 2024 | 2025 | 2026 so far |
|---|---|---|---|
| Entrackr, startup IPOs | 13 | 18 | not yet reported |
| Tracxn, tech IPOs | 36 | 42 | 29, to 21 Sep |
| Inc42, new-age tech listings | not used here | not used here | 17, to 1 Nov |
The Tracxn figures come from TechCrunch for 2025 and from Tracxn's nine-month report via CXOToday for 2026. Scope explains the gap between 42 and 18: Tracxn counts more companies as tech.
What listed in 2026, and how did it open?
Seventeen new-age tech companies listed between January and 1 November 2026, by Inc42's count. On listing day, 10 opened above their issue price, 6 below and 1 flat, using NSE prices where reported. The spread was wide, from a 76.5% gain to a loss of almost 12%.
The figures below are from Inc42's 2026 IPO tracker, comparing the listing price with the issue price:
| Company | Issue price | Listing-day move |
|---|---|---|
| ESDS Software | Rs 429 | up 76.5% |
| Tonbo Imaging | Rs 700 | up 65.71% |
| Moneyview | Rs 34 | up 64% on BSE |
| Shiprocket | Rs 97 | up 35.05% |
| RentoMojo | Rs 404 | up 19.42% |
| Zetwerk | Rs 151 | up 5.46% |
| Aye Finance | Rs 129 | flat |
| Fractal | Rs 900 | down 2.7%, flat on BSE |
| Shadowfax | Rs 124 | down 9.19% |
| Turtlemint | Rs 152 | down 11.25% |
| Amagi | Rs 361 | down 11.9% |
The other six were Kissht, SEDEMAC, LEAP India and Klassroom, which opened higher, and AceVector and Purple Style Labs, which opened lower. Klassroom listed on the BSE SME board, so it isn't directly comparable to the main-board listings.
Issue sizes varied as much as returns. Fractal's IPO was about Rs 2,833.9 crore, of which up to Rs 1,810.4 crore was offer for sale, money that went to existing shareholders rather than to the company. Klassroom's was Rs 39 crore.
And in 2025?
The 2025 class had bigger gains at the top. Entrackr reported listing-day gains of 58% for Urban Company, 46% for Meesho, 33% for PhysicsWallah and 20% for Zappfresh, against listing-day losses of 1.7% to 9% for Lenskart, Capillary Technologies, Indiqube and ArisInfra.
A listing-day pop is paid to the IPO buyer. The early investor's return was set years before, at the entry price.
Who is next in the startup IPO pipeline?
Inc42's tracker lists more than a dozen new-age companies with SEBI approval, among them boAt, Cult.fit, OYO's parent PRISM and Razorpay, which filed confidentially. Two of the largest names have moved their dates: Zepto is on hold and targeting February to May 2027, and PhonePe has paused its IPO and now targets March 2027.
Treat the queue as a list of options, not dates. Approval doesn't oblige a company to list. Curefoods, for instance, has had its IPO on hold since June 2026, Inc42 notes.
The money at stake is large. Inc42 estimates that OYO and Razorpay alone could raise nearly Rs 20,000 crore. Acko plans a confidential filing in the second half of 2026 and a listing in the first half of 2027.
What do IPO exits mean for early investors?
An IPO is the clearest exit route for early investors, because the offer for sale pays existing shareholders in cash. Of the Rs 41,248 crore raised in 2025's startup IPOs, Entrackr counted Rs 21,474 crore as offer for sale and Rs 19,810 crore as fresh issue for the companies.
The winners' multiples were large. Entrackr reported Kauffman Fellows at 196x on Groww, Y Combinator at 109x on Meesho, and Peak XV at about 39.5x on Pine Labs. Those are the best outcomes in a year of 18 listings. They are not what a typical angel portfolio earns.
Three practical points follow for anyone holding pre-IPO shares:
- The OFS is your exit window. Not every early holder is offered a place in it, so the shareholder agreement and any tag-along rights matter. Our guide to exits for Indian angel investors covers the routes.
- Lock-ins can delay the rest. Pre-IPO shares not sold in the offer can be locked in after listing, so check the prospectus; the listing-day price may be gone by the time you can sell.
- Selling earlier is an option. Some early backers sell part of their holding before the IPO. Our note on secondary sales in Indian startups explains how those prices are set.
For founders, the 2026 numbers carry a quieter message. Six of 17 listings opened below issue price. Public investors are pricing these companies on their own terms, and a private valuation is no promise of a public one. Our Q3 2026 funding note shows how late-stage private rounds have moved alongside.
What should you watch for the rest of 2026?
Watch three things: how many of the SEBI-approved companies actually list before December, whether listing-day results stay positive on balance, and how much of each new IPO is offer for sale. The last one tells you how much money reaches early investors.
- The final 2026 count from the same tracker you quoted for 2025.
- Offer for sale against fresh issue, deal by deal.
- Prices when lock-ins end, not only on listing day.
Two strong years of listings have made the IPO route real for Indian startups. Whether it pays the first cheque still depends on what that cheque paid for.
Questions
How many startups listed in India in 2026?
Inc42's tracker, updated on 1 November 2026, counts 17 new-age tech companies listed so far in 2026, including Shiprocket, Fractal, Amagi, Zetwerk and Shadowfax. Tracxn, which uses a wider tech scope, counted 29 tech IPOs from January to 21 September 2026. Name the tracker when you quote a count.
How did startup IPOs perform on listing day in 2026?
Mixed. Of the 17 listings in Inc42's tracker, 10 opened above issue price, 6 below and 1 flat. ESDS Software opened 76.5% higher on NSE and Tonbo Imaging about 66% higher, while Amagi opened 11.9% lower and Turtlemint 11.25% lower. Listing day says little about later returns.
How many startup IPOs were there in 2025?
Entrackr, using TheKredible data, counted a record 18 startup IPOs in 2025, up from 13 in 2024, raising about Rs 41,248 crore. They included Urban Company, Meesho, Groww, Lenskart and PhysicsWallah. Tracxn's wider count of tech companies put 2025 at 42 tech IPOs, up from 36.
What does a startup IPO mean for early investors?
An IPO is the exit route that pays early investors most visibly. In 2025, Rs 21,474 crore of the money raised in startup IPOs was offer for sale, paid to existing shareholders. Early backers' multiples depend on their entry price and on any lock-in, not on the listing-day move.
Sources: Inc42, Indian Startup IPO Tracker 2026, updated 1 Nov 2026 · Entrackr, Dalal Street records all-time high of 18 startup IPOs in 2025, 16 Dec 2025 · Entrackr, Indian startup funding drops 10% to $13 Bn in 2025 but IPO count hits record 18, 30 Dec 2025 · TechCrunch, India startup funding hits $11B in 2025 as investors grow more selective, 27 Dec 2025 · CXOToday, Tracxn 9M 2026 Report: India Tech Funding Rises 7% to $10.3B, 24 Sep 2026
For more on how startup funding works in India, read the MyStartupValley blog or visit mystartupvalley.com.