Upcoming IPOs in 2026: NSE, Rentomojo, Manipal & Pranav Guide

Upcoming IPOs in 2026: NSE, Rentomojo, Manipal & Pranav Constructions

Four major Indian companies are preparing to launch Initial Public Offerings in 2026: Manipal Payment & Identity Solutions, Pranav Constructions, Rentomojo, and NSE India Ltd. These companies span diverse sectors—fintech, real estate, rental technology, and financial infrastructure—making 2026 a significant year for India's capital markets. For investors tracking pre-IPO and unlisted shares, these listings represent critical transition points where private valuations meet public market discovery.

What Are the 2026 IPOs? Quick Overview

Here's the current timeline for these four IPOs:

Important Note: These dates are based on current announcements and market expectations. IPO subscription dates may shift due to regulatory approvals, market conditions, or company decisions. Always verify the latest dates through official sources and the SEBI website before planning to invest.

How Are IPO Shares, Pre-IPO Shares, and Unlisted Shares Different?

Understanding these three share categories is crucial for investors tracking 2026 opportunities.

IPO Shares are offered to the public when a company goes public. You purchase these shares during the official subscription period, typically for 3–5 days. If allotted, your shares get listed on stock exchanges (NSE or BSE) and can be traded freely. The price is set through a book-building process or fixed by the company.

Pre-IPO Shares are shares sold before the public offering, typically to institutional investors and high-net-worth individuals at a predetermined valuation. These remain unlisted but represent an "early entry" opportunity before public markets open. Pre-IPO investors often hold these shares until listing or shortly after, when they can exit at higher valuations.

Unlisted Shares are shares of companies not listed on any stock exchange. These trade through private channels, peer-to-peer networks, or dedicated unlisted share platforms. Prices are indicative and negotiated between buyer and seller—they're not determined by real-time market forces like listed shares.

Why This Matters for Investors: When a company transitions from unlisted to IPO-listed, three things change dramatically: price discovery (unlisted prices give way to market-determined prices), liquidity (you can instantly sell listed shares but can't easily sell unlisted shares), and valuations (often adjust significantly at listing).

NSE India Ltd. — National Stock Exchange IPO

Expected IPO Subscription: 21–23 Sep 2026
Expected Listing: Late Sep 2026

What NSE Does

The National Stock Exchange (NSE) is India's primary stock exchange and one of the world's largest by trading volume. NSE operates the equity market, derivatives market, and debt market segments, hosting listings of companies like Reliance, TCS, Infosys, and thousands of others.

NSE's revenue comes from multiple sources: trading fees (commission on transactions), listing fees (companies pay to list), market data subscriptions, and technology/clearing services. The exchange processed an average of 12–14 billion messages daily as of FY26 and facilitated ₹20.33 lakh crore in fund mobilization during FY26.

Why This IPO Matters

This is historically significant. NSE itself becoming publicly listed means retail investors can own a piece of India's critical stock market infrastructure. For investors interested in capital market growth and India's financial sector expansion, this represents direct exposure to the backbone of India's equities ecosystem. NSE's business model is inherently tied to India's economic growth—the more companies list and trade, the more revenue NSE generates.

Key Investor Considerations

NSE operates as a highly regulated exchange under SEBI oversight. Its business is essentially a monopoly infrastructure play—it's essential for the Indian capital market to function. However, several factors investors should understand:

• Regulatory dependency: NSE's profitability is heavily dependent on SEBI policies and regulatory changes to trading fees or structures

• Cyclical trading volumes: During market downturns, trading volumes and NSE's revenue can decline

• Technological risks: Data breaches or system failures could impact NSE's reputation (though NSE has maintained strong cybersecurity records)

• Subsidiaries performance: Some NSE subsidiaries (like NSE IFSC Limited) have reported losses, which could impact consolidated profitability

Learn more about NSE India unlisted shares if you're interested in understanding the current pre-IPO investor landscape for the exchange.

Rentomojo Ltd. — Furniture & Appliances Rental Platform IPO

Expected IPO Subscription: 09–11 Sep 2026
Expected Listing: Late Sep 2026

What Rentomojo Does

Rentomojo operates India's largest technology-driven rental platform for furniture, appliances, and electronics. Founded in 2014, the company allows customers to rent items on flexible monthly subscriptions instead of purchasing them outright. This appeals to mobile urban consumers, corporate relocations, and customers seeking financial flexibility.

The business model is asset-heavy but recurring-revenue-focused. Rentomojo owns inventory, manages logistics, handles maintenance, and operates refurbishment centers. As of Sep 2025, the company served 227,511 active subscribers across 22 cities through 67 experience stores and 21 warehouses. For FY25, Rentomojo reported revenue of ₹266 crore and profit of ₹43.1 crore.

Why This IPO Matters

Rentomojo represents the sharing economy trend gaining mainstream traction in India. As consumer preferences shift from ownership to access, rental models are becoming increasingly viable. India's furniture and appliance rental market grew from ₹350 crore in 2021 to ₹1,550 crore in 2025, at a 45% compound annual growth rate. The total addressable market is estimated at ₹69,520 crore. For investors interested in consumer behavior trends and urbanization, Rentomojo's listing provides exposure to a fast-growing, profitable segment.

Key Investor Considerations

While Rentomojo has demonstrated profitability, investors should monitor several factors:

• Customer churn: Rental platforms depend heavily on retaining subscribers. High churn rates can impact recurring revenue

• Unit economics: Profitability per customer must justify customer acquisition costs

• Competition: Other rental platforms and the option of direct purchases remain alternatives

• Market concentration: The company relies on urban markets where rental adoption is higher; rural expansion remains uncertain

• Operational complexity: Managing large asset bases, refurbishment, and logistics adds operational risk

SEBI approved Rentomojo's IPO on July 6, 2026. The company plans to raise ₹150 crore through fresh issuance and potentially raise an additional ₹30 crore via pre-IPO placement.

Manipal Payment & Identity Solutions Ltd. IPO

Expected IPO Subscription: 07–09 Sep 2026
Expected Listing: Mid-Sep 2026

What Manipal Payment Does

Manipal Payment & Identity Solutions (MPISL) is India's largest banking and smart card manufacturer, part of the broader Manipal Group. The company provides comprehensive payment infrastructure, digital identity solutions, and secure printing services to banks, fintechs, NBFCs, and government agencies.

Core business segments include:

• Payment solutions: Credit/debit cards, cheques, QR codes, payment wearables

• Identity solutions: Driving licenses, national ID cards, voter identity cards

• Secure printing and logistics: Insurance policy personalization, anti-counterfeiting products

• Smart tagging & IoT: RFID tracking, excise labels with QR codes

The company operates 10 modern manufacturing facilities across 11 cities and serves clients globally across UK, Europe, Asia-Pacific, and Middle East/Africa.

Why This IPO Matters

India's digital payments ecosystem is expanding rapidly. As digital transactions increase exponentially and government agencies adopt digital identity solutions, companies providing underlying infrastructure see sustained demand. Manipal's dual exposure to payment cards and digital identity makes it relevant to India's digitization agenda. For investors interested in fintech infrastructure and India's push toward a cashless economy, this IPO offers direct access to payment processing infrastructure.

Key Investor Considerations

Payment infrastructure companies face unique dynamics:

• High revenue, thin margins: Payment processing generates high transaction volumes but each transaction carries low margin

• Customer concentration: Revenue depends on a limited number of major banks and government agencies; loss of key customers is a risk

• Regulatory compliance: Payment network security standards set by companies like Visa and Mastercard are strict; failure to comply can impact contracts

• Competition: Established players like HDFC Payments, ICICI Payments, and international fintechs compete for market share

• Cyclical payment demand: During economic downturns, payment volumes and card issuance can decline

Explore Manipal Payment & Identity Solutions unlisted shares to understand current pre-IPO valuations and investor sentiment.

SEBI approved Manipal's IPO on Sep 2, 2025. The company plans to raise ₹400 crore through a fresh issue with an 18-month approval window.

Pranav Constructions Ltd. IPO

IPO Subscription: 07–09 Sep 2026
Listing Date: 15 Sep 2026

What Pranav Constructions Does

Pranav Constructions is a Mumbai-based real estate developer specializing in residential redevelopment projects in the Western Suburbs of Mumbai and the MCGM (Municipal Corporation of Greater Mumbai) region. Incorporated in 2003, the company follows a "pure-play redevelopment" model, transforming aging cooperative housing societies into modern residential buildings.

As of March 31, 2026, Pranav had a portfolio of 65 redevelopment projects: 28 completed, 20 under construction, and 17 upcoming, covering approximately 5.01 million square feet of developable area. The company ranked #1 in the MCGM region for combined supply of redevelopment projects launched between 2021 and Q1 2026. For FY26, Pranav reported revenue of ₹763.93 crore (up 20% YoY) and profit of ₹71.32 crore (up 15% YoY).

Why This IPO Matters

India's real estate sector is experiencing a growth cycle, driven by urbanization, rising incomes, and NRI investment. Tier-I and tier-II cities are seeing strong demand for residential projects. A real estate company going public during this phase reflects confidence in sector fundamentals. For investors interested in India's urbanization story and real estate appreciation, Pranav's market-leading position in Mumbai's high-value Western Suburbs offers focused exposure to one of India's most resilient property markets.

Key Investor Considerations

Real estate investments come with distinct risks and dynamics:

• Project execution risk: Construction delays are common in real estate and can impact investor returns

• Land acquisition dependency: Future growth depends on securing redevelopment rights; regulatory approvals can be lengthy

• Working capital intensity: Real estate projects require significant upfront capital before revenue realization

• Interest rate sensitivity: Rising borrowing costs directly impact project economics and profitability

• Market cyclicality: Real estate is cyclical; downturns can impact property valuations and sales velocity

• Regulatory and statutory approvals: Municipal approvals, environmental clearances, and building permits can be unpredictable

• Pre-sales dependency: The company relies on pre-sales for working capital; low pre-sales can strain cash flow

The IPO aims to raise ₹351.03 crore through a fresh issue of ₹316 crore and an offer for sale of 28.56 lakh shares. Funds will support project development, acquisition of redevelopment rights, and debt repayment.

What Do These 2026 IPOs Mean for Pre-IPO & Unlisted Investors?

If you currently hold pre-IPO or unlisted shares in any of these companies, understanding what changes at IPO is critical.

Price Discovery: The Transition

Unlisted share prices are primarily indicative, set through private transactions or valuations. When a company lists, market forces determine price in real-time based on supply and demand. Opening prices on listing day often differ significantly from pre-IPO valuations. This is called "price discovery" and is completely normal—shares can open higher (if oversubscribed) or lower (if realistic market corrections are needed).

Liquidity: From Illiquid to Liquid

This is perhaps the most dramatic change. Unlisted shares are extremely illiquid—selling them can take weeks or months and requires finding a willing buyer. Listed shares can be sold instantly any trading day within market hours. This fundamental liquidity change often justifies higher valuations for listed shares.

Valuation Adjustments

Pre-IPO investors frequently see valuations change post-listing:

• If an IPO is oversubscribed, prices typically rise from opening

• If realistic valuations emerge, prices may correct downward

• Market sentiment, sector performance, and company fundamentals all influence listing-day performance

Both scenarios are normal and driven by public market dynamics.

Lock-in Periods and Tax Implications

Company promoters and certain early investors face lock-in periods (typically 6–12 months) after listing during which shares cannot be sold. Check if this applies to your shareholding. Additionally, selling pre-IPO shares versus listed shares has different tax treatments—capital gains holding periods differ. Consult a tax professional about your specific situation.

Things to Check Before Investing in These IPOs

Before applying for any IPO, perform these due-diligence checks:

1. Understand the Business

• Can you clearly explain how this company makes money?

• Are revenue streams diversified or dependent on one product?

• Is the business model sustainable long-term, or is it temporary/faddish?

2. Review Financial Health

• Check profit-and-loss statements, balance sheets, and cash flow statements

• Is the company profitable, or is it still burning cash?

• What are debt levels and cash reserves?

• Compare growth rates year-over-year—is growth accelerating or slowing?

3. Assess Market Opportunity

• Is this a growing market or saturated market?

• Who are the main competitors?

• Does this company have genuine competitive advantages, or is it "me-too"?

• What's the total addressable market (TAM)?

4. Evaluate Management

• Who are the key leaders, and what's their track record?

• Do they have relevant industry experience?

• Have they successfully built or scaled companies before?

5. Check Regulatory & Legal Status

• Are there ongoing regulatory issues or penalties?

• Does the company face lawsuits or legal challenges?

• Is the company compliant with relevant regulations (SEBI, RBI, industry-specific)?

6. Analyze Valuation

• What's the IPO price relative to peers?

• How does the Price-to-Earnings (P/E) ratio compare to similar companies?

• Is the valuation reasonable for growth stage and market?

7. Read the Official Documents

• Review the Prospectus or Draft Red Herring Prospectus (DRHP)

• Pay special attention to "Risk Factors" sections

• Understand how IPO proceeds will be used

8. Conduct Independent Research

• Don't rely solely on company marketing materials

• Read analyst reports from credible sources

• Check news coverage for any controversies or concerns

• Verify claims made in IPO documents

Before applying, ask yourself: "Do I truly understand this business, and am I comfortable with the risks?"

How to Apply for an IPO in India

If you decide to participate:

Step 1: Open Demat & Trading Accounts
You need both a Demat account (to hold shares) and a trading account (to place bids). Open these with a SEBI-registered broker.

Step 2: Check SEBI's IPO Portal
Monitor the SEBI website or IPO tracking websites for exact subscription dates, price bands, and lot sizes for each IPO.

Step 3: Place Your Bid
During the subscription window, log into your broker's platform and place a bid for the number of shares you want, within the specified price band.

Step 4: Await Allotment
If the IPO is oversubscribed (more applications than shares available), allotment happens via lottery. You'll receive notification of allotment status through your broker.

Step 5: Listing Day
Once allotted shares are credited to your Demat account, you can sell them on listing day or hold them as per your investment strategy.

Important Disclaimers for IPO Investors

Before investing, understand these critical points:

Investment Risk: IPO investing carries risk. Past performance or valuations in unlisted markets don't guarantee future returns. Stock prices can fall as well as rise.

No Guaranteed Returns: IPO listing gains are never guaranteed. Some IPOs list at premiums; others list at discounts. Market conditions, company performance, and sector sentiment all influence listing prices.

Unlisted Share Prices Are Indicative: Any unlisted share prices mentioned are indicative and subject to change. They don't represent guaranteed valuation at IPO or listing.

Do Your Own Due Diligence: Use this information for educational purposes. Conduct thorough research, understand risks, and only invest according to your risk tolerance and financial goals.

Frequently Asked Questions

Q: Which 2026 IPOs should I know about?
A: Four major IPOs are expected in 2026: Manipal Payment & Identity Solutions, Pranav Constructions, Rentomojo, and NSE India. These span fintech, real estate, rental technology, and stock exchange infrastructure.

Q: When is the NSE IPO expected?
A: NSE's IPO subscription is expected for 21–23 Sep 2026, with listing in late Sep. These are expected dates; always verify official announcements through SEBI and NSE's websites closer to the date.

Q: How do unlisted shares differ from IPO shares?
A: Unlisted shares trade privately with indicative, negotiated pricing and extremely limited liquidity. IPO shares are offered publicly with market-determined pricing and full liquidity on stock exchanges. Unlisted shares carry higher risk and illiquidity but may offer early entry opportunities.

Q: What is Rentomojo's main business?
A: Rentomojo operates a rental platform for furniture, appliances, and electronics. Customers pay monthly subscription fees for items instead of purchasing them, appealing to mobile urban consumers and those seeking financial flexibility.

Q: What does Manipal Payment provide?
A: Manipal Payment & Identity Solutions is India's largest banking and smart card manufacturer, providing payment card production, digital identity solutions (driving licenses, ID cards), secure printing, and anti-counterfeiting products to banks, fintechs, and government agencies.

Q: What does Pranav Constructions specialize in?
A: Pranav Constructions specializes in residential redevelopment projects in Mumbai's Western Suburbs. The company works with cooperative housing societies to demolish aging buildings and develop modern residential complexes, ranking #1 in the MCGM region for redevelopment projects launched.

Q: Are pre-IPO shares risky?
A: Yes, pre-IPO shares carry significant risks. Liquidity is limited, valuations are indicative and can change drastically, and there's no guarantee the company will successfully list. Early investors may see substantial gains or losses depending on listing performance and company execution.

Q: How are unlisted share prices determined?
A: Unlisted prices are determined through private transactions based on company performance, growth projections, comparable company valuations, and investor supply/demand. Prices can fluctuate significantly and are negotiated between buyer and seller.

Q: What should I verify before investing in a pre-IPO or unlisted share?
A: Verify the company's business model, financial health, market opportunity, management track record, regulatory compliance, competitive position, and valuation reasonableness. Read official documents (DRHP, financial statements). Understand that unlisted investments are illiquid and carry higher risk than listed stocks.

Q: What happens to pre-IPO shareholders at IPO listing?
A: Pre-IPO shares typically become listed shares once the company lists. These shares can then be sold freely on stock exchanges. However, lock-in periods may apply to promoters and certain investor categories, preventing immediate sales. Valuations may adjust significantly between pre-IPO valuation and listing price.

Looking Ahead: Making Your IPO Investment Decision

2026 offers Indian retail investors a rare opportunity to participate in four significant public offerings across diverse sectors. Whether you're interested in financial infrastructure (NSE), fintech (Manipal), consumer trends (Rentomojo), or real estate (Pranav), each IPO caters to different investment profiles and risk tolerances.

The key to successful IPO investing isn't timing or "getting lucky" with listing gains. It's understanding the business, assessing management quality, analyzing whether valuations are reasonable, and only investing capital you can afford to keep invested for the long term.

Ready to explore pre-IPO and unlisted share opportunities? Visit Dhankirti Wealth's shares platform to research available opportunities, understand valuations, and make informed investment decisions based on thorough analysis and your personal risk profile.

Remember: Every rupee invested should be backed by genuine understanding of the company, competitive landscape, and your own investment goals. Research first, invest second—and only invest what you can afford to hold.