Indian Startup IPOs 2026: Who Listed and How They Did

Sixteen new-age companies have listed on India’s main boards so far in 2026, from Amagi in January to Zetwerk and Tonbo Imaging on 23 October. Together they raised roughly ₹24,500 crore, including offers for sale. Results have been uneven. ESDS Software and SEDEMAC have more than doubled from their issue prices, while Fractal, LEAP India and AceVector trade below theirs.

This piece lists every 2026 new-age mainboard debut in Inc42’s IPO tracker, plus the two 23 October listings, with issue size, listing-day move and where each stock stood on 23 October 2026.

Indian Startup IPOs 2026: The Full List

Listing prices are NSE opening prices unless noted. “Price on 23 Oct” comes from Inc42’s listed new-age tech tracker (updated 23 October 2026), with figures rounded to the nearest rupee. Change versus issue price is our calculation.

Note: Inc42’s tracker shows Turtlemint at ₹68, well below the ₹134.90 it listed at. We could not confirm whether a corporate action explains the gap, so we have left out its return. Tonbo Imaging was not yet in the tracker. Klassroom, which listed on the BSE SME platform in August, is excluded.

The Winners: Deeptech and Profitable Niches

The best performers this year were not consumer apps. ESDS Software, a data centre and cloud services company, drew bids worth 142.88 times the shares on offer. It opened 76% above its ₹429 issue price on 4 September and has since gone higher still.

SEDEMAC Mechatronics is a deeptech firm supplying the mobility and industrial markets. Its listing in March was entirely an offer for sale, and subscription was a modest 2.68 times. Even so, the stock has more than doubled since. Shadowfax, the logistics firm, listed about 9% below its issue price in January and now trades well over twice that price.

Kissht’s parent, OnEMI Technology, and Moneyview show that public investors will still back digital lenders. Both have rewarded IPO buyers so far.

Shiprocket, the e-commerce logistics platform, was subscribed 99.38 times and opened 35% higher in August. It has since slipped a little from that level but still trades above its ₹97 issue price.

Defence-imaging company Tonbo Imaging was subscribed 135.9 times and listed 66% higher on 23 October, but the issue was a pure offer for sale, so the company itself raised no money.

The Laggards: Weak Demand and Rich Pricing

Several issues struggled from day one. Aye Finance scraped through with 1.04 times subscription and opened flat. Turtlemint, an insurance distribution platform, was subscribed 1.20 times and listed about 11% lower.

Fractal Analytics, billed as India’s first listed enterprise AI firm, priced its ₹2,834 crore issue at ₹900. It was subscribed 2.81 times and is now about 19% below that price. AceVector, Snapdeal’s parent, cut the size of its offer for sale before launch and still listed 11.5% lower.

LEAP India, a KKR-backed supply-chain company, raised ₹2,480 crore. Of that, ₹2,000 crore was an offer for sale. The stock listed about 4% higher in August and now trades roughly 14% below its ₹159 issue price.

Zetwerk had the year’s largest startup IPO at ₹5,012 crore. It opened 5.5% higher on 23 October but closed its first session at ₹138.25, about 8% below issue. One trading day tells us little, but the reversal shows how quickly sentiment can turn on large issues.

How 2026 Compares With 2025

In 2025, 18 new-age tech startups went public and raised ₹41,283 crore, according to an Angel One analysis published in December 2025. That class included Groww, Lenskart, Meesho, PhysicsWallah, Pine Labs, Urban Company and Wakefit.

The 2025 giants still dominate by market value. On 23 October 2026, Groww was worth about ₹1.13 lakh crore, Lenskart about ₹1.08 lakh crore and Meesho about ₹99,467 crore, per Inc42. No 2026 debutant comes close. Zetwerk, the largest, closed its first day at a market capitalisation of about ₹23,432 crore.

So far, 2026 has seen fewer mega-issues and more mid-sized listings of ₹700–2,500 crore. With the biggest consumer names pushed into 2027, that pattern is likely to hold for the rest of the year. Our guide to upcoming startup IPOs in India tracks PhonePe, Zepto, OYO and Razorpay.

What Founders Should Take From This

Three patterns stand out for founders planning a listing:

• Profitability and niche leadership beat brand recognition. ESDS, SEDEMAC and Shadowfax are not household names, yet they have outperformed better-known consumer platforms.
• Pricing matters more than hype. Issues priced close to their last private valuation, with little left for public buyers, tended to list flat or lower.
• Large offers for sale draw scrutiny. When most of the proceeds go to selling shareholders, institutions look harder at the price.

Founders at an earlier stage will find the basics in our 7 tips for launching a winning startup. For the private-market side, see India’s new unicorns of 2026, several of which are already preparing to list. Our wider Markets & Finance coverage follows these stocks through the year.

Frequently Asked Questions

How many startups listed in India in 2026?

Sixteen new-age companies listed on the NSE and BSE main boards between January and 23 October 2026, raising about ₹24,500 crore. Klassroom also listed on the BSE SME platform.

Which was the biggest startup IPO of 2026?

Zetwerk’s ₹5,012 crore issue, which listed on 23 October 2026 at ₹159.25 on the NSE against an issue price of ₹151.

Which 2026 startup IPO gave the highest returns?

ESDS Software Solution. It listed 76.5% above its ₹429 issue price and traded around ₹1,592 on 23 October 2026, about 271% above issue.

Which 2026 IPOs are trading below issue price?

As of 23 October 2026, these included Fractal Analytics, LEAP India, Purple Style Labs and AceVector. Zetwerk also closed its debut session below its issue price.