October 2026 IPO Pipeline: Jio, Paras, Tonbo and 3 More Big Issues to Watch

October 2026 IPO pipeline: 6 large issues in focus. Only Jio Platforms has reported tentative dates, 21 to 23 Oct. Status as of 6 Oct 2026.

Primary market watchers have started calling this a heavy month, and the names on the table back that up. Between a record-sized telecom and digital issue, a hospital chain, a cardiac stent maker, a defence electronics firm, a gearbox manufacturer and a wastewater specialist, the October IPO calendar could carry some of the biggest IPOs of the year. The catch is that a draft filing or a SEBI approval is not the same as a launch, and the dates and sizes circulating on social media are often ahead of the paperwork.

This guide sorts what is confirmed from what is still expected for each name in the October IPO pipeline, using the draft prospectus filings and recent reports available as of 6 October 2026. Where figures differ between reports, we say so instead of picking one.

Click Here – Get Free Investment Predictions

The October IPO Pipeline at a Glance

The table below summarises the six upcoming IPOs in the October IPO pipeline, with the structure and status as reported on 6 October 2026. Sizes marked as not announced depend on the price band.

Jio Platforms: The Record-Size Issue

Jio Platforms is the headline name among the October IPOs. The telecom and digital arm of Reliance Industries filed its draft papers in June 2026 and received SEBI approval on 28 August 2026. The draft describes a 100 percent fresh issue of up to 27 crore equity shares of face value Rs 10, with no offer for sale. Based on the share counts in tracker data, that is roughly 2.9 percent of the post-issue equity, so the headline size comes from the very high valuation rather than a large stake sale.

Reports on size have moved. Earlier broker estimates were closer to Rs 30,000 crore, while the latest reports put the raise at USD 3.8 billion, which is Rs 36,000 crore to Rs 38,000 crore, at an enterprise valuation of USD 143 billion to USD 146 billion. At that size it would pass Hyundai Motor India’s Rs 27,870 crore issue as the largest in India. Reports also say the company has finished overseas roadshows and is expected to file its final prospectus in the week starting 12 October, with the anchor round on 19 October, subscription from 21 to 23 October and listing around 28 October. None of that has been confirmed by the company, and the price band and lot size are still to come.

The draft says about Rs 27,500 crore of the proceeds is meant to repay or prepay debt of its subsidiary Reliance Jio Infocomm, with the rest for general corporate purposes. For investors, the debt repayment matters as much as the size: the money mostly strengthens the balance sheet rather than funding new growth. Public data shows the business reported revenue of about Rs 1.28 lakh crore and net income of about Rs 26,100 crore in FY25, so the valuation, not the earnings quality, will be the main debate.

Screen telecom, healthcare and defence sector stocks on the Univest Screener

Paras Healthcare: A Hospital Chain Returns With a Bigger Issue

Among the upcoming IPOs, Paras Healthcare is a Gurugram based hospital chain with eight hospitals and 2,211 beds across five states as of 31 March 2026. It refiled its draft in June 2026 for an issue of up to Rs 1,800 crore, made up of a Rs 500 crore fresh issue and an offer for sale of up to Rs 1,300 crore. The company had cleared SEBI with an earlier, smaller draft in 2024 (Rs 400 crore fresh plus a smaller OFS) but did not launch it. We could not confirm SEBI’s observations on the refiled draft in the sources reviewed, so approval status should be checked before treating a launch as imminent.

On the numbers in the draft, consolidated revenue from operations was Rs 1,605.95 crore in FY26 with EBITDA of Rs 335.58 crore, an operating margin of about 20.9 percent. The fresh issue is earmarked for repaying borrowings, investing in its subsidiary that runs a Srinagar hospital so that it can repay its own debt, and general corporate purposes. Roughly 72 percent of the issue is an offer for sale, which means most of the money goes to selling shareholders. JM Financial, BofA Securities India and Nuvama are the lead managers, and the face value is Re 1.

Sahajanand Medical Technologies: Cardiac Devices With an Exit Sale

The cardiac devices name in the October IPO pipeline, Sahajanand Medical Technologies, was founded in 2001 and based in Surat, makes vascular and structural heart devices. Its products include the Supraflex Cruz drug eluting stent, the Hydra transcatheter aortic valve and the Cocoon occluder, backed by 72 clinical studies and sold in more than 76 countries. It runs two R&D centres, in India and Thailand, with 102 R&D professionals and 102 granted patents.

SEBI approved the issue on 17 November 2025. It is an offer for sale of up to 2,76,44,231 shares of Re 1 by promoter group and investor sellers, including Samara Capital (about 1.29 crore shares), NHPEA Sparkle Holding (up to 66.7 lakh), Kotak Pre-IPO Opportunities Fund (26.15 lakh), and Shree Hari Trust and Dhirajkumar Vasoya (up to 27 lakh each). There is no fresh issue, so the company receives nothing, and the share count stays at 10,14,03,232 before and after. FY25 revenue was Rs 1,024.88 crore, up 13.67 percent, with a return to profit. SEBI approvals are valid for 12 months, so this one needs to launch by mid-November 2026 or be refiled.

Tonbo Imaging: Defence Electronics Led by Exports

Tonbo Imaging is the defence name among the upcoming IPOs: a Bengaluru based defence electronics maker, founded in 2003 and focused on defence products since 2012. It builds thermal imaging cores, weapon sights, thermal binoculars, targeting systems and missile seekers, with more than 28,000 systems deployed across 24 countries as of 31 March 2026. A Frost & Sullivan report cited in its draft names it the largest manufacturer by sales value of thermal imaging systems supplied to Indian government and defence agencies in FY24 to FY26, and says it accounted for 94.3 percent of India’s thermal imaging exports by units in that period.

The issue is an offer for sale of up to 1,80,85,246 shares of Rs 2 by the three cofounders, a promoter group shareholder and existing investors, with no fresh issue. SEBI issued observations on 21 September 2026 after the company refiled in August, having first filed in December 2025. Its last reported financing was a Rs 175 crore Series D in April 2025 at a Rs 1,500 crore valuation, and FY25 revenue was Rs 469 crore with about 65 percent from overseas. JM Financial and IIFL Capital are the lead managers. Because defence orders are lumpy and the company gets no IPO money, investors will want to study order book visibility and the final price band closely.

Bonfiglioli Transmissions: India’s Largest Gearbox Maker

Bonfiglioli Transmissions, another of the upcoming IPOs, is the Indian arm of Italy’s Bonfiglioli group and, per a Frost & Sullivan report cited in its draft, India’s largest manufacturer of gearboxes and drives by revenue as of 30 September 2025. It serves three verticals: industry and automation solutions, off-highway mobility and wind. The brand has been around for nearly 70 years globally and has operated in India for more than 25.

It filed its draft on 9 February 2026 for an offer for sale of 4,69,98,959 shares by its parent, Bonfiglioli S.p.A., with no fresh issue. Reports peg the size at over Rs 2,000 crore, but that is an estimate until a price band is set. One tracker lists the draft as approved, which we could not confirm independently. Axis Capital, ICICI Securities, Jefferies India and BNP Paribas are the lead managers. As with other multinational subsidiary listings, the key questions are the valuation asked of Indian investors and how much of the parent’s stake is being sold.

SFC Environmental Technologies: Water and Waste Treatment

SFC Environmental Technologies, the water and waste treatment name among the October IPOs, is a Mumbai based provider of wastewater and solid waste treatment solutions, which compares itself with Thermax, Praj Industries and Ion Exchange in its draft. SEBI approved the issue on 12 December 2025. The current structure is a fresh issue of Rs 150 crore plus an offer for sale of 1,23,07,500 shares of Rs 2, and promoters held 42.84 percent before the issue. Revenue from operations was Rs 676.74 crore in the year ended March 2025.

The draft earmarks about Rs 47.46 crore of the fresh issue to prepay borrowings, including those of its subsidiary Vasudha Waste Treatment, and Rs 69.67 crore for working capital, with the balance for general corporate purposes. Market chatter has put the total near Rs 400 crore, but that is not an announced figure: the final size depends on the price band applied to the OFS shares. IIFL Capital, JM Financial and Nuvama are the lead managers. Since approval dates from December 2025, it has until about December 2026 to launch.

What the Pipeline Tells Investors

Looking at the six October IPOs together, one pattern stands out: money flowing to the companies is smaller than the headline sizes of these upcoming IPOs suggest. Sahajanand, Tonbo and Bonfiglioli are 100 percent offers for sale, so the companies receive nothing. About 72 percent of Paras Healthcare’s issue is an OFS. Even Jio Platforms, which is all fresh, directs about Rs 27,500 crore to repaying subsidiary debt. That does not make any of them poor investments, since selling by early investors and promoters is a normal part of listings, but it shifts attention to valuation and to how the business performs after listing rather than to what the new money will fund.

It also helps to separate two things that get mixed up in IPO pipeline posts: regulatory approval and launch. SEBI approval only lets a company go ahead, it does not require it to, and approvals lapse after 12 months. A launch happens only once the company files its final prospectus, announces a price band and opens a subscription window. Until then, an October IPO label is a guess.

How to Prepare for a Heavy IPO Month

A few practical habits matter more in a crowded October IPO month than predicting any single listing.

• Wait for the price band and lot size of each October IPO before deciding. Mainboard retail applications usually work out to around Rs 14,000 to Rs 15,000 per lot at the upper end, so keep funds ready for the issues you actually intend to bid on.
• Read the final prospectus, not just the draft. Sizes, selling shareholders and objects of the offer often change between the two.
• Keep your UPI mandate approved and your bank balance sorted across overlapping issues, since two or three subscription windows can run on the same days.
• Treat grey market chatter as noise. It is unofficial and tells you little about the quality of a business or its valuation.

Download the Univest iOS App or Univest Android App to track the upcoming IPOs in October and get daily stock recommendations.

Conclusion

The October 2026 IPO pipeline has real weight behind it. Jio Platforms is the one issue with credible reported dates, and it would set a new size record if it launches as expected. The other five, from Paras Healthcare to SFC Environmental Technologies, each have approved or filed drafts but no announced schedule, so these upcoming IPOs could land in October or slip into later months.

For investors following the October IPOs, the sensible approach is to track each issue as it moves from draft to final prospectus, pay attention to how much of each deal is an offer for sale, and judge each on valuation and business quality rather than on how big the pipeline looks. Review the red herring prospectus and your own risk profile before applying to any of them.

FAQs

When will the Jio Platforms IPO open?

Ans. Reports citing sources put the Jio Platforms subscription window at 21 to 23 October 2026, with an anchor round on 19 October and listing around 28 October. The company has not confirmed these dates, and it is expected to file its final prospectus in the week starting 12 October. Treat the dates as tentative until the price band announcement.

How big is the Jio Platforms IPO compared with earlier records?

Ans. Recent reports put the raise at about USD 3.8 billion, which is Rs 36,000 crore to Rs 38,000 crore, against Hyundai Motor India’s record of Rs 27,870 crore. Earlier broker estimates were nearer Rs 30,000 crore, so older figures you may see are out of date. The final size depends on the price band, which is not yet announced.

What will Jio Platforms do with the money from its IPO?

Ans. The draft says about Rs 27,500 crore of the proceeds is meant to repay or prepay debt of Reliance Jio Infocomm, a key subsidiary, with the remainder for general corporate purposes. There is no offer for sale, so all proceeds go to the company side of the group. The effect is mainly a stronger balance sheet rather than new capital for expansion.

Which October IPOs are entirely offers for sale?

Ans. Sahajanand Medical Technologies, Tonbo Imaging and Bonfiglioli Transmissions are structured entirely as offers for sale, so the money goes to selling shareholders and the companies receive nothing. Paras Healthcare is roughly 72 percent OFS, and SFC Environmental Technologies combines a Rs 150 crore fresh issue with an OFS.

Has SEBI approved these upcoming IPOs?

Ans. Jio Platforms was approved on 28 August 2026, Sahajanand Medical Technologies on 17 November 2025 and SFC Environmental Technologies on 12 December 2025. Tonbo Imaging received observations on 21 September 2026 after refiling. Paras Healthcare refiled in June 2026 and Bonfiglioli filed in February 2026, and we could not confirm SEBI’s observations for either in the sources reviewed, so check the latest status.

Do SEBI approvals expire?

Ans. Yes. A SEBI observation letter is valid for 12 months, so a company that does not launch within that period has to refile. That is why approvals from late 2025, such as those for Sahajanand and SFC Environmental among the October IPOs, point to launch windows that close by November and December 2026.

Is an offer for sale IPO in the October pipeline a bad sign?

Ans. Not by itself. Early investors and promoters often use an OFS to sell part of their holdings after years of backing a business. What changes is that the company gets no new money, so investors should focus on valuation, earnings quality and growth prospects instead of what the proceeds will fund.

How should retail investors prepare for several October IPOs in one month?

Ans. Wait for each price band and lot size, keep enough funds and an approved UPI mandate ready for the issues you want, and read the final prospectus rather than relying on the draft. Overlapping subscription windows can tie up funds, so decide in advance which issues fit your risk profile and budget.

Does Univest publish grey market premium for the October IPOs?

Ans. No. Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.