diff --git a/rest_framework-stubs/serializers.pyi b/rest_framework-stubs/serializers.pyi
index d17daccc3..f73920f8b 100644
--- a/rest_framework-stubs/serializers.pyi
+++ b/rest_framework-stubs/serializers.pyi
@@ -1,5 +1,5 @@
 from collections.abc import Callable, Iterable, Iterator, Mapping, MutableMapping, Sequence
-from typing import Any, Generic, NoReturn, TypeVar
+from typing import Any, Generic, NoReturn, TypeVar, overload
 from _typeshed import Self
 
 from django.core.exceptions import ValidationError as DjangoValidationError
@@ -81,14 +81,33 @@ class BaseSerializer(Generic[_IN], Field[Any, Any, Any, _IN]):
     instance: _IN | None
     initial_data: Any
     _context: dict[str, Any]
-    def __new__(cls: type[Self], *args: Any, **kwargs: Any) -> Self: ...
     def __class_getitem__(cls, *args, **kwargs): ...
-    def __init__(
-        self,
+    # When both __init__ and __new__ are present, mypy will prefer __init__
+    @overload
+    def __new__(
+        cls: type[Self],
+        instance: Iterable[_IN] | None,
+        many: Literal[True],
+        allow_empty: bool = ...,
+        context: dict[str, Any] = ...,
+        read_only: bool = ...,
+        write_only: bool = ...,
+        required: bool = ...,
+        default: Any = ...,
+        initial: Any = ...,
+        source: str = ...,
+        label: str = ...,
+        help_text: str = ...,
+        style: dict[str, Any] = ...,
+        error_messages: dict[str, str] = ...,
+        validators: Sequence[Validator[Any]] | None = ...,
+        allow_null: bool = ...,
+    ) -> ListSerializer[_IN]: ...
+    @overload
+    def __new__(
+        cls: type[Self],
         instance: _IN | None = ...,
-        data: Any = ...,
-        partial: bool = ...,
-        many: bool = ...,
+        many: Literal[False] = ...,
         allow_empty: bool = ...,
         context: dict[str, Any] = ...,
         read_only: bool = ...,
@@ -103,7 +122,7 @@ class BaseSerializer(Generic[_IN], Field[Any, Any, Any, _IN]):
         error_messages: dict[str, str] = ...,
         validators: Sequence[Validator[Any]] | None = ...,
         allow_null: bool = ...,
-    ): ...
+    ) -> Self: ...
     @classmethod
     def many_init(cls, *args: Any, **kwargs: Any) -> BaseSerializer: ...
     def is_valid(self, raise_exception: bool = ...) -> bool: ...
@@ -159,7 +178,7 @@ class ListSerializer(
     allow_empty: bool | None
     def __init__(
         self,
-        instance: _IN | None = ...,
+        instance: Iterable[_IN] | None = ...,
         data: Any = ...,
         partial: bool = ...,
         context: dict[str, Any] = ...,
@@ -177,7 +196,7 @@ class ListSerializer(
         error_messages: dict[str, str] = ...,
         validators: Sequence[Validator[list[Any]]] | None = ...,
         allow_null: bool = ...,
-    ): ...
+    ) -> None: ...
     def get_initial(self) -> list[Mapping[Any, Any]]: ...
     def validate(self, attrs: Any) -> Any: ...
     @property
@@ -203,27 +222,40 @@ class ModelSerializer(Serializer, BaseSerializer[_MT]):
         exclude: Sequence[str] | None
         depth: int | None
         extra_kwargs: dict[str, dict[str, Any]]  # type: ignore[override]
-    def __init__(
-        self,
+    @overload
+    def __new__(  # type: ignore[misc]
+        cls: type[Self],
+        instance: None | _MT | Sequence[_MT] | QuerySet[_MT] | Manager[_MT],
+        many: Literal[True],
+    ) -> ListSerializer[_MT]: ...
+    @overload
+    def __new__(
+        cls: type[Self],
+        instance: None | _MT | Sequence[_MT] | QuerySet[_MT] | Manager[_MT],
+        many: Literal[False],
+    ) -> Self: ...
+    @overload
+    def __new__(
+        cls: type[Self],
         instance: None | _MT | Sequence[_MT] | QuerySet[_MT] | Manager[_MT] = ...,
         data: Any = ...,
         partial: bool = ...,
         many: bool = ...,
+        allow_empty: bool = ...,
         context: dict[str, Any] = ...,
         read_only: bool = ...,
         write_only: bool = ...,
         required: bool = ...,
-        default: _MT | Sequence[_MT] | Callable[[], _MT | Sequence[_MT]] = ...,
-        initial: _MT | Sequence[_MT] | Callable[[], _MT | Sequence[_MT]] = ...,
+        default: Any = ...,
+        initial: Any = ...,
         source: str = ...,
         label: str = ...,
         help_text: str = ...,
         style: dict[str, Any] = ...,
         error_messages: dict[str, str] = ...,
-        validators: Sequence[Validator[_MT]] | None = ...,
+        validators: Sequence[Validator[Any]] | None = ...,
         allow_null: bool = ...,
-        allow_empty: bool = ...,
-    ): ...
+    ) -> Self: ...
     def update(self, instance: _MT, validated_data: Any) -> _MT: ...  # type: ignore[override]
     def create(self, validated_data: Any) -> _MT: ...  # type: ignore[override]
     def save(self, **kwargs: Any) -> _MT: ...  # type: ignore[override]
diff --git a/tests/typecheck/test_serializers.yml b/tests/typecheck/test_serializers.yml
index 59e6d5179..f5fd11472 100644
--- a/tests/typecheck/test_serializers.yml
+++ b/tests/typecheck/test_serializers.yml
@@ -75,3 +75,21 @@
         @cached_property
         def fields(self) -> BindingDict:
             return super().fields
+- case: test_serializer_many_equals_false
+  main: |
+    from rest_framework import serializers
+
+    class TestSerializer(serializers.Serializer[int]):
+      pass
+
+    test_serializer = TestSerializer(1)
+    reveal_type(test_serializer) # N: Revealed type is "main.TestSerializer"
+- case: test_serializer_many_equals_true
+  main: |
+    from rest_framework import serializers
+
+    class TestSerializer(serializers.Serializer[int]):
+      pass
+
+    test_serializer = TestSerializer(instance=[1, 2], many=True)
+    reveal_type(test_serializer) # N: Revealed type is "rest_framework.serializers.ListSerializer[builtins.int]"