Jio and NSE Set to File for India's Biggest IPOs in $6 Billion Double Dhamaka

India’s primary market is bracing for a historic week as Reliance Jio and the National Stock Exchange (NSE) are expected to file their draft IPO papers within days of each other. This massive $6 billion fundraising push could redefine the scale of Indian capital markets and provide much-needed momentum to a year that has seen a slowdown in listing activity.

Reliance Jio: Aiming for a Record-Breaking $4 Billion Listing

Reliance Jio Infocomm is poised to lead this mega-filing wave with an expected $4 billion offering. If successful, this IPO would eclipse the $3.3 billion Hyundai Motor India share sale to become the largest listing in the history of the Indian stock market.

While billionaire Mukesh Ambani had previously signaled a 2026 timeline for the wireless carrier's debut, the timing of this filing is closely watched ahead of Reliance Industries' annual general meeting (AGM) this Friday. Reports suggest that Reliance has been restructuring the deal, transitioning it from a planned offer-for-sale to a fully fresh issue following pricing discussions with existing investors. This move comes at a challenging time for the parent group, which saw a 13% year-on-year dip in net profit for the quarter ended March, weighed down by volatility in its core refining business.

NSE: The Near-Monopoly Bourse Targets ₹20,000 Crore

Following closely on Jio's heels, the National Stock Exchange (NSE) is expected to submit its draft prospectus to SEBI as early as this Friday. The NSE offering is projected to raise more than ₹20,000 crore (approximately $2–2.5 billion).

Unlike Jio's potential fresh issue, the NSE deal is expected to be structured entirely as an offer-for-sale (OFS). This means existing shareholders will sell roughly 4% to 4.5% of their stakes, with the proceeds going to them rather than the exchange itself. Currently trading in the unlisted market at approximately ₹1,950–₹2,050 per share, the NSE carries a valuation near ₹5 lakh crore. Analysts note that while the exchange commands rich valuations—trading at nearly 45 times FY26 earnings—it remains more attractively priced than domestic peers like BSE (70x) and MCX (80x).

A Critical Test for India’s Primary Market

Ces méga-introductions en bourse (IPO) arrivent à un moment sensible pour les marchés boursiers indiens. Le produit total des cotations en 2026 a déjà enregistré une baisse de 39 % en glissement annuel, totalisant 198 milliards ₹ (2,1 milliards $) à ce jour, en raison des tensions géopolitiques mondiales et d'un repli des actions.

Cependant, la récente introduction en bourse de SpaceX de 75 milliards de dollars a servi de référence mondiale pour les cotations massives, ce qui pourrait encourager les émetteurs indiens. Pour les investisseurs nationaux, l'entrée réussie de Jio et de la NSE constituerait un catalyseur indispensable pour relancer le sentiment du marché et offrir une participation directe dans les actifs d'infrastructure télécom et financière les plus dominants de l'Inde.

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