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

これらのメガIPOは、インド株式市場にとって重要な局面で到来しています。世界的な地政学的緊張と株価の下落により、2026年の上場による総調達額は、現時点で計1,980億ルピー（21億ドル）となり、すでに前年比で39%減少しています。

しかし、最近の750億ドル規模のSpaceXのIPOは、大規模な上場の世界的なベンチマークとなり、インドの発行体にとって追い風となる可能性があります。国内投資家にとって、JioとNSEの上場成功は、市場心理を回復させるための待望の起爆剤となり、インドで最も支配的な通信および金融インフラ資産への直接的な投資機会を提供することになります。

主なポイント