Jio and NSE Set to File for India's Largest Ever IPOs This Week

The Indian primary market is bracing for a historic week as two of the country's most anticipated giants, Reliance Jio and the National Stock Exchange (NSE), are expected to file their draft IPO papers. Together, these filings could represent a massive $6 billion fundraising effort, potentially redefining the scale of India's capital markets.

Reliance Jio: Aiming to Break All Previous Records

Reliance Jio Infocomm is positioned to be the crown jewel of this IPO wave. Reports suggest the telecom giant may lodge its draft prospectus with SEBI ahead of Reliance Industries’ Annual General Meeting (AGM) this Friday. With an expected offering size of $4 billion, Jio is on track to eclipse Hyundai Motor India’s $3.3 billion sale, making it the largest listing in Indian history.

The deal structure has undergone significant changes; Reliance has reportedly shifted from a planned offer-for-sale (OFS) to a fully fresh issue following discussions with existing investors regarding pricing. While billionaire Mukesh Ambani had previously targeted a first-half 2026 window, this filing marks a critical step forward despite a challenging year for the parent group, which saw a 15% drop in share price and a 13% decline in net profit for the quarter ended March.

NSE: A Dominant Monopoly Heads to the Mainboard

Following closely behind is the National Stock Exchange (NSE), India's dominant bourse. The exchange is expected to file its draft papers by Friday, a move that could provide much-needed sentiment to the broader new-issue market. The NSE currently trades in the unlisted market at approximately Rs 1,950–2,050 per share, implying a massive valuation of nearly Rs 5 lakh crore.

The proposed NSE offering is expected to raise between $2 billion and $2.5 billion (over Rs 20,000 crore), structured entirely as an offer-for-sale. This means existing shareholders will sell roughly 4% to 4.5% of their stake, while the exchange itself receives no fresh growth capital. Analysts note that while the exchange commands a rich valuation—trading at around 45 times FY26 earnings—it remains cheaper than domestic peers like BSE (70x) and MCX (80x).

これらのメガIPOは、インド株式市場にとって複雑な時期に到来しています。市場は、広範な株式市場の下落や中東における地政学的緊張などの逆風に直面しています。Prime Databaseによると、2026年の上場による総調達額は、前年比39%減の1,980億ルピー（21億ドル）となっています。

しかし、最近の米国における750億ドルのSpaceXのIPOは、成功の世界的ベンチマークとなり、インド企業が巨額のバリュエーションを追求する後押しとなっています。起爆剤を模索してきたインドのプライマリーマーケットにとって、JioとNSEの同時申請は、投資家の熱狂を再燃させ、記録的な一年への舞台を整える究極のトリガーとなる可能性があります。

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