India's IPO Wave: Jio, NSE, and Zepto Lead Massive Public Offerings

After a relatively quiet first half of 2026, India's primary market is poised for a massive resurgence as several marquee companies prepare to debut on Dalal Street. From historic telecom listings to high-growth quick commerce players, the upcoming pipeline promises to redefine the scale of Indian public offerings.

The Heavyweights: Reliance Jio and NSE Lead the Pack

The most anticipated event on the horizon is the proposed IPO of Reliance Jio Platforms. Having filed its draft papers with SEBI, the telecom giant is eyeing a massive ₹35,000 crore issue, which could become the largest in Indian history. This fresh issue of up to 27 crore shares is strategically designed to raise ₹27,500 crore for debt repayment, while the remaining funds will bolster AI infrastructure, digital services, and network expansion.

Following closely is the National Stock Exchange (NSE), which has finally filed its DRHP after nearly a decade of delays. The NSE issue is expected to raise approximately ₹25,000 crore through an Offer for Sale (OFS) by existing shareholders, positioning it as one of the most significant exchange listings on a global scale.

Financial Giants and New-Age Unicorns

The asset management sector will also see significant movement with SBI Mutual Fund. Expected to launch in the first week of July, the fund house aims to raise around ₹10,000 crore, with parent SBI and partner Amundi likely to dilute portions of their holdings.

On the startup front, quick commerce disruptor Zepto is widely expected to launch its IPO in the coming months. After aggressive expansion of its dark store network to compete with Blinkit and Swiggy Instamart, Zepto is transitioning toward a public listing. Similarly, digital insurer Acko, backed by Amazon and General Atlantic, is preparing to tap the markets to leverage its growing footprint in the motor and health insurance segments.

Diversified Sectors: From Dairy to Textiles

The upcoming IPO pipeline also features strong players from traditional and consumer sectors:

  • Milky Mist: The Tamil Nadu-based dairy leader has already secured SEBI approval for a ₹2,035 crore IPO to fund debt reduction and portfolio expansion.
  • FabIndia: The lifestyle retailer is reviving its plans, focusing on improved profitability across its apparel and organic food businesses.
  • SME and Manufacturing Plays: Aastha Spintex is set to launch on June 29 to capitalize on textile exports, while Ahmedabad-based Knack Packaging will debut on July 1, focusing on rigid plastic packaging for the pharma and food sectors.

Key Takeaways

  • Historic Scale: Reliance Jio's ₹35,000 crore IPO and NSE's ₹25,000 crore issue are set to set new benchmarks for the Indian capital markets.
  • Diverse Pipeline: The upcoming wave spans multiple sectors, including telecom, financial services, quick commerce, insurance, and dairy.
  • Strategic Fund Utilization: Most large-cap issuers, such as Jio and Milky Mist, are prioritizing debt repayment and infrastructure scaling to fuel long-term growth.