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

이러한 대규모 IPO는 인도 주식 시장에 있어 매우 민감한 시기에 찾아왔습니다. 글로벌 지정학적 긴장과 주식 시장 하락세로 인해, 2026년 총 상장 수익은 이미 전년 대비 39% 감소하여 현재까지 총 1,980억 루피(21억 달러)를 기록했습니다.

하지만 최근 750억 달러 규모의 SpaceX IPO가 대규모 상장의 글로벌 기준을 제시하면서, 인도 발행사들에게 용기를 불어넣을 가능성이 있습니다. 국내 투자자들에게 Jio와 NSE의 성공적인 시장 진입은 시장 심리를 회복시키는 데 꼭 필요한 촉매제가 될 것이며, 인도의 가장 지배적인 통신 및 금융 인프라 자산에 직접 참여할 기회를 제공할 것입니다.

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