Jio and NSE Set to File for India's Massive $6 Billion IPO Double Dhamaka

India's primary market is bracing for a historic week as telecom giant Reliance Jio and the National Stock Exchange (NSE) are both expected to file draft IPO papers with Sebi. This combined move, targeting approximately $6 billion in fundraising, could signal a major turning point for Indian equity markets in 2026.

Reliance Jio Eyes Record-Breaking $4 Billion Listing

Reliance Jio Infocomm is poised to file its draft prospectus ahead of Reliance Industries’ Annual General Meeting (AGM) this Friday. With a projected offering of $4 billion, Jio is on track to eclipse Hyundai Motor India’s $3.3 billion share sale, making it the largest IPO in Indian history.

The deal structure has undergone significant revisions; reportedly, Reliance has shifted from a planned offer-for-sale (OFS) to a fully fresh issue following pricing disagreements with existing investors. While Mukesh Ambani previously aimed for a first-half 2026 debut, this filing comes during a challenging period for the parent group, which saw a 15% decline in share price and a 13% year-on-year slide in net profit for the quarter ended March.

NSE Prepared to File Amid Regulatory Clarity

Following closely behind Jio, the National Stock Exchange (NSE) is expected to submit its draft papers by Friday. The filing marks the end of years of delays caused by legal disputes and regulatory hurdles, most notably the long-running co-location case.

The NSE IPO is expected to raise between $2 billion and $2.5 billion (approximately Rs 20,000 crore). Unlike Jio's fresh issue, this is structured entirely as an offer-for-sale, where existing shareholders will sell a 4% to 4.5% stake. In the unlisted market, NSE shares trade around Rs 1,950–2,050, implying a valuation near Rs 5 lakh crore. Despite high valuations—trading at roughly 45 times FY26 earnings—analysts note it remains more affordable than peers like BSE (70x) and MCX (80x).

These mega-listings arrive at a complex time for the Indian primary market. Total listing proceeds in 2026 have dropped 39% year-on-year to Rs 198 billion ($2.1 billion), weighed down by a broader equity downturn and geopolitical tensions in the Middle East.

Toch kan het wereldwijde momentum een buffer bieden. De recente SpaceX-IPO van $75 miljard heeft een enorme wereldwijde benchmark gezet, wat binnenlandse bankiers nieuw vertrouwen geeft. Voor een markt die op zoek is naar een katalysator, zouden de succesvolle aanvragen van zowel Jio als NSE de nodige "trigger" kunnen zijn om het sentiment onder beleggers te doen herleven en een nieuwe golf van grootschalige beursgangen in India te starten.

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