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).

这些巨型 IPO 的到来正值印度股市面临复杂局面的时期。市场正面临多重阻力，包括大盘股市的低迷以及中东地区的地缘政治紧张局势。根据 Prime Database 的数据，2026 年的总上市募资额同比下降 39%，至 1980 亿卢比（21 亿美元）。

然而，近期美国 SpaceX 价值 750 亿美元的 IPO 为全球成功树立了标杆，也激励了印度公司去追求极高的估值。对于一直在寻找催化剂的印度一级市场而言，Jio 和 NSE 的同时递交申请，可能成为重振投资者热情的终极触发点，并为迎来一个爆发之年奠定基础。

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