Author: Aadarsh Patel | EQMint
India’s IPO market is heading towards another landmark moment as Mukesh Ambani’s Jio Platforms prepares for a massive public offering that could become the country’s largest-ever IPO.
The upcoming Jio Platforms offering is expected to raise around $3.8 billion, potentially surpassing Hyundai Motor India’s $3.3 billion IPO from 2024. The development comes as India’s capital markets prepare for a series of major listings, including the highly anticipated IPO of the National Stock Exchange (NSE).
Jio Platforms IPO: India’s Biggest Offering
Jio Platforms is preparing for a public listing that could establish a new record for the largest IPO in India’s history.
The offering is expected to raise approximately $3.8 billion, putting it ahead of Hyundai Motor India’s $3.3 billion IPO launched in 2024.
The potential record-breaking issue would represent a major milestone for Reliance Industries and India’s rapidly expanding technology and digital economy.
India’s Largest IPOs
Jio Platforms is entering the market at a time when several of India’s largest-ever IPOs are either being planned or have recently taken place.
| Company | IPO Size | Year |
|---|---|---|
| Jio Platforms | ~$3.8 billion* | 2026 |
| Hyundai Motor India | ~$3.3 billion | 2024 |
| National Stock Exchange | ~$2.36 billion | 2026 |
| Other major IPOs | — | — |
*Expected offering size; final terms may change.
Jio’s expected offering would put it at the top of India’s IPO rankings if completed at the anticipated size. Reuters also reported that NSE’s planned IPO is expected to raise about $2.36 billion, while its valuation could reach around $46.3 billion at the upper end of the price band.
NSE IPO vs Jio Platforms IPO
The upcoming Jio Platforms IPO is not the only mega listing attracting investor attention.
The National Stock Exchange has set a price band of Rs 1,700-Rs 1,785 per share and is targeting a valuation of up to Rs 4.42 lakh crore, or approximately $46.3 billion.
NSE’s IPO is scheduled to open for subscription on September 17 and close on September 21, with listing expected around September 24.
At an expected $2.36 billion issue size, however, NSE would still be smaller than the anticipated Jio Platforms offering.
Jio Platforms IPO and Reliance Industries
The Jio Platforms IPO represents an important step in Reliance Industries’ strategy of unlocking value from its digital and telecommunications businesses.
Jio has developed into one of India’s largest digital ecosystems, with its telecommunications business forming the foundation for a wider range of digital services.
A public listing would provide investors with direct exposure to the Jio business while potentially giving the market a clearer valuation for one of Reliance Industries’ most important growth platforms.
Why the Jio IPO Is Important
The potential record size of the offering is only one reason investors are watching Jio Platforms closely.
The IPO could:
- Become India’s largest-ever IPO
- Establish a major public-market valuation for Jio Platforms
- Give investors direct exposure to Reliance’s digital business
- Strengthen India’s position as a major global IPO market
- Set a new benchmark for large technology listings in India
The offering could also have a broader impact on investor sentiment towards India’s technology and digital sectors.
India’s IPO Market Gains Momentum
The Jio offering comes during a renewed period of activity in India’s IPO market.
NSE’s planned offering and other recent listings have highlighted strong demand for large, established businesses despite challenging market conditions.
Reuters reported that NSE’s IPO follows years of delays and comes as India’s IPO market regains momentum after a relatively sluggish start to 2026.
The market backdrop is nevertheless volatile. Indian shares fell sharply on September 11 amid rising crude prices and geopolitical concerns, with the Nifty 50 down 0.92% and the Sensex down 0.84% in early trading.
Jio Platforms IPO: What Investors Will Watch
Investors will likely focus on the final IPO size, valuation, price band, and share-sale structure once official details are released.
Key factors to watch include:
- Jio Platforms IPO size
- Expected valuation
- Price band
- Fresh issue and offer-for-sale structure
- Reliance Industries’ stake after the IPO
- Jio’s financial performance
- Revenue and profitability growth
- Subscriber and digital-user trends
- IPO subscription demand
- Listing valuation
The final valuation will be particularly important because a large IPO does not necessarily translate into attractive returns for investors.
Jio Platforms IPO vs Hyundai Motor India IPO
Hyundai Motor India’s IPO raised approximately $3.3 billion in 2024 and became one of India’s largest public offerings.
Jio Platforms’ expected $3.8 billion offering would exceed that amount and potentially move to the top of India’s IPO rankings.
The comparison also highlights the changing nature of India’s capital markets, with large technology and digital businesses now competing with established industrial and automotive companies for investor capital.
Jio Platforms IPO Outlook
If the offering proceeds at the expected scale, Jio Platforms could create a new benchmark for India’s IPO market.
The listing would give public-market investors access to one of Reliance Industries’ most strategically important businesses and could provide a market-based valuation for Jio’s digital ecosystem.
However, the final IPO size, valuation, and issue structure remain critical factors for investors to assess before the offering.
EQMint Take
Jio Platforms’ upcoming IPO could become a landmark event for India’s capital markets.
With an expected issue size of around $3.8 billion, the offering could surpass Hyundai Motor India’s $3.3 billion IPO and become India’s largest-ever IPO. At the same time, NSE is preparing its own major offering, expected to raise around $2.36 billion.
The scale of these offerings highlights the growing depth of India’s equity markets and the increasing willingness of large businesses to access public capital.
However, investors should not judge an IPO purely by its size or the excitement surrounding the listing. Valuation, business fundamentals, growth prospects, profitability, and the eventual issue price will remain crucial when evaluating Jio Platforms.
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