Author: Aadarsh Patel | EQMint
India’s IPO market is set for two major listings, with the National Stock Exchange (NSE) preparing to open its IPO next week and Reliance Jio Platforms expected to follow later this year. NSE’s offer could value the exchange at nearly $46 billion, while Jio is expected to raise around $3.8 billion, potentially making it India’s biggest-ever stock offering.
NSE IPO Nears $46 Billion Valuation
NSE’s upcoming IPO is an offer-for-sale, meaning existing shareholders will sell their shares while the company itself will not receive fresh capital from the issue.
At a valuation of close to $46 billion, the NSE IPO is expected to become India’s third-largest IPO.
The listing will put one of India’s largest financial-market institutions directly in the public markets and comes as investor interest in large IPOs remains strong.
Jio IPO Could Become India’s Biggest
Reliance Jio Platforms, backed by billionaire Mukesh Ambani, is expected to launch its IPO later in 2026.
The offering is projected to raise around $3.8 billion, which would make it the largest IPO in India’s history, surpassing the current record held by Hyundai Motor India.
Jio is also expected to follow an offer-for-sale structure, with major investors potentially selling part of their holdings.
India’s Biggest IPOs So Far
Reuters highlighted the five largest Indian IPOs to date:
| Company | Year | Amount Raised |
|---|---|---|
| Hyundai Motor India | 2024 | ₹278.7 billion |
| LIC | 2022 | ₹205 billion |
| Paytm | 2021 | ₹183 billion |
| Tata Capital | 2025 | ₹155 billion |
| LG Electronics India | 2025 | ₹116 billion |
Hyundai Motor India currently holds the record after raising ₹278.7 billion ($2.95 billion) in its October 2024 IPO.
Hyundai Motor India Still Holds the Record
Hyundai Motor India’s IPO was a pure offer-for-sale, with its South Korean parent selling a 17.5% stake. No fresh capital was raised by the Indian unit through the offering.
Jio’s expected $3.8 billion offering would comfortably move ahead of Hyundai’s record and mark a new milestone for India’s IPO market.
LIC and Paytm Followed Hyundai
The Life Insurance Corporation of India raised approximately ₹205 billion in its 2022 IPO after the government sold a 3.5% stake. However, LIC shares fell nearly 8% on their market debut.
Paytm raised ₹183 billion in 2021 through a combination of fresh shares and an offer-for-sale. Its shares fell more than 27% on debut, which was then the biggest listing-day decline in Indian IPO history.
Tata Capital and LG Electronics India
Tata Capital raised ₹155 billion in October 2025 through a combination of fresh shares and an offer-for-sale. It became the largest IPO by an Indian non-banking financial company, with shares listing at a 1.23% premium.
LG Electronics India raised ₹116 billion in October 2025 through an offer-for-sale. The IPO was subscribed 54 times, with bids worth around ₹4.4 trillion. Its shares gained 50% on the first trading day.
What NSE and Jio Mean for India’s IPO Market
The upcoming NSE and Jio offerings could significantly reshape India’s IPO rankings.
NSE is expected to enter the top three largest Indian IPOs by valuation, while Jio’s proposed $3.8 billion offering could take the number-one position by funds raised.
The two listings also highlight the growing scale of India’s capital markets, with large established businesses increasingly turning to public markets for shareholder exits and price discovery.
EQMint Take
The upcoming NSE and Jio IPOs could become two of the biggest events in India’s primary market in 2026.
NSE’s nearly $46 billion valuation will make it one of the country’s largest listed financial businesses, while Jio’s expected $3.8 billion IPO could set a new record for India.
However, a large IPO does not automatically mean strong listing returns. Investors should evaluate valuations, company fundamentals, financial performance, and overall market conditions before making investment decisions.
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