NSE IPO Moves Ahead; Reliance Jio Also Preparing for Mega Listing

India’s capital markets are set for a landmark year as the National Stock Exchange (NSE) has filed draft papers for its long-awaited initial public offering (IPO), paving the way for one of the largest public issues in the country’s history. The listing is expected to be accompanied by another mega IPO from Reliance Jio Platforms, potentially making 2026 a defining year for India’s equity markets.

According to market estimates, NSE’s IPO could be valued at approximately $3.3 billion based on prevailing share prices in the unlisted market. The proposed issue will be a pure offer-for-sale (OFS), with existing shareholders divesting around 6% of the exchange’s equity. Since no fresh shares will be issued, NSE itself will not receive any proceeds from the public offering.

The filing marks a significant milestone for the country’s largest stock exchange, whose listing plans have faced regulatory and legal hurdles for several years. Market participants have long awaited the public debut of NSE, given its dominant position in India’s trading ecosystem and strong financial performance.

Reliance Jio Preparing for Record-Breaking IPO

Alongside NSE, Reliance Jio Platforms is also preparing for a public listing that could become India’s largest-ever IPO.

Sources had earlier indicated that Jio’s IPO could raise as much as $4 billion, although the final size of the issue is yet to be determined. Investment bank Jefferies had estimated Jio Platforms’ valuation at around $180 billion, highlighting the scale of the proposed offering.

Like NSE, Jio is expected to follow a structure largely based on an offer-for-sale, allowing existing investors to monetize part of their holdings while maintaining exposure to the company’s long-term growth prospects.

India’s Largest IPOs So Far

Before the anticipated listings of NSE and Reliance Jio, several blockbuster offerings have already shaped India’s IPO landscape.

Hyundai Motor India – ₹27,870 Crore

The largest IPO in Indian history so far belongs to Hyundai Motor India, which raised ₹27,870 crore in October 2024.

The issue was entirely an offer-for-sale, with South Korean parent Hyundai Motor Company selling a 17.5% stake. No fresh capital was infused into the Indian subsidiary. The IPO highlighted the growing attractiveness of Indian capital markets for multinational corporations seeking to unlock value from their local operations.

Life Insurance Corporation of India (LIC) – ₹20,500 Crore

The IPO of Life Insurance Corporation of India remains one of the most significant disinvestment exercises undertaken by the Indian government.

Through the sale of a 3.5% stake, the government raised approximately ₹20,500 crore. Although the amount was lower than the initially proposed target, the offering remains among the largest public issues ever conducted in the country.

However, LIC’s shares had a disappointing market debut, falling nearly 8% on the first day of trading.

Paytm – ₹18,300 Crore

Fintech major Paytm raised ₹18,300 crore through its IPO in November 2021.

The issue comprised both a fresh share sale and an offer-for-sale by existing investors, including Ant Group and SoftBank. Despite the strong interest surrounding India’s digital payments boom, the stock witnessed a sharp debut decline of more than 27%, making it one of the worst first-day performances among major Indian IPOs.

Tata Capital – ₹15,500 Crore

Tata Group’s financial services arm, Tata Capital, raised ₹15,500 crore through its October 2025 IPO.

The issue included both a fresh share issuance and an offer-for-sale by shareholders such as Tata Sons and the International Finance Corporation (IFC). The transaction became the largest IPO ever undertaken by a non-banking financial company (NBFC) in India.

The stock delivered a modest listing gain, debuting at a premium of around 1.23%.

LG Electronics India – ₹11,600 Crore

LG Electronics India completed a successful public offering in October 2025, raising ₹11,600 crore through a pure offer-for-sale by its South Korean parent.

Investor demand was exceptionally strong, with the issue receiving subscriptions worth approximately ₹4.4 trillion and being oversubscribed 54 times. The stock surged nearly 50% on its listing day, making it one of the most successful large IPO debuts in recent years.

A Landmark Year for Indian Capital Markets

With NSE’s draft filing now in place and Reliance Jio expected to follow, India’s IPO market could witness unprecedented fundraising activity. Both offerings are expected to attract strong interest from domestic and international investors, reflecting growing confidence in India’s economic growth story and the depth of its capital markets.

If completed as anticipated, the NSE and Jio listings could not only reshape the rankings of India’s largest IPOs but also further strengthen the country’s position among the world’s most active equity fundraising destinations.