Mumbai: India’s primary market is preparing for one of its biggest tests in recent years as the proposed Initial Public Offerings (IPOs) of the National Stock Exchange (NSE) and Reliance Jio are expected to revive investor sentiment and bring fresh participation into the equity markets. Together, the two mega public issues are estimated to raise nearly Rs 65,000 crore, making them among the largest fundraising exercises in India’s capital markets.
The IPO market has remained relatively subdued in 2026 due to global uncertainties, including geopolitical tensions in West Asia, foreign institutional investor (FII) outflows and cautious investor sentiment. Market experts believe the listings of NSE and Jio Platforms could mark a turning point by attracting both retail and institutional investors.
Mega IPOs expected to reshape market sentiment
The proposed listings are being viewed as landmark events that could significantly expand India’s investor base. According to market experts, the strong brand recognition of both companies is likely to encourage first-time investors to open demat accounts and participate in equity markets.
Tarun Singh, Managing Director and Founder of Highbrow Securities, said the Jio IPO, in particular, has the potential to bring entirely new investors into the stock market rather than merely shifting capital between existing investments.
He noted that people who have traditionally relied on fixed deposits or have postponed investing in equities may view Jio as a familiar and trusted brand, encouraging them to participate in the market for the first time.
Experts believe that while large IPOs often divert liquidity temporarily from the secondary market, any impact is likely to be limited mainly to the mid-cap and small-cap segments rather than benchmark indices.
Reliance Jio IPO expected to be India’s biggest
Reliance Industries Chairman Mukesh Ambani recently announced during the company’s 49th Annual General Meeting that Jio Platforms has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its maiden public offering.
Ambani described the IPO as one of Reliance’s most significant value creation milestones and said it would unlock substantial value for shareholders while offering investors an opportunity to participate in India’s rapidly growing digital ecosystem.
The IPO will include a fresh issue of up to 27 crore shares, although the final issue size has not yet been disclosed.
Market estimates suggest the Jio IPO could surpass the Rs 30,000 crore NSE issue and even exceed Hyundai Motor India’s Rs 27,870 crore IPO to become the largest public offering in Indian history.
Jio’s strong investor pedigree further enhances expectations surrounding the issue. In 2020, the company raised billions of dollars from global investors including Meta, Google, KKR, Vista Equity Partners, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority after selling around 33 per cent of its stake.
NSE IPO returns after a decade-long wait
The National Stock Exchange has also moved closer to listing after filing its DRHP for an IPO that will be entirely structured as an Offer for Sale (OFS).
The public issue will involve the sale of approximately 148.9 million equity shares, representing nearly 6 per cent of the exchange’s outstanding equity.
Prominent shareholders planning to offload stakes include the State Bank of India, Canada Pension Plan Investment Board, Bank of Baroda, MS Strategic (Mauritius) and Aranda Investments (Mauritius).
In the unlisted market, NSE is currently valued at around Rs 5 lakh crore, reflecting investor confidence in India’s largest stock exchange.
The IPO has been a long time coming. NSE first sought SEBI approval in October 2016 but faced regulatory hurdles due to concerns surrounding the co-location case, governance issues and technology infrastructure.
Its proposed listing is now seen as a significant milestone for India’s financial markets.
Experts expect broader market participation
Market analysts believe the simultaneous arrival of two high-profile IPOs could strengthen India’s capital market ecosystem by expanding investor participation across demographics.
According to Tarun Singh, the familiarity of the Jio brand may encourage individuals who have never invested in equities to begin their investment journey.
He added that the combined impact of the Jio and NSE IPOs could broaden the market structurally rather than simply increasing trading activity among existing investors.
However, experts also cautioned that pricing will play a crucial role. Overvalued mega listings can dampen retail sentiment, whereas fairly priced issues are more likely to encourage sustained participation and strengthen confidence in future IPOs.
Outlook for India’s IPO market
The success of the NSE and Jio IPOs is expected to influence the broader IPO pipeline well into 2027. Companies planning public issues are likely to closely watch investor response, subscription levels and post-listing performance before launching their own offerings.
After a year marked by global uncertainty and slowing IPO activity, these two mega listings could serve as a much-needed catalyst for India’s primary markets.
If both offerings receive strong investor support, they could not only revive fundraising activity but also deepen India’s equity culture by bringing millions of new investors into the capital markets.
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