India’s initial public offering market may be on the verge of a defining moment, with two of the country’s most anticipated listings moving closer to fruition within the span of two days. After months marked by geopolitical uncertainty, volatile crude prices and subdued public market activity, the proposed listings of the National Stock Exchange (NSE) and Jio Platforms could provide fresh momentum to the IPO market.

On Wednesday, NSE filed its draft red herring prospectus (DRHP), ending years of regulatory delays that had stalled its listing plans. A day later, Reliance Industries Chairman Mukesh Ambani announced at the company’s 49th Annual General Meeting that Jio Platforms had received approval for its draft prospectus and would soon file it with the Securities and Exchange Board of India (Sebi).

Issue Structure and Expected Size

Although both are expected to rank among the largest listings in the country, their structures differ considerably.

NSE’s proposed public issue is entirely an Offer for Sale (OFS), under which existing shareholders will offload approximately 14.89 crore shares, representing nearly 6 per cent of the company’s equity. The exchange itself will not raise any fresh capital through the offering.

Vincent K A, Senior Research Analyst at Geojit Investments Limited, said, “NSE’s IPO is expected to attract strong investor interest, supported by its dominant market position, robust profitability, and direct exposure to the long-term growth of India’s capital markets.”

Based on current valuations in the unlisted market, the issue could be worth around Rs 28,000 crore to Rs 30,000 crore, valuing the exchange at roughly Rs 5 lakh crore.

Jio Platforms, in contrast, plans to raise fresh capital through the issue of up to 27 crore equity shares with a face value of Rs 10 each.

Market estimates suggest the offering could be worth around $4 billion, or more than Rs 34,000 crore, potentially making it larger than the NSE IPO.

Mature Market Leader Versus Growth Story

The businesses themselves operate in entirely different sectors and offer contrasting investment propositions.

NSE runs India’s largest stock exchange and is the world’s biggest derivatives exchange by trading volume. Its revenues are closely linked to investor participation, trading activity and the pace of new listings.

Commenting on recent performance, Vincent K A said, “The recent moderation in financial performance, impacted by lower trading activity, particularly in derivatives amid regulatory changes, and elevated operating expenses from technology investments and one-off SEBI settlement charges, is likely to normalise over time. The relative positioning in valuations compared to BSE can be influenced by the latter’s stronger recent growth trajectory, which may moderate over time.”

For FY26, NSE reported total income of around Rs 18,700 crore and net profit exceeding Rs 10,300 crore, making it one of the most profitable businesses in the country.

Jio Platforms represents a different story. Since its launch in 2016, the company has transformed India’s telecom sector by bringing down mobile data costs and building a subscriber base of more than 500 million users.

In addition to telecom services, the company has expanded into broadband, enterprise solutions, cloud computing, artificial intelligence and digital platforms.

While investors in NSE are buying into a mature and highly profitable business, Jio’s appeal lies largely in its future growth opportunities across emerging digital sectors.

Shareholders and Valuation Comparison

Another key difference lies in the shareholder objectives behind the offerings.

NSE’s IPO is expected to provide liquidity and an exit opportunity to several long-term institutional investors, including State Bank of India, Bank of Baroda, Temasek and Canada Pension Plan Investment Board.

Jio Platforms’ existing investors include Meta, Alphabet, KKR, Silver Lake, Mubadala, Abu Dhabi Investment Authority (ADIA) and Saudi Arabia’s Public Investment Fund. However, the fresh issue structure means the company itself will raise funds while bringing public shareholders on board.

In terms of issue size, Jio is expected to have an advantage. However, both companies are likely to command valuations of Rs 5 lakh crore or more.

NSE is estimated to be worth around $55 billion to $57 billion based on unlisted market prices, while analysts place Jio’s valuation in the range of $65 billion to $70 billion.

Vincent K A said, “Overall, the IPO appears more compelling as a long-term investment opportunity, benefiting from India’s ongoing financialisation, rather than a short-term gains play.”

Two Stories That Define India’s Growth

Beyond valuations and fundraising figures, the two IPOs reflect broader changes taking place in the Indian economy.

NSE symbolises the rapid expansion of equity investing, systematic investment plans (SIPs), demat accounts and retail participation in financial markets. The exchange has emerged as one of the biggest beneficiaries of India’s growing financialisation.

Jio, meanwhile, represents the country’s digital transformation. Affordable mobile data and expanding internet access have helped fuel digital payments, online entertainment and internet-based businesses across India.

One company captures India’s investing boom, while the other reflects the rise of its digital economy.

For much of the year, India’s IPO market lacked a defining narrative. The proposed listings of NSE and Jio Platforms may now provide two.

If both offerings proceed as planned, 2026 could be remembered as the year two of the country’s most-awaited companies finally made their debut on Dalal Street.

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