India's IPO market is experiencing a significant revival with nearly 150 companies having secured SEBI approval and awaiting an opportune time to list, according to Prime Database. This represents a substantial recovery after over six months of market slowdown. The revival is being driven by easing geopolitical tensions, rising equity markets, and softer crude prices, which are collectively boosting sentiment and investor confidence in the primary market. Together, these factors could potentially push total fundraising to nearly ₹60,000 crore within the next three months, with the proposed US-Iran peace deal expected to provide additional momentum for the second half of 2026. As per ET Now, the improving sentiment is already reflected in recent public issues, with Hexagon Nutrition's IPO subscribed more than 53 times and CMR Green Technologies receiving an even stronger response with investors bidding nearly 127 times the shares on offer.
India's IPO landscape is poised for a historic transformation with Reliance Jio Platforms and National Stock Exchange preparing for landmark listings that could redefine the country's public offering records. Speaking at Reliance Industries' 49th Annual General Meeting, Chairman Mukesh Ambani described the proposed Jio IPO as the most important "value creation milestone" of the year, stating it would unlock significant value for RIL shareholders while providing attractive investment opportunities. Jio Platforms has filed its draft red herring prospectus with SEBI for what is expected to be one of the country's largest-ever public offerings, with bankers estimating the issue could raise as much as ₹37,700 crore (approximately $4 billion). The proposed Jio IPO will comprise a fresh issue of up to 270 million shares with no offer-for-sale component, marking the first IPO from the Reliance Industries stable since Reliance Petroleum's listing in 2006. Meanwhile, NSE's proposed IPO is expected to raise nearly ₹30,000 crore, making it another serious contender among India's biggest public offerings. These follow in the footsteps of India's largest-ever IPO, Hyundai Motor India, which raised ₹27,870 crore in October 2024, and Life Insurance Corporation of India, which generated ₹20,557 crore from selling a 3.5% stake in 2022.
Jio Platforms has proposed a fresh issue of up to 270 million equity shares, with no existing shareholder selling stock as part of the issue. Since no existing shareholder is selling stock, current investors will continue to hold the same number of shares after listing, although their ownership percentages will be diluted because of the increase in total share capital. Reliance Industries, which controls Jio Platforms, remains the company's largest shareholder by a wide margin, holding 66.43% pre-issue and retaining 64.48% post-issue. The draft prospectus reveals a roster of global investors that backed Jio during its 2020 fundraising exercise, with Meta, Google, and several sovereign wealth funds from West Asia and private equity firms among the largest shareholders. The Nahata family's connection to Jio's shareholding history is also highlighted, with individuals linked to telecom entrepreneur Mahendra Nahata receiving shares through compulsorary convertible debenture conversions in July 2020. These historical allotments could be worth several thousand crore rupees at the proposed IPO valuation, though their current ownership status remains undisclosed.
Unlike Jio's fresh issue, NSE's proposed listing is structured as an offer-for-sale (OFS), meaning the exchange itself is not expected to raise fresh capital. Instead, existing shareholders will have an opportunity to monetise part of their holdings through the public offering. LIC emerges as NSE's largest shareholder in the draft prospectus, holding 61.9 million shares or 12.5%, followed by SBI with 25.7 million shares or 5.2%. For many investors, the listing could mark the culmination of a holding period stretching several years. The distinction between the two offerings matters significantly, as proceeds from Jio's issue will go to the company, while money raised through NSE's OFS will flow to the shareholders selling their stakes. This creates different beneficiary profiles, with Jio's listing primarily benefiting Reliance and global technology investors, while NSE's OFS will largely benefit long-standing institutional investors who have held shares in India's largest stock exchange for years.
Despite the massive scale of the upcoming IPOs, market experts believe liquidity concerns are overstated. Mohit Gulati, CIO and Managing Partner at ITI Growth Opportunities Fund, believes the liquidity drain narrative is based on an outdated framework, drawing parallels with global market behavior around marquee listings such as SpaceX. He noted that high-quality assets tend to create their own demand rather than crowding out existing investments, describing NSE and Jio as "generational listings" that are likely to attract fresh pools of capital. Hemant Sood, Managing Director at Findoc, highlighted that NSE's ₹30,000 crore offer-for-sale will simply move funds from new investors to existing shareholders without net liquidity outflow from the market. However, he noted that Jio's fresh equity component, with significant proceeds earmarked for debt repayment, could temporarily withdraw liquidity. Navy Vijay Ramavat, Managing Director at Indira Securities, emphasized that the Indian stock market is now supported by a much stronger domestic investor base than in previous cycles, with monthly SIP inflows alone standing at nearly ₹31,000 crore in May providing sufficient depth to absorb both offerings.
