The Securities and Exchange Board of India (SEBI) has approved two of India's largest initial public offerings - Jio Platforms and National Stock Exchange (NSE). According to reports from The Economic Times, NSE filed its draft red herring prospectus on June 17, reviving a process held up since 2016. The proposed NSE issue could be worth around ₹30,000 crore, putting it among India's largest public issues. Meanwhile, Jio Platforms is targeting an IPO of around $4 billion (₹37,800 crore), potentially making it the largest IPO in India. The telecom, digital and technology arm of Reliance Industries plans to issue up to 270 million fresh equity shares, representing around 2.9% of its post-IPO equity capital. As per latest reports, Jio Platforms is set to kick off investor outreach as early as next week, holding meetings across the US, Singapore, Hong Kong, London and the Middle East, with November IPO targeting in discussions with banks. The company plans to use part of the proceeds to repay debt obligations.
Among India's five largest IPOs, Coal India delivered the strongest listing performance with shares listing at ₹291 against an issue price of ₹245, translating into an 18.78% listing gain. However, Hyundai Motor India, despite having the largest completed IPO in the country at ₹27,858.75 crore, made a weak debut with shares listing at ₹1,934 against ₹1,960, resulting in a 1.33% listing loss. Tata Capital listed marginally positive at ₹330 against ₹326, gaining 1.23%. The other two large IPOs - LIC and One97 Communications (Paytm) - both listed below their issue prices, with LIC at ₹867.20 against ₹949 (an 8.62% loss) and One97 Communications at ₹1,950 against ₹2,150 (a 9.30% decline). Recent market data shows that LIC is currently trading at ₹415.35, though this price needs to be viewed in context of a 1:1 bonus issue in May 2026, making it 56.23% below its IPO issue price on an adjusted basis. One97 Communications (Paytm) is down 22.81% from its issue price, while Tata Capital is 15.05% above its issue price.
The surge in IPO activity is set to boost NSE's revenue from listing fees by 58% through FY26, diversifying income streams amid regulatory pressures and a slowing derivatives market. According to The Economic Times, revenue from listing fees jumped 58% in two years, rising from ₹223 crore in FY24 to ₹352 crore in FY26, though this represents only 2.1% of total revenue. The boost could help NSE gradually diversify its revenue base at a time when regulatory measures and higher transaction taxes have weighed on derivatives activity. Transaction charges accounted for 78.7% of NSE's revenue in FY26, down from 82% in FY24, with experts expecting this to decline further to around 75-76% by FY28. NSE earns revenue from listing services through listing, processing and book-building fees, with listing fees comprising one-time initial fees and recurring annual charges linked to paid-up capital and market capitalisation.
According to Deepak Jasani, independent market expert, pricing will be a key factor in determining how the two mega IPOs perform post-listing. As reported by The Economic Times, Jasani stated that "a lot will depend on the pricing—how much they are willing to leave on the table for investors. That will determine how the listing happens and how the stocks trade post listing." He also highlighted the importance of institutional allocation, noting that "the proportion reserved for institutional investors will also be important. If the appetite of the institutional investors is satisfied by the allotment that they get in the IPO, then the post-listing performance may be subdued." Jasani emphasized that the current IPO market environment is different from earlier periods when some large IPOs delivered disappointing listings. He added that large businesses could deliver stronger returns over a longer period if they generate healthy earnings growth, stating "since the businesses are either respective leaders in their segment, they tend to deliver a healthy earning growth. And that is something which gets reflected in the stock prices also."
For investors, the key question will be how Jio Platforms and NSE are valued at the time of their offerings and whether that valuation leaves room for gains after listing. As reported by The Economic Times, Jasani cautioned that investors should not expect returns similar to those seen in IPOs over the past two months, stating that "the gains will be modest at the beginning." He emphasized that pricing and institutional allocation remain key factors for investors. The mixed record of past mega IPOs means investors looking at Jio Platforms and NSE may need to pay close attention to pricing and institutional demand, with Jasani adding that "the pricing and the allocation to the institutional investors are as of now the important factors that investors should look at." A listing of that scale would add momentum to India's busy equity capital market, which is preparing for several large offerings. NSE received SEBI approval earlier this month for an IPO expected to launch in September to raise about $3 billion, while IPOs in India have raised almost $10 billion so far in 2026, compared with more than $20 billion in each of the previous two years.
