Jio Platforms IPO targets ₹37,700 crore, sets new bar

Why the IPO pipeline is back in focus

India’s primary market is again discussing record-sized listings after reports that Jio Platforms Ltd has filed its draft prospectus for a marquee initial public offering. Bankers have estimated the issue could raise as much as $1 billion, described as around ₹37,000 crore, which would place it above any IPO completed so far in the country. Alongside Jio, the National Stock Exchange (NSE) is also being flagged as a major contender, with its proposed listing expected to raise nearly ₹30,000 crore. The two deals, if executed at the sizes being reported, would reshape the leaderboard of India’s largest public issues.

The comparison point is clear in current market memory. Hyundai Motor India’s 2024 IPO, at around ₹27,859 crore, is repeatedly cited as the biggest listing in Indian history so far. The discussion now is whether Jio’s targeted fundraise and NSE’s expected deal size can move the record higher.

Jio Platforms files draft papers with SEBI

Jio Platforms Ltd, described as the digital arm of Reliance Industries, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a large IPO. The targeted size mentioned in the provided details is approximately ₹37,700 crore. Another estimate in the same set of inputs puts the potential raise at as much as $1 billion, referenced as around ₹37,000 crore.

A separate report format cited sources saying the issue would raise about US$1.8 billion. There is also a stated expected band for the issue size of Rs 33,000 crore to Rs 40,000 crore. Even the lower-end scenario discussed in the inputs, around $1 billion, is still positioned as large enough to surpass Hyundai Motor India’s ₹27,859 crore issue.

How the new numbers compare with the existing record

The benchmark for “largest IPO” in India, based on the information provided, is Hyundai Motor India’s public issue of ₹27,859 crore. One line item also specifies the issue size as ₹27,858.75 crore. The Hyundai IPO opened for subscription between October 15 and October 17, 2024, and shares were listed on October 22, 2024.

If Jio Platforms proceeds at the targeted ₹37,700 crore level, it would sit well above Hyundai’s ₹27,859 crore. The inputs also state that even at about $1 billion, the offer would likely surpass Hyundai’s issue. This is why the deal is being framed as a record-setter rather than merely another large listing.

NSE’s proposed ₹30,000 crore IPO as a close challenger

The National Stock Exchange’s proposed IPO is expected to raise nearly ₹30,000 crore, described as about $1.2 billion. The inputs call it “another serious contender” among India’s biggest public offerings. In one table of large IPOs, NSE is shown at ₹30,000 crore with the year mentioned as 2026.

A separate claim in the provided content also states that “if listed at the proposed size of ₹30,000 crore, NSE IPO will overtake Hyundai Motor India to become the largest IPO in Indian stock market history.” That statement reflects the gap between NSE’s expected deal size and Hyundai’s completed listing, although it would still be below the ₹37,700 crore targeted number cited for Jio.

The current list of India’s largest IPOs

The content includes a snapshot of large offerings across multiple years, mixing completed issues with a proposed entry for NSE. It also calls out Coal India’s IPO as one of the most successful public offerings, with specific subscription and listing dates.

Top IPO sizes mentioned in the provided details

Note: Jio Platforms’ targeted ₹37,700 crore IPO is discussed in the inputs as a pending offering and is not placed inside this specific ranking table.

What stands out about Hyundai’s record issue

Hyundai Motor India is described as holding the distinction of launching India’s largest IPO to date. The inputs also note that the October 2024 issue was executed as a 100% offer for sale (OFS). That detail matters because a pure OFS implies proceeds go to selling shareholders rather than the company, even though the listing size sets a market record.

The repeated comparison to Hyundai is mainly because it provides a recent and concrete benchmark. When potential new issues are discussed in the ₹30,000 crore to ₹40,000 crore range, Hyundai’s ₹27,859 crore becomes the immediate reference point for scale.

Coal India’s 2010 issue remains a landmark

Coal India’s IPO is listed at ₹15,199 crore in one section and ₹15,199.44 crore in the larger table. The input adds operational detail: the issue was open for subscription from October 18 to October 21, 2010, and listed on November 4, 2010. Even though it is far smaller than the new numbers being discussed today, it remains a key historic marker in India’s IPO market.

Its inclusion alongside more recent deals underlines how quickly the size of public issues has expanded over time, with 2024-2026 entries dominating the top of the list.

Market impact: what record-sized IPOs change

Large IPOs tend to influence primary-market calendars because institutional and retail liquidity often gets allocated around major subscription windows. With Jio’s IPO size being discussed at about ₹37,700 crore and NSE’s at nearly ₹30,000 crore, the market is looking at offerings that could sit above or close to the current national record.

The ranking implications are straightforward based on the numbers provided. Jio at ₹37,700 crore would be positioned to exceed Hyundai’s ₹27,859 crore, while NSE at ₹30,000 crore would also surpass Hyundai if it comes at the proposed size. That combination is why the “largest IPO” conversation is not limited to a single issuer.

Analysis: why the ₹30,000 crore to ₹40,000 crore band matters

The key takeaway from the provided figures is the emergence of a new bracket for mega listings. Hyundai’s ₹27,859 crore issue already pushed India’s IPO scale higher, and the reported numbers for Jio and NSE move the discussion into ₹30,000 crore-plus territory.

Another notable point is the range framing around Jio, with the issue size being discussed between Rs 33,000 crore and Rs 40,000 crore and also referenced as $1 billion to $1 billion in different estimates. That range sets expectations for a deal large enough to reorder the historical leaderboard, even if it lands below the top end of reported targets.

Conclusion

Jio Platforms’ filed draft papers and its targeted ₹37,700 crore fundraise have put a new potential record in view for India’s IPO market. At the same time, NSE’s expected ₹30,000 crore offering is being positioned as another record challenger that could also overtake Hyundai Motor India’s ₹27,859 crore benchmark. The next definitive milestones will be the final issue sizes and timelines disclosed through regulatory and offer documents as the deals move closer to market.