NSE and Jio IPO filings: two record deals in 2026

Two mega DRHP filings land in the same week

India’s primary market saw an unusual convergence in mid-June 2026, with two of the country’s most anticipated listings moving forward almost back-to-back. The National Stock Exchange (NSE) filed its draft prospectus with the Securities and Exchange Board of India (SEBI) on Wednesday, June 17, 2026. Jio Platforms, Reliance Industries’ digital and telecom arm, followed with its own draft red herring prospectus (DRHP) on Friday, around the time of Reliance’s annual shareholder meeting.

The combined scale is what stands out. Estimates in the reports place NSE’s IPO around the ₹29,780 crore to ₹30,000 crore range, while Jio’s issue is discussed in a much broader band that runs from roughly $1 billion to $1 billion, with rupee estimates quoted up to about ₹37,700 crore. Both filings now enter SEBI’s review process, which the reports describe as typically taking 30 to 90 days, and also cite as 30 to 75 days in some references.

NSE: long-delayed listing, now formally filed

NSE’s filing is framed as the end of a decade-long regulatory wait. One report says SEBI issued NSE a no-objection certificate on January 30, 2026, followed by NSE board approval on February 6, 2026, before the DRHP filing was confirmed on June 17, 2026.

In the unlisted market, grey-market prices of around ₹2,000 per share were cited to estimate the IPO size at roughly ₹29,780 crore (described as “$1 billion-plus”) and to value NSE at over ₹5 trillion (about ₹5,00,000 crore). At those levels, the issue would exceed Hyundai Motor India’s ₹27,859 crore public issue, which opened for subscription between October 15 and October 17, 2024 and listed on October 22, 2024.

A key difference: what the IPO money is for

A central contrast in the reports is the purpose and flow of funds. For Jio Platforms, the draft papers were described as a fresh issue, with most of the roughly $1 billion to $1 billion raised earmarked to cut debt. The filings were also described as having no offer-for-sale (OFS) by existing investors.

For NSE, however, the structure is presented inconsistently across the information provided. One passage describes the NSE offering as entirely a fresh issue of 270 million equity shares with a ₹10 face value, with no existing investor selling shares. Another passage describes the NSE IPO as entirely an offer for sale, with approximately 148.9 million equity shares (nearly 6% of outstanding equity capital) to be sold by existing shareholders, with NSE receiving no proceeds. The key takeaway for readers is that, regardless of structure, the filings indicate two very different equity stories arriving at the same time: exchange infrastructure versus a telecom and digital platform.

Jio Platforms: size estimates, dilution math, and listing plans

Jio Platforms’ IPO size is discussed through multiple estimates. Bankers were cited estimating the issue could raise as much as $1 billion (around ₹37,000 crore), and another report put $1 billion at roughly ₹37,700 crore. Even at around $1 billion, the listing is described as likely to surpass Hyundai Motor India’s record issue.

Separately, a set of estimates described the combined proceeds implied by the filings as roughly ₹32,000 to ₹35,000 crore, adding that SEBI rules cap how much of the proceeds can be allocated to general corporate purposes. Based on that, the final issue size was described as likely to exceed NSE’s, positioning Jio to be India’s largest-ever IPO.

The reports also said shares are expected to list on both NSE and BSE. A headline reference noted that Google and Meta are among key investors in Jio Platforms.

What valuation benchmarks are being cited for Jio

On valuation, analysts at Morgan Stanley and Citi Research were cited pegging Jio Platforms at $133 billion, based on a 13x multiple on estimated FY27 enterprise value to EBITDA. Another passage said investment banks estimate Jio’s post-IPO valuation in a $133 billion to $180 billion range, while a separate reference discussed a $130 billion to $170 billion valuation band.

One estimate linked the potential IPO size to dilution: at around 2.5% dilution on a valuation of $130 billion to $170 billion, the IPO size was expected around ₹33,000 crore to ₹38,000 crore. The reports also noted that neither issue has a confirmed price band yet.

Record-book comparisons: Hyundai, and even SpaceX

The reporting repeatedly anchors the “largest ever” claim against Hyundai Motor India’s ₹27,859 crore IPO. NSE’s issue is positioned as a contender to beat that benchmark on size, while Jio is positioned as likely to move past NSE.

One reference went beyond India, stating that if Jio’s IPO lands at the cited ₹32,000 to ₹35,000 crore range on the valuation framework mentioned, it would “dwarf” SpaceX’s record-setting $15 billion listing from the previous week, as described in the same context.

Key numbers at a glance

Why this matters for India’s IPO market

Two mega filings in the same week are presented as unusual for India, where large listings typically arrive one at a time. The reports also note that this year’s IPO market has “struggled for momentum,” and that the pairing of Jio Platforms with NSE could reshape attention and flows in the primary market.

At the same time, the filings highlight how different “mega IPOs” can be for investors. One is the exchange at the centre of India’s equity market plumbing, arriving after years of delay and regulatory steps. The other is a consumer-facing telecom and digital platform from Reliance, with use-of-proceeds linked in reports to deleveraging and with global technology investors referenced among its backers.

What happens next: the SEBI observation process

Both IPOs now move into SEBI’s formal review track. The reports describe this period as typically 30 to 90 days, with another reference citing 30 to 75 days before an observation letter is issued. Either way, the filings are presented as the beginning of the regulatory process rather than a signal that subscription dates are imminent.

The next milestones to watch, based on what is stated, are SEBI’s observations, any updates to issue structure and pricing, and eventual announcements of offer dates once the review is completed.