Reliance Jio and NSE Prepare to File for Record IPOs Worth $6 Billion

Reliance Jio and the National Stock Exchange are preparing to file draft prospectuses with India's securities regulator SEBI this week, marking a major milestone for India's capital markets. The two companies are expected to raise approximately $6 billion combined, with Reliance Jio's offering potentially reaching $4 billion, which would make it India's largest initial public offering on record, surpassing Hyundai Motor India's previous record of $3.3 billion.

The timing comes as Reliance Industries' chairman Mukesh Ambani previously announced plans to list Jio in the first half of 2026, though that deadline now appears unlikely to be met. The IPO structure has undergone significant changes, shifting from an offer-for-sale to a fresh issue following disagreements with existing investors regarding pricing. The National Stock Exchange's IPO, which may be filed by Friday, could be structured as an offer-for-sale, with NSE shares currently trading in unlisted markets at approximately ₹1,950-2,050, valuing the company at around ₹5 lakh crore.

Despite the ambitious plans, both companies face headwinds from broader market conditions. India's IPO market has experienced a slowdown this year, with only 23 companies raising ₹27,000 crore from primary markets through June. Reliance Industries itself has faced significant challenges, with its share price declining approximately 15% over the year and net profit falling 13% in the March quarter, partly attributed to the ongoing crisis in West Asia affecting the company's refining business. Nevertheless, industry analysts view the dual listings as potentially transformative for India's capital markets and a sign of recovery in IPO activity during the second half of 2026.