One runs India’s largest stock exchange, while the other reshaped the country’s mobile data and digital consumption landscape. Neither company is listed yet, but both have recently filed their Draft Red Herring Prospectuses (DRHPs) with SEBI, which is the first formal step toward an IPO.
However, a DRHP filing does not mean the IPO is imminent. SEBI will first examine the documents, ask for clarifications if necessary, and then issue its observations. Only after this process is complete will the companies move ahead with their public offerings and announce listing timelines.
Even so, investor interest has already started building. Discussions around valuations are increasing, social media chatter is growing, and retail investors are beginning to estimate possible listing gains.
This interest is not hard to understand.
National Stock Exchange of India has been expected to go public for years, with regulatory delays pushing back its listing plans. Its IPO is expected to be an Offer for Sale, meaning existing shareholders will sell their stakes and the company itself will not receive new funds. Based on unlisted market valuations, the issue size could be around ₹28,000–₹30,000 crore.
Jio Platforms is expected to follow a different structure. It is likely to include a large fresh issue, meaning most of the money raised will go to the company for expansion and investment. Estimates suggest it could raise between ₹35,000–₹40,000 crore, potentially becoming India’s biggest IPO.
Both companies are strong financially. NSE continues to dominate the derivatives market and has reported profits of over ₹10,000 crore in FY26. Jio Platforms, meanwhile, recorded revenues of around ₹1.5 lakh crore and profits exceeding ₹30,000 crore in the same period.
India’s recent IPO boom shows that strong listing demand does not always translate into long-term gains. In 2025, despite record fundraising and heavy oversubscription, median listing gains were modest, and many stocks later fell below their listing prices.
Experts say IPO excitement is often driven by grey market premiums, oversubscription figures, and short-term sentiment rather than a deep understanding of business fundamentals. Grey market premiums indicate unofficial expectations of listing gains, but they do not guarantee post-listing performance.
A key difference between the two IPOs lies in their structure. NSE’s issue is mainly an Offer for Sale, where existing investors exit, while Jio’s is largely a fresh issue aimed at raising growth capital. This creates different implications for investors in each case.
National Stock Exchange of India represents exposure to India’s capital markets infrastructure, while Jio Platforms represents exposure to the country’s expanding digital economy.
Market experts caution that IPO investing is often mistaken for quick profit-making, whereas actual outcomes depend on valuations and long-term performance. Listing-day price movements reflect initial excitement, but real value is determined over time as earnings and fundamentals become clear.
Ultimately, allotment is only the first step. Whether the investment works out depends on how the business performs in the years after listing.
