Jio Platforms and the National Stock Exchange of India are preparing for initial public offerings that could rank among the country’s largest listings. Both companies filed draft prospectuses with India’s market regulator in June 2026, although their final launch dates and issue prices have not been confirmed.
Jio could raise about $4 billion at an estimated valuation of between $120 billion and $160 billion. Its draft filing proposes a fresh issue of up to 270 million shares, meaning the proceeds would go to the company rather than existing investors selling their holdings.
NSE’s offering consists of up to 148.9 million shares, equal to about 6% of its equity, sold by existing shareholders. Estimates place the issue at around $3.3 billion and value the exchange at approximately $55 billion to $57 billion.
Jio Reflects India’s Rapid Digital Expansion
Jio entered India’s telecommunications market in 2016 with low-cost mobile data, contributing to an industry consolidation that left Jio and Bharti Airtel as the two largest operators. Its network now serves more than 500 million subscribers who use mobile data for payments, entertainment, shopping and communication.
India’s internet user base has grown from about 200 million a decade ago to nearly one billion. The country’s Unified Payments Interface also processed 228 billion transactions in 2025, while paid subscriptions to streaming platforms increased by 40% between 2019 and 2026.
Jio is now positioning itself as a digital and AI infrastructure provider rather than only a telecom operator. It has formed partnerships with companies including Nvidia and Meta to work on data centres, AI systems and language models designed for Indian users.
Details of the proposed listing are available through Jio’s investor relations portal and its filing on the Securities and Exchange Board of India’s public issues page.
NSE Listing Follows Years of Regulatory Delays
The National Stock Exchange operates the main infrastructure supporting India’s roughly $4.85 trillion stock market. It ranks as the world’s largest derivatives exchange and among its largest equity markets by trading volume.
NSE’s growth has followed a sharp rise in retail investing, supported by cheaper mobile data and easier access to online brokerages. The number of Indian trading accounts has increased from around 30 million to more than 200 million since the pandemic period.
The exchange reported total income of 187 billion rupees and net profit of 103.02 billion rupees for the financial year ending March 2026. Its listing has been delayed for years by governance and regulatory disputes, with SEBI only recently allowing the process to proceed.
The success of both offerings will depend partly on their final pricing. Indian stocks have faced foreign investor outflows, currency weakness and mixed returns from several large IPOs, making valuation a central consideration for domestic and international investors.
Featured image credits: Wikimedia Commons
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