By ipomarket.in Editorial Team · Last reviewed: 2026-10-05
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
India's primary market has rarely seen two names of this weight line up so close together. The National Stock Exchange (NSE) completed its public listing in September 2026, and Reliance's Jio Platforms is now cleared to follow with what would be the country's largest-ever IPO. One is already a listed, traded reality; the other is an approved issue awaiting its dates. This piece compares the two on structure, scale and what each says about the market, without recommending any action.
NSE: the listing that is already done
The NSE IPO opened on September 17, 2026 and closed on September 21, 2026, with shares listing on the BSE on September 24, 2026. The issue size was ₹22,561.57 crore, structured entirely as an Offer for Sale (OFS) with no fresh issue component. In an OFS, existing shareholders sell their stock and the company itself receives none of the proceeds, so the raise is about providing an exit and price discovery rather than funding the business.
The price band was set at ₹1,700 to ₹1,785 per share. Demand was strong: the issue was subscribed 5.7 times, securing bids for 505.81 million shares against 88.64 million shares on offer. According to CNBC, total bids crossed the equivalent of $10 billion against a $2.3 billion offering. NSE also raised ₹67.5 billion (around $704 million) from anchor investors, a group that reportedly included Singapore's Monetary Authority, the Abu Dhabi Investment Authority and LIC.
At the top of its band, NSE sought a valuation of as much as ₹5.26 trillion (about $55 billion). That made it the country's biggest listing in 2026 and the second-largest ever, behind Hyundai Motor India's $3.3 billion IPO in 2024.
What underpins that valuation is NSE's position in India's market plumbing. It commands roughly 93% of the cash market and accounts for nearly 100% of equity futures trading. That near-monopoly in exchange infrastructure is both its biggest strength and, for some observers, a regulatory risk worth watching.
If you want to understand how subscription numbers like 5.7x are read across investor categories, our explainer on IPO subscription status by QIB, NII and retail breaks it down.
Jio Platforms: the approved giant waiting in the wings
Jio Platforms, the telecom and digital arm of Reliance Industries, is further back in the process but larger in ambition. It filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 19, 2026 and received SEBI approval on August 28, 2026.
The structure is the mirror image of NSE's. Jio's IPO is a 100% fresh issue of up to 27 crore (270 million) shares, with an expected issue size of approximately ₹37,700 crore. A fresh issue means the money raised goes to the company rather than to selling shareholders. Jio has earmarked net proceeds of ₹27,500 crore for repaying debt at its subsidiary RJIL, which is a meaningful use-of-proceeds disclosure for anyone reading the offer document.
On the business side, Jio Platforms had 500 million users as of June 2026, and its revenue increased by 16% for the financial year ending March 31, 2026 compared with the year ending March 31, 2025. Reliance first announced the IPO plans in August 2025, with the stated aim of listing in the first half of 2026. That timeline has clearly slipped, and the final IPO dates and price band are not yet disclosed.
If you are new to reading a DRHP, our guide on what a DRHP is and how to read it is a useful starting point before Jio's eventual red herring prospectus arrives.
NSE vs Jio: a side-by-side read
| Feature | NSE IPO | Jio Platforms IPO |
|---|---|---|
| Status | Listed Sep 24, 2026 | SEBI approved Aug 28, 2026 |
| Issue size | ₹22,561.57 crore | ~₹37,700 crore (expected) |
| Structure | 100% OFS | 100% fresh issue |
| Price band | ₹1,700–₹1,785 | Not yet disclosed |
| Subscription | 5.7x | Not yet open |
| Valuation sought | Up to ₹5.26 trillion ($55 billion) | Not yet disclosed |
The two tell different stories. NSE's OFS was about giving long-standing holders an exit at a full valuation while the company raised nothing new. Jio's fresh issue is about bringing capital into the company, with the bulk of it going to cut debt rather than to expansion on paper. Investors tend to weigh these differently: a fresh issue directly strengthens the balance sheet, while an OFS is neutral to the company's cash position.
Size is the other contrast. At roughly ₹37,700 crore, Jio's planned raise would comfortably exceed NSE's ₹22,561.57 crore and would rank as India's largest-ever IPO if it comes through at that scale. Whether demand matches ambition is unknown until the issue opens.
What the NSE response signals
NSE's 5.7x subscription and the bid total above $10 billion show that domestic and global institutional appetite for marquee Indian names remains deep. That is relevant context for Jio, but not a guarantee. The two are very different businesses: NSE is a cash-generating exchange with near-monopoly economics, while Jio is a capital-intensive telecom and digital platform carrying debt it intends to reduce with the proceeds.
Anchor participation from sovereign and institutional investors in the NSE deal also points to the kind of demand base a Jio issue might target. For a broader view of how the pipeline is shaping up, see our upcoming IPOs 2026 complete list.
Risks and open questions
For NSE, the dominant risk is regulatory. A single exchange holding 93% of the cash market and close to 100% of equity futures invites scrutiny, and any change in market-share dynamics or regulation would feed directly into its valuation case.
For Jio, the key uncertainties are simply unresolved: the final issue dates, price band and valuation are all not yet disclosed. The debt-repayment focus is a positive for balance-sheet health but means investors are buying into deleveraging as much as growth. Revenue growth of 16% in FY2026 is solid but should be read alongside the full financials in the eventual RHP.
FAQ
Is the Jio IPO open yet?
No. Jio Platforms received SEBI approval on August 28, 2026, but the IPO dates, price band and final valuation are not yet disclosed. Reliance had originally aimed to list in the first half of 2026, a target that has since passed.
How large is the Jio IPO compared with NSE's?
Jio's expected issue size is approximately ₹37,700 crore, larger than NSE's ₹22,561.57 crore. If it proceeds at that scale, Jio would be India's largest-ever IPO.
What is the difference between NSE's and Jio's IPO structures?
NSE's was 100% Offer for Sale, meaning existing shareholders sold and the company received no proceeds. Jio's is a 100% fresh issue of up to 27 crore shares, so the company itself raises the capital, with ₹27,500 crore earmarked for repaying RJIL's debt.
How did the NSE IPO perform in terms of demand?
The NSE IPO was subscribed 5.7 times, with bids for 505.81 million shares against 88.64 million on offer. Total bids exceeded $10 billion against a $2.3 billion offering, and it listed on the BSE on September 24, 2026.
Where can I track IPO details and allotment?
You can follow live IPO listings on our IPO section and check allotment once an issue closes on our allotment page.
Last reviewed: 2026-10-05 by the ipomarket.in Editorial Team.