Reliance Jio and the National Stock Exchange are both expected to file their Draft Red Herring Prospectuses with SEBI this week, according to multiple media reports. If both filings proceed, India could be looking at two of its biggest proposed IPOs of 2026, with a combined issue size of roughly ₹50,000 crore, potentially the most significant primary-market moment of the year.
Neither DRHP has been confirmed on SEBI’s public issues portal as of June 17, 2026. All details below are reported and expected until official filings appear.
Key Takeaways
- Reliance Jio is reportedly preparing to file its Draft Red Herring Prospectus (DRHP) before or around Reliance Industries’ June 19 AGM, with the IPO size estimated at $4 billion (₹33,000–40,000 crore).
- NSE is also expected to file its draft papers this week for a pure Offer for Sale (OFS) worth ₹22,000–23,000 crore, meaning the exchange itself will not receive any fresh capital.
- Together, the two proposed offerings could bring nearly ₹50,000 crore of large-cap supply to India’s primary market, making them among the biggest capital market events of the year.
- If Reliance Jio’s issue exceeds $3.3 billion, it would surpass Hyundai Motor India’s 2024 IPO to become the largest IPO in Indian market history.
- NSE’s IPO path was effectively cleared in January 2026, when SEBI granted a formal No-Objection Certificate (NOC), ending a regulatory overhang that had persisted since the co-location controversy.
- India’s mainboard IPO market has remained subdued, with proceeds running about 39% below year-ago levels, according to Prime Database data cited in media reports. The expected Jio and NSE filings are being viewed as potential catalysts for reviving investor confidence and primary market activity.
Check Live: Reliance Industries (RIL) Option Chain: Call/Put Price, Lot Size
Why This Week Is the Primary Market’s Biggest Test of 2026
India’s IPO market has struggled through most of 2026. Mainboard proceeds are down roughly 39% year-on-year. The share of mainboard IPOs receiving strong retail subscription fell to 39.4% in FY26 from 58.2% in FY25. Nearly 46% of FY26 mainboard listings were trading below issue price as of April-end, per Prime Database analysis cited in Business Standard.
A simultaneous DRHP filing from two of India’s most closely watched issuers would not just add large-cap supply, it would signal that conditions are stable enough to formally begin the listing process. That alone shifts sentiment.
Jio IPO: What Is Reported and What to Watch
Reliance Jio is reportedly expected to file its DRHP with SEBI ahead of the Reliance Industries 49th AGM on June 19, 2026. Mukesh Ambani had committed at the 48th AGM in August 2025 that Jio would list in H1 2026, a deadline that has since been missed. The AGM on Friday is now the next key milestone for listing clarity.
The proposed IPO is reportedly expected to be a 100% fresh issue after Reliance shifted away from an OFS structure following pricing disagreements with existing investors, including Meta, Google, KKR, and Silver Lake. Under a fresh issue, all IPO proceeds go directly into Jio’s business, reportedly for debt repayment and AI infrastructure and network expansion.
The revised public-float framework, notified by the Ministry of Finance in March 2026, allows companies with a post-issue market cap above ₹5 lakh crore to list with 2.5% dilution. This was the critical regulatory unlock for an issuer of Jio’s scale.
Elara Capital, in a pre-filing note dated June 10, 2026, valued Reliance Jio Infocomm at ₹12–13 lakh crore based on 13x FY28E EV/EBITDA, projecting 11% revenue CAGR and 14% EBITDA CAGR over FY26–29. Final valuation will only be confirmed in the DRHP.
Also Read: RIL AGM 2026 on June 19: Date, Time, Jio IPO, and 4 Things Investors Should Watch
Jio IPO — Key Parameters (All Reported, Pending DRHP)
| Parameter | Detail |
|---|---|
| Issue Structure | Reportedly 100% fresh issue |
| Expected Issue Size | Approximately ₹33,000–40,000 crore (~$4 billion) |
| Analyst Valuation Estimate | ₹12–13 lakh crore (Elara Capital, June 10, 2026) |
| Minimum Public Float Requirement | 2.5% under revised Ministry of Finance public-float norms (March 2026) |
| Benchmark to Beat | Hyundai Motor India IPO—$3.3 billion (current largest IPO in India) |
| Final Timeline | To be confirmed following DRHP filing and SEBI observations |
NSE IPO: A Decade-Long Wait at the Final Step
NSE’s story is structurally different. This is a market infrastructure listing, not a consumer-tech play.
NSE dominates India’s cash equity and derivatives trading ecosystem, making its IPO one of the most consequential market-infrastructure listings the country has seen.
NSE’s board approved the IPO on February 6, 2026, following SEBI’s formal no-objection certificate issued in January 2026.
This cleared a regulatory freeze dating back to 2016, when the co-location controversy first halted listing plans. NSE had filed a ₹1,387.39 crore settlement with SEBI in June 2025, one of the largest settlements reported with SEBI, to resolve the co-location and dark fibre cases.
The proposed IPO is structured entirely as an offer for sale. No fresh capital will be raised by the exchange. Existing shareholders are expected to dilute approximately 4–4.5% of their combined stake.
The issue size is expected in the range of ₹22,000–23,000 crore, implying a market valuation of ₹4.7–6 lakh crore.
NSE reported Q4 FY26 consolidated PAT of ₹2,871 crore, up 8% year-on-year. Revenue from operations rose 32% to ₹4,968 crore, while total income rose 22% to ₹5,360 crore versus ₹4,397 crore in Q4 FY25.
The full-year FY26 PAT came in at ₹10,302 crore, down approximately 15%, primarily due to the SEBI co-location settlement charge, a one-time drag on earnings.
NSE has appointed approximately 20 Book Running Lead Managers including Kotak Mahindra Capital, JM Financial, Axis Capital, Morgan Stanley India, J.P. Morgan India, HSBC, Citigroup, ICICI Securities, and SBI Capital Markets.
NSE IPO — Key Parameters (All Reported, Pending DRHP)
| Parameter | Detail |
|---|---|
| Issue Structure | Pure OFS (Offer for Sale); no fresh capital will be raised by NSE |
| Expected Issue Size | ₹22,000–23,000 crore (approximately $2–2.5 billion) |
| Stake to be Diluted | Around 4–4.5% by existing shareholders |
| Implied Market Valuation | ₹4.7–6 lakh crore (based on grey market transactions and institutional share transfers) |
| Implied P/E vs Peers | Around 45x FY26E earnings versus BSE at ~70x and MCX at ~80x (market estimates) |
| Q4 FY26 PAT | ₹2,871 crore, up 8% YoY |
| Q4 FY26 Revenue from Operations | ₹4,968 crore, up 32% YoY |
| Q4 FY26 Total Income | ₹5,360 crore, up 22% YoY |
| Co-location Settlement | ₹1,387.39 crore; largest-ever SEBI settlement (June 2025) |
| SEBI NOC Received | January 2026 |
What Is Confirmed vs What Is Reported
| Point | Status |
|---|---|
| RIL AGM on June 19, 2026 | Confirmed — official RIL exchange filing |
| Mukesh Ambani’s H1 2026 listing commitment | Confirmed — stated at the 48th AGM (August 2025) |
| NSE board approval for IPO (February 6, 2026) | Confirmed — NSE official announcement |
| SEBI NOC to NSE (January 2026) | Confirmed — PTI report and NSE CEO statement |
| NSE Q4 FY26 PAT of ₹2,871 crore | Confirmed — NSE investor presentation (May 5, 2026) |
| Jio DRHP filing expected this week | Reported—Financial Times, Business Today and other media reports citing sources |
| Jio IPO as a 100% fresh issue | Reported—media reports; earlier Reuters report had indicated OFS before subsequent revisions |
| NSE DRHP expected by Friday | Reported — media reports citing a senior investment banker |
| NSE IPO via pure OFS | Reported — based on NSE board approval details and February 2026 reports |
| Jio and NSE DRHPs visible on SEBI portal | Not yet confirmed as of June 17, 2026 |
Bottom Line
A confirmed twin DRHP filing from Jio and NSE within days of each other would be the most consequential week for India’s primary capital markets in 2026.
Jio at a reported ₹12–13 lakh crore valuation would reshape India’s listed market cap rankings overnight. NSE’s listing would give public investors a direct stake in the infrastructure that dominates India’s cash equity and derivatives trading ecosystem.
Investors should wait for DRHPs to appear on SEBI’s public portal before treating any number. issue size, valuation, or price band—as final. Until then, watch the RIL AGM on June 19 closely. That is where the official narrative on Jio’s listing timeline is most likely to take shape.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. All IPO details are based on media reports and are subject to confirmation via official SEBI filings. Verify all data before making investment decisions.
