Jio, NSE, SBI MF IPOs Set Up Biggest Listing Wave of 2026

India’s primary market received its biggest dual filing event in a decade within 48 hours. NSE submitted its DRHP with SEBI on June 17, 2026, and Jio Platforms followed on June 19, together targeting over ₹65,000 crore. Add SBI Mutual Fund, which already has SEBI’s green light for a ₹11,000–13,000 crore issue opening in the first week of July, and the H2 2026 IPO pipeline is stacking up to an estimated ₹75,000+ crore in marquee fundraising alone.

Jio Platforms: India’s Largest-Ever Fresh Issue

The Jio DRHP was filed just hours after the board approved the document, on the same day as Reliance’s 49th Annual General Meeting. The structure is unusual for a listing of this scale: the IPO is a 100% fresh issue, meaning every rupee raised goes into the business rather than to selling shareholders.

Up to ₹27,500 crore from net proceeds will be used for prepayment of borrowings at Reliance Jio Infocomm Limited (RJIL), its material subsidiary, with the balance earmarked for network expansion, AI infrastructure, and digital services.

The financials back the story. For FY26, Jio reported revenue from operations of ₹1,46,885 crore, up 14.6% year-on-year, and net profit of ₹30,049 crore, up 15.1%. EBITDA margins expanded to 51.9% from 50.1%.

Investment bankers have proposed valuations ranging from $130 billion to $170 billion, which at the upper end would make Jio the second or third most valuable listed company in India the moment it hits the exchanges, above Bharti Airtel and below only Reliance Industries itself.

SEBI review typically takes 30–75 days from filing, putting the realistic subscription window at August–October 2026.

Also Read: Jio DRHP Filed for ₹35,000 Cr IPO: Why RIL Shareholders May Not Get a Windfall

NSE: A Decade in the Making, But Read the Financials

NSE filed its DRHP on June 17, 2026, nearly a decade after its original listing plans were put on hold, this time after settling the co-location controversy with a ₹1,300 crore payment to SEBI in January 2026.

The issue is estimated at ₹30,000 crore, which would surpass Hyundai Motor India’s ₹27,859 crore record. It is structured entirely as an OFS, NSE receives nothing.

What stood out was LIC’s decision: as the largest single shareholder with a 10.72% stake, LIC chose not to sell a single share, signalling conviction that the post-listing re-rating is worth more than the cash today. Radhakishan Damani, with a 1.58% stake, made the same call independently.

Investors should note the FY26 financial picture is not straightforward. Revenue from operations declined 3.1% year-on-year to ₹16,601 crore, and profit fell 15.5% to ₹10,302 crore, largely a consequence of SEBI’s F&O market tightening measures through 2025–26.

The exchange’s dominance is structural (93% cash market share, 99.79% equity futures), but investors are buying into a regulatory environment that directly affects its top line.

SBI Mutual Fund: Closest to Launch

SBI Funds Management has received SEBI’s final observations and is expected to file its red herring prospectus and disclose the price band around July 2–3, 2026. The issue is a pure OFS of up to 20.37 crore shares by SBI and Amundi, no fresh capital to the AMC.

At a targeted valuation of ₹1.3 lakh crore, SBI MF would trade at roughly 51x on current earnings, a premium even to HDFC AMC’s 45–50x range. Whether that multiple holds on listing day is the key question.

IPO Pipeline at a Glance

The Less Obvious Risk

The Jio and NSE DRHPs were filed within 48 hours of each other. If both receive SEBI observations on a similar timeline, 30–75 days each, subscription windows for two ₹30,000+ crore issues could collide in a 2–3 week band in August or September.

Against that backdrop, 2026 is being described as a recalibration year, with investors expected to prioritise strong fundamentals, profitability, and low capital-burn profiles.

Concurrent mega-issues competing for the same institutional allocation pool is a scenario Indian primary markets have not seen at this scale.

Track live subscription data and GMP movement on the NiftyTrader IPO Calendar.

FAQs

Q. When will the Jio Platforms IPO open for subscription?

No dates announced yet. SEBI’s standard review takes 30–75 days from the June 19 DRHP filing. The realistic subscription window is August–October 2026. Price band will be disclosed only after SEBI issues its observations and Jio files the final Red Herring Prospectus.

Q. Is the NSE IPO a good investment given its declining profits?

NSE’s FY26 net profit fell 15.5% to ₹10,302 crore; revenue declined 3.1% to ₹16,601 crore, driven by SEBI’s F&O tightening cycle. The issue is entirely an OFS, so no fresh capital goes to the company. The bull case is structural dominance (93% cash market, 99.79% futures share). The bear case is regulatory exposure. Final pricing determines value.

Q. Can existing Reliance shareholders get a separate quota in the Jio IPO?

Yes. The DRHP confirms a shareholder reservation category. Investors holding at least one RIL share in their demat account on the official record date (to be announced) qualify. This is a separate allocation pool from the general retail category, statistically a better route for allotment given expected oversubscription.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investments in securities markets are subject to market risk. Read all related offer documents carefully before investing. SEBI registration details as applicable.