After a year marked by geopolitical tensions, volatile crude oil prices, foreign investor outflows and a slowdown in public issues, India’s IPO market may finally be getting its biggest moment.
In the space of just two days, two of the country’s most anticipated listings moved a step closer to reality.
On Wednesday, the National Stock Exchange (NSE) filed its draft red herring prospectus (DRHP) after nearly a decade of regulatory hurdles and delays.
A day later, at the company’s 49th Annual General Meeting that Jio Platforms’ draft prospectus had been approved and would be filed with Sebi.
The developments set the stage for what could become two of the biggest IPOs India has ever seen.
But while both are mega listings, the similarities largely end there.
One is India’s largest stock exchange and sits at the heart of the country’s financial markets. The other is India’s biggest telecom and digital services company that transformed how millions of Indians access the internet.
Together, they represent two of the biggest themes shaping India’s economy today: financialisation and digitalisation.
The first difference is the structure.
NSE’s proposed IPO is entirely an Offer for Sale (OFS). , or about 6% of the company’s equity. The exchange itself will not raise fresh capital.
Vincent K A, Senior Research Analyst, Geojit Investments Limited, said, “NSE’s IPO is expected to attract strong investor interest, supported by its dominant market position, robust profitability, and direct exposure to the long-term growth of India’s capital markets.
At current unlisted market valuations, the issue could be worth around Rs 28,000-30,000 crore and value NSE at roughly Rs 5 lakh crore.
Jio’s IPO, on the other hand, will with a face value of Rs 10 each, according to the filing approved by the board.
Market participants expect Jio’s IPO to be worth around $4 billion, or over Rs 34,000 crore, making it potentially larger than the NSE offering.
The two companies operate in completely different worlds.
NSE runs India’s largest stock exchange and is also the world’s biggest derivatives exchange by trading volume. Every day, billions of rupees worth of shares, derivatives and other securities are traded on its platforms.
Its fortunes are closely linked to India’s growing investing culture. More investors, more trading activity and more IPOs generally translate into higher revenues.
“The recent moderation in financial performance—impacted by lower trading activity, particularly in derivatives amid regulatory changes, and elevated operating expenses from technology investments and one-off SEBI settlement charges—is likely to normalise over time. The relative positioning in valuations compared to BSE can be influenced by the latter’s stronger recent growth trajectory, which may moderate over time,” said Vincent.
Jio, meanwhile, is a telecom and technology giant.
Since its launch in 2016, the company has disrupted India’s telecom sector, driven a sharp fall in data prices and built a subscriber base of more than 500 million users. It has also expanded into broadband, enterprise services, cloud computing, artificial intelligence and digital platforms.
If NSE is a bet on India’s capital markets, Jio is a bet on India’s digital future.
Another major difference lies in what investors are buying.
NSE is already a highly profitable business.
For FY26, the exchange reported total income of about Rs 18,700 crore and net profit of over Rs 10,300 crore. Its profit margins are among the highest seen in corporate India.
Investors looking at NSE are largely buying into a mature, cash-generating business that dominates its sector.
Jio offers a different proposition.
While it is already a market leader, investors are likely to focus on future growth opportunities in areas such as artificial intelligence, cloud infrastructure, enterprise services, data centres and digital commerce.
In many ways, NSE is a play on stability and market dominance, while Jio is a play on long-term digital growth.
The shareholder mix also differs significantly.
NSE’s IPO will provide an exit route to several long-term investors. Among those selling shares are State Bank of India, Bank of Baroda, Temasek, Canada Pension Plan Investment Board and other institutional investors.
In Jio’s case, the listing is not about giving existing investors an exit.
Instead, the fresh issue structure means the company itself will raise money while opening its doors to public shareholders. Jio’s existing investors include Meta, Alphabet, KKR, Silver Lake, Mubadala, ADIA and Saudi Arabia’s Public Investment Fund.
The answer depends on how you measure it.
In terms of issue size, Jio is expected to have the edge.
In terms of valuation, both companies are expected to be valued in the range of Rs 5 lakh crore or more, placing them among India’s most valuable listed companies.
NSE’s valuation is estimated at around $55-57 billion based on unlisted market prices, while analysts estimate Jio’s valuation at around $65-70 billion.
“Overall, the IPO appears more compelling as a long-term investment opportunity, benefiting from India’s ongoing financialisation, rather than a short-term gains play,” said Vincent KA.
Either way, both companies would rank among India’s corporate heavyweights.
Perhaps the most interesting comparison is not about valuations or issue sizes.
It is about what these companies represent.
NSE tells the story of how Indians embraced stock markets, SIPs, demat accounts and equity investing. The exchange has been one of the biggest beneficiaries of India’s financialisation journey.
Jio tells the story of how affordable mobile data changed India. From streaming videos and making digital payments to running businesses online, much of India’s digital economy has been built on the foundation created by Jio’s telecom network.
One company reflects India’s investing boom. The other reflects India’s digital revolution.
For months, India’s IPO market has lacked a defining story.
Now it has two.
And if both listings proceed as expected, 2026 may be remembered as the year India’s two most-awaited IPOs finally arrived on Dalal Street.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)