India’s primary market is set to witness two of its biggest public offerings as Jio Platforms and the National Stock Exchange (NSE) move ahead with their much-awaited IPO plans.
Jio Platforms, the digital services arm of, filed its (DRHP) on Friday for an IPO that could raise around $4 billion (approximately ₹37,700 crore), making it the largest public issue in Indian market history. The proposed issue comprises a fresh issue of up to 27 crore equity shares, representing about 2.9% of the company’s post-issue equity capital, and values Jio Platforms at nearly $137 billion.
Meanwhile, NSE, India’s largest stock exchange, filed its DRHP with the market regulator, SEBI, on 17 June, for an IPO estimated at around ₹30,000 crore. Unlike Jio, the NSE issue is entirely an offer-for-sale (), involving the sale of up to 14.89 crore equity shares, or nearly 6% of its paid-up equity capital. As a result, the exchange itself will not receive any proceeds from the offering, with all funds accruing to existing shareholders.
Together, the two marquee listings are expected to reshape India’s primary market landscape and rank among the largest capital market events in the country’s history.
However, the proposed of Jio Platforms and the NSE are expected to raise tens of thousands of crores. Their sheer size has reignited concerns over whether such mega issues could divert liquidity away from the secondary market and create short-term pressure on equities. However, market participants believe the risk of a major liquidity shock is significantly lower this time, thanks to recent regulatory changes introduced by SEBI.
Can NSE IPO, Jio IPO drain liquidity from secondary markets?
Mohit Gulati, CIO and Managing Partner at ITI Growth Opportunities Fund, believes concerns about a liquidity squeeze from the upcoming NSE and Jio IPOs are misplaced.
“The liquidity drain narrative is based on an outdated framework,” Gulati said. Drawing parallels with global market behaviour around marquee listings such as SpaceX, he noted that high-quality assets tend to create their own demand rather than crowding out existing investments. According to him, NSE and Jio are ‘generational listings’ that are likely to attract fresh pools of capital rather than force investors to liquidate existing holdings.
Gulati argued that capital in a bull market is directional rather than finite. Domestic mutual funds, insurance companies, high-net-worth investors and global allocators are likely to deploy incremental capital into these offerings. However, he believes the listings could trigger a shift in market attention and valuations, particularly away from sectors that have struggled to maintain investor interest. He pointed to the IT sector, which has faced narrative challenges over the past 18 months, suggesting that the arrival of two large, high-growth, domestic-focused companies could accelerate an ongoing rotation in market leadership.
Hemant Sood, Managing Director, Findoc, drew a distinction between the two offerings. He noted that NSE’s proposed ₹30,000-crore issue is entirely an offer for sale (OFS), meaning funds will simply move from new investors to existing shareholders without resulting in a net liquidity outflow from the market.
Jio’s issue, on the other hand, includes a fresh equity component, with a significant portion of the proceeds earmarked for debt repayment. While this could temporarily withdraw liquidity from the system, Sood said the impact is unlikely to be structural.
He highlighted that monthly SIP inflows alone stood at nearly ₹31,000 crore in May, providing sufficient depth to absorb both offerings. The only potential pressure point, he added, could be the temporary blocking of application money during the subscription period.
Navy Vijay Ramavat, Managing Director, Indira Securities, echoed a similar view, saying that while large IPOs such as NSE and Jio Platforms may temporarily divert capital from the secondary market, the Indian stock market is now supported by a much stronger domestic investor base than in previous cycles.
According to Ramavat, any liquidity impact is likely to be short-lived and limited to sectoral reallocations as investors free up cash for marquee primary market opportunities.
He added that successful large-scale IPOs ultimately benefit the broader market by expanding the investable universe, improving participation levels and strengthening investor confidence in Indian capital markets.
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