Reliance Jio and NSE compete for India’s biggest IPO

Reliance Jio, part of the Reliance Group, is preparing a draft red herring prospectus (DRHP) for an IPO that could issue about 27 crore new shares and raise roughly ₹37,700 crore. If launched in the first half of 2026, the offering would likely become the largest public issue in Indian market history, potentially pushing Jio’s market capitalization past ₹5 lakh crore.

The National Stock Exchange (NSE) is also filing a DRHP for its own public issue, targeting an raise of around ₹30,000 crore. The exchange’s IPO would represent the biggest offering by a market‑infrastructure firm and would add to the overall pool of capital seeking investors.

Both entities are awaiting SEBI’s approval and expect strong investor interest, as the size of the issues could boost market liquidity and attract foreign investment. Analysts note that successful listings would be a significant wealth‑creation opportunity for retail and institutional investors alike.