India will soon see two massive IPOS. The National Stock Exchange and Jio Platforms filed their draft red herring prospectus documents with the market regulator. These two public issues can become the biggest corporate listings in the history of the Indian stock market.
NSE vs Jio IPOs – The Key Differences
The structures of these two public offerings are entirely unique. The National Stock Exchange public issue is completely an Offer for Sale. Long-term institutional investors like State Bank of India, Bank of Baroda, Temasek, and Canada Pension Plan Investment Board will sell their existing shares. The stock exchange will not receive any fresh money from this process.
Whereas, Jio Platforms will follow a different path. The telecom giant will issue 27 crore new equity shares with a face value of ₹10 each. The company will not include any Offer for Sale component in this public issue. All the gathered money will go directly to Jio Platforms to fund future business plans. This is the first public issue from the Reliance group since the year 2006.
Business Models and Market Valuation
Both companies represent different pillars of the Indian economy. The National Stock Exchange represents financial growth. It operates the largest derivatives exchange in the world by trading volume. The company reported a total income of around ₹18,700 crore and a net profit of over ₹10,300 crore for the financial year 2026.
Jio Platforms represents the digital growth of India. The company started its operations in the year 2016. It now has a user base of more than 500 million subscribers. The business expands into cloud computing, artificial intelligence, and digital data centers.
| Feature | National Stock Exchange (NSE) | Jio Platforms |
| Issue Type | 100% Offer for Sale (OFS) | 100% Fresh Issue (27 Crore Shares) |
| Expected Issue Size | ₹28,000 crore to ₹30,000 crore | Around ₹34,000 crore to ₹37,000 crore |
| Estimated Valuation | Around ₹5 lakh crore ($55-57 Billion) | Around ₹5.5 lakh crore ($65-70 Billion) |
| Core Business | Stock Market and Derivatives Trading | Telecom, Broadband, and AI Technology |
Jio Platforms will become the largest public issue in India if it achieves its target of raising up to ₹37,000 crore, it. The current record belongs to Hyundai Motor India.
Here is the list of the largest historical public offerings in India. The upcoming listings of Jio Platforms and the National Stock Exchange will likely change this leaderboard completely.
- Hyundai Motor India – ₹27,859 crore in October 2024 (Offer for Sale)
- LIC – The Indian government sold a portion of its stake in 2022 to raise ₹20,557 crore.
- Paytm – ₹18,300 crore in the year 2021.
- Tata Capital – ₹15,512 crore in the year 2025
- Coal India – ₹15,199 crore in the year 2010
Disclaimer – This article is for informational purposes only. It does not provide any financial advice or stock recommendations for investing.
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