Jio Platforms IPO Vs NSE IPO: Size, GMP, Price, Valuation, Issue Type, Financials And Key Details Compared

Last Updated:June 22, 2026, 3:50 PM IST

While Jio Platforms is seeking to raise around Rs 37,700 crore through a fresh issue of shares, the NSE plans to mobilise about Rs 30,000 crore through an offer for sale (OFS).

Jio Platforms IPO Vs NSE IPO.

Jio Platforms IPO Vs NSE IPO: India’s primary market is set to witness two of the largest public offerings in its history later this year, with Jio Platforms and the National Stock Exchange (NSE) filing draft papers for their respective initial public offerings (IPOs).

While Jio Platforms is seeking to raise around Rs 37,700 crore through a fresh issue of shares, the NSE plans to mobilise about Rs 30,000 crore through an offer for sale (OFS). Both issues are expected to surpass Hyundai Motor India’s Rs 27,859-crore IPO launched in October 2024.

IPO Size

Jio Platforms’ proposed IPO is expected to raise about $4 billion, or nearly Rs 37,700 crore, making it the largest public issue in India’s history if completed at the planned size. The company is seeking a valuation of around $137 billion.

The NSE, meanwhile, is targeting an IPO size of about Rs 30,000 crore. Based on estimates cited in market reports, the issue could imply a market capitalisation of more than Rs 5 lakh crore for the exchange.

Nature Of The Issue

Jio Platforms plans to issue up to 27 crore new shares, representing around 2.9 per cent of its post-issue equity capital. The issue will therefore involve the creation of new shares and infusion of fresh capital into the company.

In contrast, the NSE IPO will be entirely an offer for sale. Existing shareholders will collectively divest nearly 14.89 crore shares, equivalent to around 6 per cent of the exchange’s equity. NSE itself will not receive any proceeds from the issue.

IPO Timeline

Both companies have filed their draft red herring prospectuses (DRHPs) and are awaiting regulatory review by the Securities and Exchange Board of India (Sebi).

While neither company has announced an official launch date, the two mega IPOs are expected to be listed around Diwali, according to reports. However, this is speculation, the actual timeline will be known later.

Price Band And Lot Size

Jio Platforms has not yet disclosed its IPO price band or lot size. Similarly, the NSE has not officially announced its pricing details. However, reports have suggested a possible issue price of around Rs 2,000 per share. The final price band and lot size will be disclosed closer to the launch.

Grey Market Premium

Since pricing details have not been finalised for either issue, grey market premium (GMP) estimates are not available for Jio Platforms or the NSE at present.

Company Background

Jio Platforms is the digital services arm of Reliance Industries and operates across telecom, broadband, enterprise services, cloud computing and digital technology businesses. The company has over 524 million telecom subscribers, including more than 268 million 5G users.

NSE is India’s largest stock exchange and one of the world’s leading derivatives exchanges. The exchange has about 1.8 lakh shareholders and plays a central role in India’s capital markets ecosystem.

Financial Performance

Jio Platforms reported revenue of Rs 1.47 lakh crore and profit after tax of around Rs 30,000 crore in FY26. The NSE reported a profit after tax of Rs 10,302 crore in FY26, compared with Rs 12,188 crore in FY25. Total income stood at Rs 18,713 crore during the fiscal year.

Use Of Proceeds

Jio Platforms intends to use the proceeds from the IPO primarily for debt repayment and general corporate purposes. According to the DRHP, up to Rs 27,500 crore may be utilised to prepay certain borrowings of Reliance Jio Infocomm Ltd (RJIL). As of March 31, 2026, Jio Platforms and its subsidiaries had outstanding borrowings of Rs 71,529 crore.

Since the NSE IPO is entirely an offer for sale, the exchange itself will not receive any funds from the public issue. The proceeds will go to the selling shareholders.

Shareholding And Investors

Reliance Industries currently holds 66.43 per cent of Jio Platforms. The company attracted more than $20 billion from global investors in 2020, including Meta, Google, KKR, Silver Lake, General Atlantic, Mubadala, ADIA, TPG and Saudi Arabia’s Public Investment Fund.

In NSE’s case, Life Insurance Corporation of India (LIC) remains the largest shareholder with a 10.72 per cent stake and will not sell any shares in the IPO. Other shareholders participating in the offer for sale include State Bank of India, Canada Pension Plan Investment Board, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India and several public sector insurers.

Regulatory Journey

Jio Platforms’ IPO process is moving through the standard Sebi review mechanism following the DRHP filing.

The NSE’s public listing has been significantly delayed. The exchange first filed draft papers in 2016, but regulatory concerns related to governance issues and the co-location case prevented approval. Following multiple compliance measures and settlement efforts, NSE has now revived its listing plans after obtaining regulatory clearances.

(Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

About the Author

Mohammad HarisDeputy News Editor (Business)

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalis…Read More

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