India's financial markets are gearing up for two of the most significant initial public offerings (IPOs) in recent history, both slated for 2026: the National Stock Exchange of India (NSE) and Reliance Jio. While NSE's proposed IPO currently holds the record for the largest issue size, estimates suggest that Reliance Jio's offering could soon claim the top spot, reshaping the landscape of Indian public markets.
NSE's Landmark Offering: Details and Scale
The National Stock Exchange, recognized as India's largest stock exchange by trading volume and the world's largest derivatives exchange by contracts traded, has filed its Draft Red Herring Prospectus (DRHP) with SEBI. The NSE IPO is pegged at an impressive Rs 30,000 crore, indicating a market capitalization exceeding Rs 5 lakh crore. The exchange boasts approximately 1.8 lakh shareholders.
Driving this significant valuation, NSE's revenue more than doubled between April 2019 and April 2026, reaching around Rs 18,700 crore. This growth has been primarily fueled by a robust increase in options trading, highlighting the exchange's pivotal role in India's financial ecosystem.
Reliance Jio's Potential Market Debut
Mukesh Ambani's Reliance Jio, India's largest telecom operator, is also expected to launch its IPO in 2026. According to a Reuters report from January 2026, citing informed sources, the Jio IPO could be valued at as much as $4 billion. At current exchange rates, this would translate to approximately Rs 37,776 crore, a figure that could potentially surpass NSE's offering.
While the final issue size will be determined closer to the offering date, investment bank Jefferies had valued Reliance Jio at $180 billion in November of the previous year, underscoring the immense scale and market interest surrounding the telecom giant's public debut.
The Race for India's Largest IPO
Currently, the NSE IPO stands as the largest by issue size to date in India. However, the anticipated share sale from Reliance Jio presents a strong challenger for this title. If Jio's offering materializes at the estimated $4 billion, it would not only surpass NSE but also set a new benchmark for public listings in the country.
This impending competition between two market titans reflects the growing maturity and scale of India's capital markets, attracting significant domestic and international investor attention.
Other Major Indian IPOs for Context
- Hyundai Motor India IPO: With an issue size of Rs 27,858 crore, this offering was open between October 15-17, 2024. Despite an initial discount on listing, shares have since recovered.
- LIC IPO: The Life Insurance Corporation of India's IPO, valued at Rs 20,557 crore, opened from May 4-9, 2022. It listed at a discount and has traded significantly below its debut price.
- Paytm IPO: The fintech major's Rs 18,300 crore IPO was available from November 8-10, 2021. Paytm experienced a weak debut and has seen its stock fall substantially since listing.
- Tata Capital IPO: This Rs 15,511 crore IPO was open from October 6-8, 2025, listing with a modest gain that proved short-lived.