NSE IPO Filing Sets Stage For One Of India’s Biggest Stock Market Debuts
The National Stock Exchange of India (NSE) has filed draft papers for its long-awaited stock market listing, paving the way for one of the country’s largest initial public offerings this year. The offering is expected to rank alongside the planned listing of Reliance Jio Platforms, which is also preparing for a major market debut.
Based on its share price in private markets, NSE’s IPO could be valued at around $3.3 billion. The issue will be structured entirely as an offer for sale, with existing shareholders selling 6% of the exchange’s equity. Consequently, the company itself will not raise any fresh capital through the offering.
NSE And Reliance Jio Prepare Landmark Listings
The NSE listing follows years of regulatory delays and is expected to attract significant investor interest due to the exchange’s dominant position in India’s capital markets.
Meanwhile, Reliance Jio Platforms, the telecommunications and technology arm of billionaire Mukesh Ambani’s Reliance group, is also advancing plans for a public offering. Market observers expect the listing to become the largest IPO in Indian history.
Sources told Reuters in January that Reliance Jio’s IPO could raise as much as $4 billion, although final fundraising figures have yet to be determined. In addition, investment bank Jefferies estimated the company’s valuation at $180 billion in November.
Like NSE, Reliance Jio is expected to pursue an offer-for-sale structure, allowing major shareholders to reduce their holdings without issuing new shares.
Hyundai Motor India Holds Current IPO Record
Before the expected listings of NSE and Reliance Jio, Hyundai Motor India remains the largest IPO in Indian history.
In October 2024, the company raised 278.7 billion rupees through a record-breaking public offering. The transaction involved Hyundai Motor’s South Korean parent selling a 17.5% stake in a pure offer-for-sale issue.
As a result, no new capital was raised by the company. The deal nevertheless marked a milestone for India’s equity markets and set a new benchmark for future listings.
LIC And Paytm Feature Among Major Listings
The Life Insurance Corporation of India (LIC) secured approximately 205 billion rupees through the sale of a 3.5% government stake. Although the fundraising was substantial, it fell well short of the government’s initial target of up to $12 billion.
However, the insurer’s shares struggled after listing and declined nearly 8% on their market debut.
Paytm also completed one of India’s largest IPOs in November 2021, raising 183 billion rupees through a combination of fresh shares and an offer for sale. Major investors, including Ant Group and SoftBank’s Vision Fund, reduced their stakes as part of the transaction.
Nevertheless, the stock suffered a difficult debut, losing more than 27% on its first day of trading, which was then the largest listing-day decline in Indian IPO history.
Tata Capital And LG Electronics India Complete Top Five
Tata Capital joined the list of India’s largest IPOs after raising 155 billion rupees in October 2025. The issue combined a fresh share sale with an offer-for-sale component involving shareholders such as Tata Sons and IFC.
Although investor demand remained strong, the shares listed at a modest premium of 1.23%.
LG Electronics India secured fifth place after raising 116 billion rupees through a pure offer-for-sale issue in October 2025. The South Korean parent company sold a 15% stake in its Indian subsidiary.
Furthermore, the offering generated extraordinary investor interest, attracting bids worth around 4.4 trillion rupees and achieving an oversubscription level of 54 times. Following the listing, LG Electronics India shares surged 50% on their first trading day, giving the subsidiary a market valuation higher than that of its Seoul-based parent.
With inputs from Reuters