Two IPOs. Three days apart. Both filed with SEBI in June 2026. And both have been talked about for so long that most investors had quietly stopped believing either would actually happen.

NSE filed on June 17. Jio followed on June 19. If you have been watching Indian markets for any length of time, you already know what these names mean. What you probably do not know yet is whether either of them is actually worth applying for, what the paperwork actually says, and what the real risks look like once you strip away the excitement.

That is what this piece is for.

NSE IPO: Thirty-Three Years to Get Here

NSE was set up in 1992. It completely changed how Indians traded stocks by introducing the country's first fully automated electronic platform. For decades it dominated, grew, and quietly became one of the most profitable financial institutions in the country. And yet, a public listing always seemed to be just around the corner and never quite arriving.

The reasons were messy. A co-location scandal, regulatory disputes, and SEBI holding back its No-Objection Certificate kept the IPO on hold for years. Then on January 30, 2026, after more than a decade of waiting, SEBI finally issued its NOC. NSE's CEO at the time said the DRHP would take three to four months to prepare. It took a little under five months. The filing happened on June 17, 2026. If you want a deeper understanding of how SEBI regulations impact investors, read SEBI’s revised ETF trading framework for retail investors.

The expected IPO size is around Rs 30,000 crore. If that happens, it will cross Hyundai Motor India's Rs 27,859 crore raise and become the largest corporate listing this country has ever seen.

What the Filing Actually Says

This is where things get interesting. The NSE IPO is structured as a pure Offer for Sale. Every single share being offered belongs to an existing shareholder. NSE is not issuing any new shares. The company gets zero money from this listing.

The sellers include some very recognizable names. LIC holds the largest stake at 10.72 percent and is part of the selling group. State Bank of India is the single biggest seller. Canada Pension Plan Investment Board, Morgan Stanley's Mauritius arm, and New India Assurance are also exiting part of their holdings. They have held these stakes for years, the company is profitable, and this is their moment to get liquidity.

That is not a bad thing necessarily. But you should understand what you are actually doing when you apply. You are not funding NSE's growth. You are buying shares from institutions that want to sell. This is one of the common reasons why many retail participants struggle in markets, as explained in why 90 percent of traders lose money in the stock market.

One more thing most people miss: NSE will not list on its own exchange. Regulatory rules do not allow that. It will list only on BSE's mainboard. Keep that in mind when you search for it post-listing.

The Numbers Behind the Business

Whatever you think about the structure, the underlying business is difficult to argue with. In FY26, NSE posted a Profit After Tax of Rs 10,302 crore on revenue of Rs 18,713 crore. The PAT margin was 55.05 percent. For comparison, Nasdaq's margin sits at around 21 percent. NSE's Return on Equity came in at 32.98 percent. Revenue has grown at a CAGR of 20.51 percent from FY22 to FY26.

The business processes 12 to 14 billion messages on its trading platform every single day without a single data breach reported in FY24, FY25, or FY26. It facilitated Rs 20.33 trillion in total fund mobilisation in FY26 alone. These are not numbers you see often.

There is one deadline risk worth flagging. SEBI's NOC requires NSE to complete its listing before January 30, 2027. If the process drags past that date for any reason, they would need fresh regulatory approval. Given where things stand as of late June 2026, that window is tight but manageable.

The Jio IPO: A Different Animal Entirely

When Mukesh Ambani walked into Reliance Industries' 49th AGM on June 19, 2026, there was one thing the markets were waiting to hear. He did not disappoint. The Jio Platforms board had approved the DRHP earlier that morning, and it was filed with SEBI the same day. He described it as a deeply emotional moment and confirmed that Akash, Isha, and Anant Ambani would lead the process going forward.

Jio Platforms is the digital and telecom arm of Reliance Industries. Its subsidiary Reliance Jio Infocomm served 524.4 million customers as of March 31, 2026. It holds the world's largest 5G customer base outside China with 268.5 million subscribers, built through what has been documented as the fastest 5G rollout anywhere on the planet. JioAirFiber alone has scaled to 12.9 million broadband subscribers. The MyJio app had 215.9 million average monthly active users in FY26.

These numbers are not projections. They are audited figures from the DRHP.

The Issue Structure Is Different from NSE in a Big Way

Unlike NSE, Jio's IPO is a 100 percent fresh issue. Up to 27 crore new equity shares with a face value of Rs 10 each. No existing shareholder is selling a single share at this stage. Every rupee raised goes into Jio Platforms directly, reportedly earmarked for 5G expansion, AI infrastructure buildout, and debt repayment.

The IPO is expected to raise around Rs 37,700 crore at a valuation estimated between 133 billion and 180 billion US dollars. Elara Capital in June 2026 placed their estimate at Rs 12 to 13 lakh crore based on 13x FY28 EV/EBITDA. At the mid-point of these numbers, Jio would immediately rank among the two or three most valuable listed companies in India by market capitalisation on day one of trading.

A regulatory change made this structure possible. In March 2026, the Ministry of Finance revised SEBI's listing norms so that companies valued above Rs 5 lakh crore only need to offer a 2.5 percent public float instead of the standard 10 to 25 percent. Without that amendment, Jio could not have filed a listing of this size while selling only a sliver of equity. Similar regulatory shifts have also impacted other market segments, including SEBI buyback rules for retail investors.

Jio's FY26 Financials and What to Watch

Revenue in FY26 came in at Rs 1.47 lakh crore. PAT was Rs 30,049 crore. Those are strong numbers, though the PAT margin at roughly 20 percent is noticeably thinner than NSE's. Total borrowings stand at Rs 70,781 crore as of March 2026, which is the figure investors should think about most carefully. It is manageable given the cash flows, but it is real debt and the DRHP flags it as a risk factor alongside restrictive covenants in those debt agreements.

There is a meaningful benefit for people who already hold Reliance Industries shares. The DRHP includes a reserved shareholder category. If you hold at least one share of RIL in your demat account on the official record date (not announced yet), you can apply through that separate bucket. It typically faces far less competition than the general retail category in a heavily subscribed issue. If you are thinking of applying and you do not currently hold RIL shares, it may be worth doing the math on whether buying a small position before the record date makes sense for you. For traders planning allocations during volatile IPO periods, strategies like those discussed in options trading strategies for high volatility weeks can be useful.

Listing is expected in the August to October 2026 window. KFin Technologies is the registrar. Nineteen book-running lead managers have been appointed, which itself signals the scale of the transaction being managed.

NSE vs Jio: A Direct Comparison

Parameter	NSE IPO	Jio IPO
DRHP Filed With SEBI	June 17, 2026	June 19, 2026
Issue Type	100% Offer for Sale	100% Fresh Issue
Shares on Offer	Up to 14.89 crore shares	Up to 27 crore shares
Expected IPO Size	Approx. Rs 30,000 crore	Approx. Rs 37,700 crore
Estimated Valuation	Rs 5 lakh crore+ (approx $60B)	$133B to $180B (Rs 11 to 15 lakh crore)
Where Proceeds Go	Selling shareholders only	Into Jio Platforms directly
Listing Exchange	BSE only	Both BSE and NSE
FY26 PAT	Rs 10,302 crore	Rs 30,049 crore
PAT Margin (FY26)	55.05%	Approx. 20.4%
Shareholder Reservation	None	Yes, for existing RIL shareholders
Expected Listing Window	By December 2026	August to October 2026
Primary Risk Factor	NOC deadline of January 30, 2027	High debt load and premium valuation

So Should You Apply?

Honestly, that depends more on your own situation than on the IPOs themselves.

NSE is a high-margin, cash-generative business with no identifiable promoter and a diversified institutional shareholder base. The PAT margins and ROE figures are genuinely world-class. The risk is not the business. The risk is valuation. If the price band is set aggressively, which it very well might be given the expected interest, there may not be much room left for the stock to run in the short term. Long-term holders who believe in the India exchange story will likely find this easier to justify than those looking for a quick listing pop.

Jio is a completely different conversation. You are buying into a company that controls how roughly 524 million Indians connect to the internet, watch content, pay for things, and increasingly use AI-powered services. The 5G infrastructure is already built. The subscriber base is growing. The fresh issue structure means the company is using this capital to expand further. For a five-year horizon, that case writes itself fairly easily. The challenge is the valuation. At 133 to 180 billion dollars, the expectations are already extremely high. A lot needs to go right to justify the upper end of that range.

Neither IPO is accepting applications yet. Both are currently sitting with SEBI for review, which typically takes anywhere from 30 to 75 days. The price bands will only be announced after SEBI issues its observations. Do not make any application decisions based on a price band that has not been officially confirmed.

Frequently Asked Questions (FAQ)

1. Can I apply for both NSE and Jio IPOs right now?

No. Both are still under SEBI review as of late June 2026. Applications will open only after SEBI's observations are issued and the companies announce their price bands and subscription dates.

2. Since NSE is a 100% OFS, does that mean it is a bad IPO?

Not necessarily. An OFS structure means existing investors are exiting, but the underlying business quality is what matters for long-term investors. NSE's fundamentals are strong. The concern is more about whether the price band leaves any upside on the table.

3. What is the minimum investment expected for Jio IPO?

The lot size and minimum investment have not been announced. They will be confirmed after SEBI's review and closer to the subscription opening date.

4. I don't hold RIL shares. Can I still apply for the Jio IPO?

Yes. You can apply through the general retail investor category. The shareholder reservation is an additional bucket for existing RIL holders, not a gate that locks out other investors.

5. Will the NSE IPO list on NSE as well?

No. Regulatory rules prevent an exchange from listing on its own platform. NSE will list exclusively on BSE's mainboard.

6. What happens if NSE misses the January 2027 listing deadline?

If NSE does not complete its listing before January 30, 2027, the SEBI NOC would expire and the exchange would need to apply for a fresh No-Objection Certificate before proceeding.