NSE, Reliance Jio may file DRHPs soon: Can these giant IPOs revive India's primary market?

After the success of the SpaceX IPO, which is said to be the biggest issue in history, Indian primary markets are all set for draft filings from Indian giants like Reliance Jio and National Stock Exchange of India (NSE). The sentiments of the primary markets will be aided by other key factors including better market sentiments after eased geopolitical tensions and rebound in broader markets.

The excitement around much awaited IPOs of NSE and Reliance Jio Platforms is likely to be renewed again as both majors are reported to file their draft papers in the second half of June 2026 with the capital markets regulator SEBI. Reliance Industries Ltd, the parent company of Jio Planforms shall be hosting its annual general meeting on Friday, June 19.

Interestingly, both issues may cumulatively raise nearly Rs 50,000-55,000 crore from their maiden stake sales, adding nearly Rs 18-20 lakh crore in India's mcap. The buzz around these IPOs shall trigger another round of IPOs at Dalal Street.

Such mega IPOs have the potential to catalyze a meaningful revival in India's primary market activity. India's IPO market has started the year on a notably subdued note and the two flagship issues could meaningfully shift the narrative as these IPOs may add nearly 2-3 times of total fund raise in first half of 2026, said Narendra Solanki, Head of Fundamental Research  at Anand Rathi Share and Stock Brokers Ltd.

"Such large, high-quality offerings often act as 'market openers' by drawing fresh domestic and foreign capital, improving secondary market sentiment, and creating a halo effect. Successful large IPOs restore investor confidence, ease liquidity absorption concerns, and encourage other quality issuers waiting on the sidelines. They attract strong retail and institutional interest, often leading to oversubscription and post-listing performance that encourages follow-on deals," he added.

IPO activity has halted in the last few months. Net of REIT issues, only five mainboard IPOs have hit the stock markets in the first three months of FY27, raising a little more than Rs 2,000 crore. This includes the IPO of Advit Jewels, which opens on June 23. On the contrary, India Inc raised Rs 1.6 lakh crore in 2024 and Rs 1.76 lakh crore in 2025.

Adding to this view, Sunny Agrawal, Head of Fundamental Research at SBI Securities said that both the issues (NSE and Reliance Jio) will be of large size and will attract huge investors interest as both the businesses are leaders in the respective segment with earnings growth potential.

"There is a possibility that a number of large issues which are on the sidelines may attempt to approach the street. This is on the back of the likelihood of improvement in sentiments in domestic equity markets after strong underperformance since September 2024," he added.

One should note that IPO activity has taken a hit in FY27, thanks to the selling pressure in the broader markets led by geopolitical uncertainty, FIIs exodus and weakness in the Indian rupee. Not just the mainboard, even SME IPOs activity has been experiencing subdued sentiments, raising only Rs 21,000 crore in the first five months, which is much less than the last two years.

One should note that both NSE and Reliance Jio aren’t speculative growth stories. These are long-awaited listings with strong core and solid fundamentals, with both swearing by the digital wave in India and we expect a strong demand for both the issues, said Trivesh D, COO at Tradejini.

"The real question is whether the market can absorb two mega IPOs alongside the broader pipeline of 150-200 companies reportedly preparing to hit the market. To be honest, it feels less like a normal IPO cycle and more like a defining chapter for India’s equity markets," he added.

One should note the nearly 250 companies are aiming at primary market debut, with a potential fundraise around Rs 4 lakh crore. Besides NSE and RJio, several large companies, like Zepto, Oyo, SBI Mutual Fund, Hero FinCorp Acko, Furlenco, Kuku FM and InCred are waiting to launch their maiden issues on the opportune times, making the pipeline look healthy.

The primary market sentiment is now turning positive. This is in line with overall expectations that the IPOs will raise $20 billion in this calendar year. The said large issuances amongst others will contribute nicely to that number, said Bhavesh Shah, MD & Head of Investment Banking at Equirus Capital.

Besides them, other companies including Crystal Crop Protections, EAAA India Alternatives, Hindustan Labs, Duroflex, Eldeco Infra, Purple Style Labs, Medicap Healthcare, BVG India, Oswal Cables, Prozeal Green Energy, Runwal Developers, Shriram Foods Industry, Fusion CX, Lohia Corp, Milky Mist Dairy Food, Curefoods India, Hero Motors, Juniper Green Energy are among 140 companies with valid SEBI observations to launch their IPOs.

These IPOs are anticipated and will definitely excite retail and HNI investors in India. They come at a time when retail investor sentiment regarding IPOs is regaining momentum. One thing is for sure: it only makes sense to invest if one has a long-term mindset, said Tejas Khoday Co-founder and CEO at FYERS.

Razorpay, Dhoot Transmission, Gaurik Fashions, Kay Jay Forgings, Cosmic PV Power, Bharat Pet, Manipal Health, Polite Powertech, Shreni Shares, Tonbo Imaging India, Shiprocket, Gaja Alternative Asset Management, Imagine Marketing, Neilsoft and others are among dozen of companies which have filed their DRHPs with the market watchdog and awaiting approvals.