India’s IPO Arena Heats Up: Jio, NSE, and PhonePe Poised to Make History

Updated: December 25, 2025 14:02

Image Source: The Financial Express

Reliance Jio, NSE, and PhonePe are among the top IPOs to watch in 2026, with each poised to make a significant impact on India’s public markets. Their listings are expected to unlock billions in value and drive robust investor participation.

India’s capital markets are set for a transformative year in 2026, with the much-anticipated IPOs of Reliance Jio, the National Stock Exchange (NSE), and PhonePe topping the list of high-profile listings. These IPOs are expected to raise over ₹1 lakh crore collectively, reshaping the investment landscape and offering substantial opportunities for retail and institutional investors alike.

Key Highlights

Reliance Jio IPO: India’s Largest Ever?
Reliance Jio’s IPO is expected to be the biggest in Indian history, targeting a listing in the first half of 2026. The telecom giant, backed by global investors like Meta and Google, is valued at over $110 billion and could raise up to ₹52,000 crore. The IPO will provide an exit for marquee investors and fuel Jio’s expansion in digital services and AI-driven solutions.
NSE IPO: A Landmark for Indian Capital Markets
The National Stock Exchange is inching closer to its long-awaited IPO, with SEBI expected to grant its NOC soon. NSE’s listing could come within 8–9 months of approval, potentially by Q4 FY26. The exchange’s strong corporate governance, robust technology, and broad shareholder base make it a highly attractive proposition for investors.
PhonePe IPO: Fintech Giant Goes Public
Payments major PhonePe has filed confidential draft papers with SEBI for a $1.5 billion IPO, valuing the company at around $15 billion. The IPO is expected to hit the market by mid-2026, with existing stakeholders like Walmart, Microsoft, and Tiger Global planning partial exits. PhonePe’s listing will be one of the largest fintech IPOs in India, reflecting the sector’s rapid growth.
Investor Opportunities Across Sectors
These IPOs represent diverse opportunities in telecom, fintech, and capital markets. Investors can expect significant value unlocking, strong growth prospects, and increased liquidity across asset classes.
Regulatory and Market Readiness
All three companies have made substantial progress on regulatory fronts, with SEBI’s approval processes advancing and grey market valuations indicating robust investor appetite.