Jio Platforms, NSE target September IPOs to reignite India’s primary market

Jio Platforms is targeting a ₹37,000–37,700 crore listing and NSE ₹30,000–31,500 crore in September, potentially leading a second-half IPO revival. The pipeline also includes consumer-facing companies Zepto, PhonePe, Oyo, Shiprocket and Milky Mist.

— Source publishedMon, 3 Aug, 2026, 08:31 IST·First seen Mon, 3 Aug, 2026, 08:35 IST·Source Mint · Companies

What happened

Jio Platforms and NSE plan September IPOs that could become India’s largest listings, reviving the primary market. The pipeline includes consumer-facing firms

Key facts

  • Jio Platforms IPO: ₹37,000-37,700 crore
  • NSE IPO: ₹30,000-31,500 crore
  • Hyundai India IPO: ₹27,870 crore
  • LIC issue: ₹20,557 crore
  • July IPO fundraising: ₹28,584 crore across 12 companies
  • 2026 YTD IPO fundraising: ₹51,576 crore across about 40 companies
  • 245 DRHPs in pipeline, including 175 under Sebi observation

Why this matters

A reopened IPO window may raise valuations for retail-adjacent targets and give private companies more leverage in partnership, acquisition and pre-IPO financing discussions.

What to watch

  • SEBI approvals, draft prospectus filings and confirmed price bands for Jio Platforms and NSE.
  • Anchor-book demand, foreign institutional participation and retail subscription levels.
  • Listing-day performance and post-listing trading liquidity of the two mega offerings.
  • IPO pipeline filing activity from Zepto, PhonePe, Oyo, Shiprocket and Milky Mist.
  • Changes in quick-commerce unit economics, cash burn, competitive discounting and dark-store expansion.
  • Indian equity-market volatility, interest-rate expectations and foreign portfolio flows.
  • Retail-adjacent companies accelerate IPO readiness, including governance upgrades, audit completion, ESOP cleanup and pre-IPO fundraising.
  • Quick-commerce and consumer-internet firms emphasize contribution margins, repeat usage, fulfillment economics and advertising revenue to meet public-market scrutiny.
  • Private-equity and venture investors use anticipated listings to pursue secondary sales, late-stage rounds and portfolio-markup resets.
  • Public-market investors rotate attention toward telecom, digital payments, logistics, hyperlocal delivery and consumer brands with comparable listed benchmarks.

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