India's largest stock exchange and telecom operator to go public by year-end

National Stock Exchange (NSE) and Jio Platforms, under Mukesh Ambani's leadership, are preparing to launch initial public offerings (IPOs) with goals of raising $3.3 billion and $4 billion by year’s end. These listings have the potential to draw global capital and transform India's investment scene, though their success will depend on careful pricing in light of investor uncertainty.

BRIC Team

Jun 30, 2026 · 2 min read · 16 views

India's largest stock exchange and telecom operator to go public by year-end

Key Takeaways

•Jio Platforms plans to raise approximately $4 billion in its IPO, while the National Stock Exchange aims for $3.3 billion by offering 6% equity.
•India's internet penetration has surged from 200 million users a decade ago to nearly one billion today, with Jio accounting for 525 million subscribers.
•Digital transactions via the United Payments Interface (UPI) are projected to reach an estimated 228 billion by 2025.
•The number of online trading accounts in India skyrocketed from about 30 million to over 200 million during the pandemic.
•Jio is shifting its focus from market share to monetization, partnering with companies like Nvidia and Meta to lead in digital and AI infrastructure.

India's capital markets are gearing up for big moves. National Stock Exchange (NSE) and Jio Platforms, telecom giant under Mukesh Ambani,plan landmark IPOs by year's end. Jio eyes $4 billion,NSE targets $3.3 billion by selling 6% equity, valuing exchange around $57 billion.

These listings mean more than their size. They hint at how Indians now consume, invest, transact. Yatin Singh, CEO at Emkay Global, stressed these firms show Indian economy's shift. NSE measures how household savings are getting more financial. Jio? Key in digital change, reshaping business playing field .

Jio shook up telecom in 2016, turning a messy market into duopoly. Cheap data plans pulled in hundreds of millions. Ten years back,internet access was about 200 million; now nearly a billion, with Jio alone at 525 million. India's top mobile data consumer, overtaking richer countries.

This digital leap goes beyond just being online. United Payments Interface (UPI),launched with Jio,saw digital deals jump from almost nothing to an expected 228 billion by 2025. OTT platform subscriptions up 40% from 2019 to 2026. Data costs for Indians tripled, outpacing rural wages.

NSE's rise mirrors India's retail investment boom,especially during pandemic. Online trading accounts surged from 30 million to over 200 million, thanks to cheap data,more smartphones. Feroze Azeez at Anand Rathi Wealth Limited noted NSE's listing shows India's market infrastructure maturing, broader investor base forming.

NSE, backbone of India's $4.85 trillion stock market — fourth largest globally, has seen trading volumes soar, bringing in big bucks. Despite trading ups and downs, it's profitable. Jio, meanwhile,shifts from market share grab to monetization,aiming to lead in digital, AI infrastructure with partners like Nvidia, Meta.

Jio and NSE, key to India's changing economy . Their IPOs could draw global capital, opening investment doors in vital growth sectors . But will it be enough to win back foreign investors after capital outflows,currency drops?

Many small investors hit snags,especially with underperforming big-name IPOs . Pricing of these new offerings crucial for success, potential shareholder returns. Azeez warned that even good companies might disappoint if priced too high. What's next for investors…?