The Indian primary market is poised for a significant uplift with anticipated draft filings from two giants: the National Stock Exchange of India (NSE) and Reliance Jio Platforms. Both entities are reportedly planning to submit their Draft Red Herring Prospectus (DRHP) to the capital markets regulator SEBI in the latter half of June 2026.
This comes at a crucial time, as India's IPO market has experienced a notably subdued start to the year. Experts believe these high-profile initial public offerings could collectively raise an estimated Rs 50,000-55,000 crore, potentially adding Rs 18-20 lakh crore to India's market capitalization and significantly shifting the narrative for primary market activity.
Mega IPOs as Market Catalysts
Narendra Solanki, Head of Fundamental Research at Anand Rathi Share and Stock Brokers Ltd., highlights that such large, quality offerings often act as 'market openers.' They attract fresh domestic and foreign capital, improve secondary market sentiment, and create a positive halo effect across the market. Successful large IPOs are crucial for restoring investor confidence, easing liquidity absorption concerns, and encouraging other quality issuers waiting on the sidelines.
The first three months of FY27 saw only five mainboard IPOs (excluding REITs), raising just over Rs 2,000 crore. This contrasts sharply with Rs 1.6 lakh crore raised in 2024 and Rs 1.76 lakh crore in 2025. The current slowdown is attributed to geopolitical uncertainty, FII outflows, and weakness in the Indian rupee.
Strong Fundamentals and Investor Interest
Sunny Agrawal, Head of Fundamental Research at SBI Securities, emphasizes that both NSE and Reliance Jio will be substantial issues, attracting immense investor interest due to their leadership positions and strong earnings growth potential in their respective segments. Trivesh D, COO at Tradejini, notes that these are long-awaited listings with solid fundamentals, deeply integrated with India's digital wave, suggesting robust demand.
The anticipation around these listings is expected to trigger a fresh wave of IPOs. Approximately 250 companies are reportedly eyeing primary market debuts, with a potential fundraise of around Rs 4 lakh crore. Besides NSE and RJio, major players like Zepto, Oyo, SBI Mutual Fund, and Hero FinCorp are also in the pipeline.
Long-Term Perspective for Investors
Bhavesh Shah, MD & Head of Investment Banking at Equirus Capital, notes that the primary market sentiment is turning positive, aligning with expectations of raising $20 billion this calendar year. Tejas Khoday, Co-founder and CEO at FYERS, advises that while these anticipated IPOs will excite retail and HNI investors, it is crucial to approach investments with a long-term mindset.
The market's ability to absorb two mega IPOs alongside a broad pipeline of 150-200 companies represents a defining moment for India's equity markets, potentially ushering in a new chapter of growth and capital formation.