Four major Indian companies—NSE, Jio Platforms, Zepto, and SBI Mutual Fund—are preparing for public listings in the second half of 2026. These IPOs involve a mix of fresh capital raises and stake sales by existing shareholders, marking a significant period of activity for the primary market. Investors should track specific details like valuation and the purpose of the funds being raised.
What Happened
India’s primary market is set for a busy second half of 2026 as four major companies move toward public listings. The National Stock Exchange (NSE), Jio Platforms, quick-commerce firm Zepto, and SBI Mutual Fund are all preparing to hit the stock exchanges. These companies have different goals for their IPOs, ranging from providing exits for early investors to raising capital for new technology and infrastructure expansion.
National Stock Exchange (NSE) IPO
The National Stock Exchange has moved forward with its listing plans by filing its Draft Red Herring Prospectus (DRHP) with the market regulator, SEBI. This public offering will be structured entirely as an Offer for Sale (OFS). This means that existing shareholders, such as the State Bank of India and General Insurance Corporation of India, will be selling part of their stakes. The exchange will not receive any new money from this process, as it is primarily a mechanism for existing investors to exit or reduce their holdings. NSE has received in-principle approval to list on the BSE.
Jio Platforms and Zepto Plans
Jio Platforms, which is a key part of Mukesh Ambani's digital ecosystem, has filed its DRHP to raise fresh capital. The company intends to issue up to 27 crore equity shares. The funds raised are earmarked to reduce debt in its subsidiaries and support expansion into high-growth areas like 5G technology, artificial intelligence, and cloud services. Reliance Industries remains the majority shareholder, with global tech giants Meta and Google also holding stakes in the business.
Meanwhile, Zepto is moving toward its public market debut with a plan that includes both a fresh issue of shares and an Offer for Sale. The capital raised by the company will be directed toward expanding its network of dark stores and supporting its marketing initiatives. The company may also consider a pre-IPO placement round before the public issue.
SBI Mutual Fund Listing
SBI Mutual Fund has secured regulatory approval to proceed with its IPO. Like the NSE listing, this will be an entirely OFS-based offering. Promoters, including the State Bank of India and Amundi India Holding, are looking to reduce their stakes in the asset management company. Once listed, SBI Mutual Fund will join a small but growing group of publicly traded asset management companies in India.
What Investors Should Track
When companies prepare to go public, investors generally look at several key factors. First, the difference between a fresh issue and an Offer for Sale is important. A fresh issue brings money into the company to grow the business, whereas an OFS simply transfers ownership from old shareholders to new ones.
Second, the valuation of these companies will be a major monitorable. Investors should compare the pricing of these IPOs with the valuation of listed peers. Third, for companies like Jio Platforms and Zepto, the ability to turn capital investment into profitable growth remains a key long-term question. For the NSE and SBI Mutual Fund, the stability of their business models in a competitive financial sector will be the primary focus for potential shareholders.