FACTBOX-India's largest-ever IPOs ahead of NSE, Reliance Jio offering

The National Stock Exchange of India has filed draft papers for a $3.3 billion IPO, one of two major listings in the country this year, alongside Reliance Jio's potential $4 billion offering.

The National Stock Exchange of India has filed ​draft papers for a long-delayed listing that will be one of ​two mega initial public offerings in the country this ‌year, ​alongside billionaire Mukesh Ambani's Reliance Jio.

NSE's IPO is likely to be worth $3.3 billion, based on its share price in private markets, and comes after years of regulatory delays. Existing investors will sell 6% of the company's equity ‌as part of the issue, which will be a pure offer-for-sale with no fresh equity being raised. Ambani's AI-to-telecoms arm Reliance Jio Platforms is also gearing up for a stock offering that will likely be India's biggest ever.

Sources told Reuters in January that the IPO could be worth as much as $4 billion, though final ‌numbers will only be decided later. In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion. Here are the five largest Indian ‌IPOs of all time before NSE and Jio Platforms: HYUNDAI MOTOR INDIA

Hyundai, the world's third-largest automaker and India's fourth-biggest passenger vehicle maker, raised 278.7 billion Indian rupees ($2.95 billion) in October 2024 in India's largest-ever IPO. The manufacturer's South Korean parent sold a 17.5% stake in a pure offer-for-sale, where existing shareholders sell shares and no new capital is raised. Jio Platforms is expected to use a similar ⁠approach, with ​the company's major investors expected to dilute ⁠their stakes.

LIFE INSURANCE CORPORATION OF INDIA The government pocketed roughly 205 billion Indian rupees from selling a 3.5% stake in India's largest insurer and biggest domestic financial investor, a far cry ⁠from its initial target of up to $12 billion. The shares slid nearly 8% on their debut. PAYTM Paytm, India's fintech firm, raised 183 billion Indian rupees in November 2021 in a mix ​of a fresh share issue and an offer for sale. Ant Group reduced its stake to 23% from 28% and SoftBank's Vision Fund ⁠pared its holding to 16%.

Paytm lost more than 27% on its debut, the biggest listing-day drop in Indian IPO history at the time. TATA CAPITAL

The Tata Group's financial services arm raised 155 billion ⁠Indian ​rupees in October 2025, with Tata Sons and IFC among those selling in the offer for sale component alongside a fresh issue. The IPO was the largest-ever by a non-banking financial company in India. The shares listed at a slight premium of 1.23%. LG ELECTRONICS INDIA

South Korean parent LG Electronics offloaded ⁠a 15% stake in its Indian unit, a maker of refrigerators, washing machines, air conditioners and televisions, in a pure offer for sale issue, netting 116 ⁠billion Indian rupees in October 2025. The IPO ⁠was oversubscribed 54 times - the most heavily subscribed major Indian IPO since Reliance Power's listing in 2008 - attracting bids worth about 4.4 trillion rupees. LG's shares surged 50% on their first day of trading, valuing the unit higher than ‌its Seoul-based parent. ($1 = 94.3800 ‌Indian rupees)