Stories

Tue, 30 Jun 2026

Tue, 30 Jun 2026 India's biggest share sales tell the story of a country glued to its phones

NSE and Jio Platforms embody the sweeping changes in how India has consumed, invested and transacted over the past decade.
Two major Indian companies, Jio Platforms and National Stock Exchange (NSE), are set to go public by the end of this year in what could be landmark listings for India's capital markets. Jio, which is the digital arm of billionaire Mukesh Ambani's Reliance Industries, is expected to raise around $4 billion at an estimated valuation of $120-160 billion. The company has disrupted the Indian telecom market with its low-cost data plans and services, turning it into a duopoly with just two major players. Meanwhile, NSE, which is India's largest stock exchange, will offer 6% equity for $3.3 billion, valuing the bourse at $57 billion. The listing of both companies is significant as they represent the changing landscape of India's economy, driven by digitalization and increased financial inclusion. Jio's success has been unprecedented, with over 525 million subscribers using its data to make payments, watch web shows, and shop online. The company's cheap tariffs have democratized smartphone use in India, making it a leader in mobile data consumption globally. NSE, on the other hand, is the backbone of India's $4.85 trillion stock market, which is now the fourth-largest globally. Its listing will mark the maturing of India's market infrastructure and the broad-basing of its investor base. The simultaneous listings of Jio and NSE could attract global capital and provide opportunities for foreign investors to invest in sectors that are central to India's growth story. However, experts warn that the pricing of these issues will be crucial in determining whether they can translate into shareholder returns.