Jio, NSE And Zepto Are Raising Up To ₹70,000 Cr; Is The Market Ready?

India's primary market is staring at one of its biggest tests in recent years. Within weeks of each other, Jio Platforms, the National Stock Exchange (NSE) and quick-commerce firm Zepto have filed draft papers for public listings that could collectively raise between ₹60,000 crore and ₹70,000 crore. Individually, each issue represents a landmark transaction. Together, they will test the depth of domestic liquidity, investor appetite and the market's willingness to absorb large offerings at a time when equity inflows have started showing signs of moderation.

The timing is noteworthy. Indian equities have had a challenging year, with benchmark indices correcting from their highs and foreign investors remaining selective. At the same time, mutual fund inflows have cooled, even though systematic investment plan (SIP) contributions continue to remain resilient.

According to Association of Mutual Funds in India (AMFI) data, actively managed equity mutual funds received net inflows of ₹22,907.77 crore in May, the lowest monthly inflow recorded so far in 2026 and sharply lower than April's ₹38,440.20 crore. While SIP inflows remained robust at ₹30,954 crore, lump-sum flows slowed across large-cap, mid-cap, small-cap and flexi-cap categories.

Against this backdrop, investors are now evaluating whether the market can comfortably absorb three very different IPOs - a telecom and digital giant, a market infrastructure monopoly and a loss-making quick-commerce challenger.

Three IPOs, Three Very Different Stories

Although all three IPOs are arriving at roughly the same time, their structures reveal vastly different objectives.

Jio Platforms has filed for what could become India's largest-ever IPO. The issue consists entirely of a fresh issue of up to 27 crore equity shares and could be valued at roughly $4 billion or around ₹37,700 crore. There is no offer-for-sale component, meaning none of the existing shareholders - including Reliance Industries, Meta, Google, KKR, Mubadala and the Saudi Public Investment Fund - are selling shares.

The company plans to use approximately ₹27,500 crore from the proceeds to repay existing debt. For investors, that creates an interesting proposition. The capital is flowing directly into the business, but the primary objective is balance-sheet strengthening rather than immediate expansion.

NSE sits at the opposite end of the spectrum. Its proposed IPO is entirely an offer for sale, with existing shareholders collectively divesting around 6% of the exchange. No money will flow to the company itself. Instead, shareholders including SBI, Canada Pension Plan Investment Board and several public-sector financial institutions will monetise part of their holdings.

Zepto occupies the middle ground. Its IPO combines a fresh issue of ₹8,010 crore with an offer-for-sale by existing investors. Early backers such as Nexus Venture and Kaiser-linked investors are selling part of their stakes, while co-founders Aadit Palicha and Kaivalya Vohra are not participating in the sale.

The differing structures provide important signals about the companies themselves and the intentions of existing shareholders.

What The IPO Structures Reveal

Market participants often focus on valuation and issue size, but experts say the structure of an IPO can reveal just as much.

Vinit Bolinjkar, Head of Research at Ventura, argues that the design of each transaction offers important clues about how insiders view the business.

For Jio, the absence of any offer-for-sale component suggests that neither Reliance Industries nor strategic investors such as Meta and Google are looking to reduce exposure. However, Bolinjkar notes that most of the proceeds will be used to repay debt rather than fund new projects.

"NSE, which filed two days earlier, is the mirror image," he said. "Its entire offer is a secondary sale, with existing holders parting with roughly 6% and nothing flowing to the exchange itself."

According to him, that is not necessarily a negative because NSE is already a highly profitable cash-generating business that does not require additional capital.

Zepto, meanwhile, presents a more nuanced picture. The company is raising growth capital while simultaneously providing liquidity to early investors. The founders' decision not to sell shares can be interpreted as a signal of long-term confidence, but investors must also weigh that against the company's continuing losses.

Riyank Arora, Associate Vice President - Derivatives & HNI at Hedged.in, said IPO structures often provide insight into both growth ambitions and shareholder intent.

"A higher fresh issue component generally signals that the company is looking to raise capital for expansion, technology investments, debt reduction, or other growth initiatives, which can be viewed positively from a long-term perspective," he said.

"In contrast, a predominantly Offer for Sale issue indicates that existing investors are monetising part of their holdings, with proceeds going to selling shareholders rather than the company itself."

Valuation And Fundamentals Will Drive Investor Decisions

Beyond structure, investors are likely to evaluate each company through a very different lens. Among the three, Jio arguably offers the strongest operating fundamentals. The company reported March-quarter revenue of ₹44,928 crore and net profit of ₹7,935 crore, while continuing to benefit from rising ARPU, expanding 5G adoption and growing digital services.

Santosh Meena, Head of Research at Swastika Investmart, believes Jio's scale, subscriber base and diversification into artificial intelligence, satellite communications and digital platforms could make it one of the most sought-after offerings.

"NSE is a high-quality, profitable exchange play benefiting from India's capital market growth, with stable high-margin revenues and monopoly-like strengths," he said.

NSE's appeal lies in its profitability and dominance. The exchange reported FY26 revenue of ₹16,601 crore and profit after tax of ₹10,302 crore. It remains the country's largest stock exchange and one of the world's biggest derivatives platforms.

However, experts caution that investors should also examine risks. Ajay Garg, Director and CEO of SMC Global Securities, pointed out that a significant portion of NSE's revenue remains linked to derivatives activity.

"This makes the business sensitive to regulatory changes in the F&O segment," he said, adding that investors should also monitor the outcome of pending regulatory and legal matters disclosed in the DRHP.

Zepto, meanwhile, represents the classic high-growth, high-risk opportunity. Revenue more than doubled to ₹22,624 crore in FY26, while order volumes surged to 640 million. Yet losses widened to ₹5,905 crore as the company continued investing heavily in expansion.

Its investment case therefore rests less on current profitability and more on whether it can eventually convert scale into sustainable earnings.

Can The Market Absorb Such Large IPOs?

The biggest question is whether investor liquidity is sufficient to absorb all three issues.

Historically, India's primary market has demonstrated the ability to support multiple large offerings, particularly when domestic institutions remain active buyers. SIP flows of over ₹30,000 crore a month continue to provide a strong structural liquidity cushion.

Meena believes investor appetite should remain adequate for quality offerings despite the recent moderation in mutual fund inflows.

He expects domestic institutional investors to favour Jio and NSE because of their profitability, market leadership and long-term visibility, while foreign investors may remain more selective and valuation-sensitive.

Retail investors are likely to participate across all three issues, although for different reasons. Jio may attract investors looking for exposure to India's digital economy, NSE could appeal to those seeking a profitable market-infrastructure business, and Zepto may draw investors willing to take higher risks for potentially higher growth.

Still, the environment is not without challenges. Equity fund inflows have slowed, recent IPO performance has been mixed and market sentiment remains cautious. That means investors may become increasingly selective rather than chasing every large issue.

As Arora noted, IPO investment decisions should not be driven solely by listing gains.

"Long-term wealth creation will ultimately depend on earnings growth, scalability, competitive advantages, and management execution," he said.

That may prove especially relevant as India prepares for one of the biggest waves of marquee IPOs in recent memory. While the market appears capable of absorbing the supply, the ultimate winners may be determined less by hype and more by business quality, valuation discipline and the ability to deliver on growth expectations after listing.