The stage is set for two of the biggest IPOs in the history of the Indian stock market. The Securities and Exchange Board of India (SEBI) has already given the green signal to the Reliance Jio IPO, and on Friday, it also approved the National Stock Exchange (NSE) public issue. With this, the two companies together are expected to raise nearly Rs 67,000 crore from the primary market over the next two to three months. The NSE public issue is likely to enter the market before the Reliance Jio IPO. Through its IPO, NSE is expected to raise Rs 30,000 crore from the market. The entire issue will be an Offer for Sale (OFS). There are expectations that the NSE IPO could open on September 18. All the details related to the issue are likely to be announced next week. In fact, the NSE IPO was supposed to hit the market nearly a decade ago. However, it did not receive approval due to the co-location controversy and several administrative issues. Now, after overcoming all the hurdles, NSE is finally coming up with its IPO.
Around 6% of NSE's stake, amounting to 14.89 crore shares, will be offered for sale. These shares are being sold by the existing shareholders, and no new shares are being issued. The stake in NSE is expected to be offered at a valuation of around Rs 5 lakh crore. Once the NSE IPO is completed, it will become the largest IPO ever registered in India. The current record is held by Hyundai Motor India, which raised Rs 27,870 crore through its IPO. As soon as the NSE IPO is completed, the Reliance Jio IPO is expected to follow. The company could raise around Rs 37,000 crore from the market. There have already been reports in the media that the Reliance Jio IPO could take place around Dussehra or Diwali. The Reliance Jio management is likely to finalize the IPO dates by the end of this month. If the Reliance Jio IPO goes through as expected, it will become the largest IPO in India's history. NSE and Hyundai Motor India Limited will then occupy the second and third positions, respectively. A major portion of the funds raised through the IPO is expected to be used by Reliance Jio to repay its debt.