MUMBAI – 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.