The war clouds just refuse to let go, and the ensuing uncertainty is hitting everyone, from the boardrooms to the prices of essential staples in the hinterland. Yet, amidst all that, India is set to have a bunch of big-ticket offloading of shares in the stock markets in the coming months, mainly through initial public offers (IPO), which promise to be some of the biggest the country has ever seen.
If all the offloading of shares takes place as scheduled, it could top over ₹1 lakh crore worth of unlocking value to public investors. And that is without even considering the ‘elephant in the room’, that of Tata Sons and whether it will list (more on that later).
Companies that have announced a scheduled IPO in the coming months range from some of the biggest brands in the Indian market space, from UPI market leader PhonePe to quick delivery commerce pioneer Zepto.
Of course, the big daddy of them all presently is Ambani’s Jio, the telecom-and-more outing of India’s biggest conglomerate, Reliance Industries. At the company’s annual general meeting last August, chairman Mukesh Ambani had said that the company was “advancing steadily towards the listing of Jio Platforms”, calling it a “defining milestone in its journey.”
Ambani had set a timeframe of the first half of 2026 for this, which means Jio’s IPO should at least be announced in the coming weeks. Of course, no specific date or structure or how much value will be unlocked has not been specified officially, though rumours are rife with some reports putting that as much as half a lakh crore rupees worth of shares could be up for grabs (brace for more stadium-sized AGMs!)
The company has seen rising subscribers and profits, and the expectation is that its IPO could see a valuation anywhere from $140 billion to $180 billion. With Ambani’s set date nearing expiry, the belief is that a mix of internal planning, getting regulatory clearances and evaluation of global volatility could well mean that the residents of Antilia will wait for the second half of the (ongoing) financial year 2027 to go to the markets.
There seems to be a bit more clarity regarding the other big-ticket IPOs awaited. There are both the Indian ratnas in American giant Walmart’s kitty going to the markets—the e-commerce giant Flipkart, which is raring to go now in its ‘phoren returned avatar’ (the company switched its Singapore domicile to India recently), as well as the market leader in the UPI space, PhonePe.
PhonePe has already got a confidential nod for its IPO from the regulator, but may just wait out the Middle East crisis and its aftermath, it is believed. However, the National Stock Exchange of India (NSE) is more likely to hit the markets sooner, considering it has already been delayed several times over.
Then there is Zepto, co-founded by two teens who, in no time, became India’s youngest billionaires. The quick service delivery platform is reported to have already got SEBI approval for a $1.3 billion IPO, which could happen as early as next month, though, again, no formal announcement has come in so far.
The market uncertainty stemming initially from the trade and tariff imbroglio with the US, which has now flared into full-fledged fears of a downturn, thanks to the war in the Middle East, is what is holding back many players from testing the IPO waters right now. However, many believe this could change once the usually festive second half of the financial year floats into view.
Then, of course, there is Tata Sons. Officially a charitable institution whose shares are privately held, recent re-classifications by RBI have meant that it is an ‘upper layer’ non-banking financial company (NBFC) with funding from other listed group companies, which is classified as indirect public funding. In other words, that means Tata Sons has to mandatorily list in the market (amongst shareholders, the Tata family wing is adamant against this, while the Shapoorji Pallonji family is pushing for it).
Much will depend on the final decision by the RBI on how Tata Sons is classified, which may come as early as this month (Monday is the last day for public feedback on the new draft guidelines). If it comes to pass, that will be some big-ticket stock market debut, considering that Tata Sons holds nearly ₹2 lakh crore in assets.
