EspaceXthat’s 75 billion dollars IPO attracted worldwide attention, becoming the largest initial stock sale in history and propelling Elon Musk’s company into the ranks of the world’s most valuable listed companies. The blockbuster debut also means it could encourage India’s own mega IPO contenders, including Jio Platforms and the SNGalthough, according to investment bankers, the path is not simple.
While SpaceX has demonstrated that investor appetite for big growth stories remains intact, bankers believe the timing of Jio and NSE’s IPOs will be largely determined by domestic market conditions rather than developments in the United States.
“The result of SpaceX IPO It is unlikely to have significant influence on Indian companies looking to go public,” said Yatin Singh, CEO of Investment Banking at Emkay Global Financial Services. “SpaceX is an AI play. With the upcoming IPOs of OpenAI and Anthropic, it is poised to benefit from massive investor interest in the AI theme.”
According to Singh, the comparison between SpaceX and India’s potential mega-lists is limited because they represent very different investment propositions.
“Jio and NSE, although unique assets in the Indian context, are not really linked to the AI theme. The timing of their IPOs will depend on the state of Indian markets more than anything else,” he said.
He added that easing geopolitical concerns could improve the context for major deals. “With a US-Iran ceasefire on the anvil, these IPOs could soon see the light of day.”
Another senior investment banker said the two companies’ listing decisions would be driven primarily by secondary market sentiment and timing considerations.
“The IPOs of Jio and NSE are entirely dependent on the secondary market conditions in India. The timing will be when they think the noise will be less,” the banker said.
Jio Platforms, the digital arm of Mukesh Ambani led Trusted Industriesis expected to be one of the biggest IPO contenders in Indian history. The company recently revamped its listing plans. Earlier this year, The Economic Times reported that Reliance had decided to abandon an offer-for-sale structure in favor of a predominantly new issue after discussions with existing investors over valuation.
Under the revised approach, proceeds would be paid to Jio itself rather than existing shareholders exiting through the IPO. This decision also aims to avoid excessive valuation expectations and create room for appreciation after listing.
According to Bloomberg, Reliance has slowed some preparations as it reviews the deal structure amid geopolitical uncertainty and market volatility. The company still intends to file draft documents and remains ready to proceed when market conditions improve, although no firm timeline has been announced.
The proposed IPO could raise up to $4 billion, potentially surpassing Hyundai Motor India’s $3.3 billion share sale and becoming the largest-ever listing in the Indian market.
The offering would also come at an important time for the Indian primary market. Equity fundraising through IPOs has slowed this year after two record years, making a major deal like Jio’s a significant event for domestic and international investors.
NSE moves closer to IPONSE is also gearing up for a historic public offering after receiving regulatory clearance earlier this year. Media reports suggest that NSE could file its draft red herring prospectus as early as next week.
The proposed listing has been under discussion for several years and gained momentum after the Securities and Exchange Board of India granted a no-objection certificate earlier this year.
The IPO is expected to be among the largest listings in the Indian capital market and would provide an exit opportunity to several long-term institutional shareholders.
NSE remains the country’s dominant stock exchange and one of the most profitable stock trading businesses in the world. Its listing is widely seen as a landmark event for Indian capital markets.
Different markets, different driversWhile SpaceX’s success highlights investors’ willingness to back large-scale growth projects, bankers say the factors driving demand in the United States differ from those influencing listings in India.
SpaceX has benefited from investor enthusiasm around artificial intelligence, space technology and Elon Musk’s track record. The company is also expected to receive significant passive capital flows through its accelerated inclusion in major U.S. indexes.
Jio and NSE, on the other hand, are mature companies whose valuations will be driven more by earnings visibility, domestic liquidity conditions and broader sentiment towards Indian equities.
That means the success of India’s biggest IPOs may depend less on what happens on Wall Street than on whether local markets remain favorable when promoters finally decide to pull the trigger.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
