Jio listing to halt an old IPO trend

It takes a truly massive deal to move the needle on a decade-long market trend, and Jio Platforms Ltd's initial public offering could be one such.

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Its proposed public issue could temporarily halt a trend that has dominated India's primary market for one and a half decades: promoters and private equity investors using IPOs as an exit route through offers for sale (OFS).

Jio Platforms' IPO would mark a notable departure, with a larger share of the proceeds used to fund business growth.

Unlike OFS, where proceeds go to selling investors, funds raised through fresh issues flow into the firm and can support expansion, debt repayment and other growth plans.

Jio Platform's call comes amid a sluggish primary market. After two years of record fundraising, India's mainboard IPO market slowed sharply in 2026 due to volatility driven by US tariffs and its subsequent strikes in Iran.

May passed without a single mainboard IPO. Sentiment has improved since the US-Iran ceasefire this month, with Jio Platforms and National Stock Exchange of India Ltd (NSE) filing their draft papers with the Securities and Exchange Board of India (Sebi).