India’s major stock exchange and its top telecoms company will both list by the end of this year in what experts say might be milestone offerings for the country’s capital markets.
Billionaire Mukesh Ambani’s Reliance Industries’ digital arm Jio Platforms and the National Stock Exchange (NSE) – the world’s largest derivatives exchange and one of the top three equity exchanges by trade volume – filed draft papers for their initial public offerings just days apart last month.
The market is likely to hoover up roughly $4bn (£3.02bn) from Jio at an estimated valuation of $120-160bn, while NSE’s issuance is expected to sell 6% of shares for $3.3bn, valuing the bourse at $57bn.
Beyond the sheer size of the offerings could push India’s overall market capitalization higher by several notches – investors are keenly watching the listings as they reflect the sweeping changes in the way Indians have come to live, consume, invest and transact in the last decade,” Yatin Singh, CEO – Investment Banking at Emkay Global, told the BBC. These are one-off businesses which aren’t built often. “NSE is a direct proxy for the ‘financialization’ of Indian household savings in mutual funds and stocks. Jio is the story of a company that single-handedly ushered in a digital revolution and became a driving factor for several new-age Indian businesses,” said Singh.
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