IPO Weekly Roundup: NSE files DRHP, Jio IPO announcement headlines action in primary market

The primary market witnessed an action-packed week with two big issue updates. The leading stock exchange, National Stock Exchange of India (NSE) and Reliance Industries' digital and telecommunications arm, Jio Platforms, filed their draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).

Insurtech unicorn Turtlemint Fintech Solutions' initial public offering (IPO) opened for subscription on June 19.

Jio Platforms IPO

Putting all speculation to rest, Reliance Industries (RIL) Chairman Mukesh Ambani on Friday announced a key update on the much-awaited initial public offering (IPO) of Jio Platforms during his address at the company’s 49th annual general meeting (AGM).

Isha, Akash, and Anant Ambani are leading the Jio IPO process, Ambani said.

The proposed IPO of Jio Platforms will comprise a fresh issue of up to 27,00,00,000 (twenty-seven crore) equity shares with a face value of ₹10 each. The issue price will be determined through the book-building process, in accordance with the applicable regulations of the SEBI.

The funds raised from the issue will be utilised towards the prepayment, in full or in part, of outstanding borrowings availed by its material subsidiary, RJIL, along with allocation for general corporate purposes.

"We expect to achieve the benefits of listing of the equity shares on the stock exchanges and creation of a public market for the equity shares," the DRHP said.

NSE IPO

The proposed initial share sale will be solely an offer-for-sale (OFS) of 14.89 crore shares. Under the OFS, corporate selling shareholders State Bank of India, MS Strategic (Mauritius) Limited, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company, and United India Insurance Company will offload their stakes.

Meanwhile, the Life Insurance Corporation of India, which holds a 10.72% stake in NSE, will not sell any shares.

"Our company expects that listing of the equity shares will enhance our visibility and brand image, provide liquidity to our shareholders and will also provide a public market for the equity shares in India," the preliminary papers said.

Since there is no fresh issue component, the exchange will not get any proceeds from the IPO. The money raised will go to the selling shareholders.

NSE is the largest domestic stock exchange in terms of total turnover in the cash market and total turnover in equity derivatives (based on notional turnover for equity options) from the financial year 2000-01 to FY26.

Turtlemint Fintech Solutions IPO

Turtlemint Fintech Solutions IPO opened for public subscription on Friday. The issue, with a price band of ₹144 to ₹152 per share, will conclude on Tuesday, June 23.

The ₹882.67 crore initial share sale is a fresh issuance of 4.35 crore shares valued at ₹660.72 crore and an offer for sale (OFS) of ₹221.95 crore.

At the end of Day 1, the issue has been subscribed 45%, with bids for 1,48,26,126 shares compared to 3,29,01,878 shares on offer, according to NSE data until 5 pm.

The minimum investment for an individual investor is 98 shares and in multiples thereof.

Those divesting their stake under the OFS include promoters Anand Rohidas Prabhudesai and Dhirendra Nalin Mahyavanshi and investors Kunal Shah, Peak XV Partners Investments V, Vistra ITCL (India) Ltd - Trustee - Blume Ventures Fund 1X, Nexus Ventures IV, GGV VII Investments, Catalyst Trusteeship Limited – Trustee - Blume Ventures (Opportunities) Fund IIA, Humming Bird Investment Holdings SPV and Dream Incubator.