Upcoming IPOs with shareholder quota: Reliance Retail, JSW One, IGX, Mahanadi Coalfields & more

Last month, Jio Platforms IPO made a blockbuster stock market debut. The stock closed 26.7% higher from its issue price. One unique points about the Jio Platforms IPO was that the company had reserved a portion of its public issue (₹2,500 crore) for Reliance Industries shareholders.

Reliance Industries (RIL) shareholders could bid for Jio Platforms shares in a reserved section alongside non-institutional or retail bids. The reserved section raised gross bids for 7.63 times the shares available, while the retail section raised bids for 2.73 times the shares available.

In the final allotment, RIL shareholders received 23 shares, with some receiving 24, for every valid bid of 168 shares, while retail investors bidding for 168 shares had a 256-in-355 chance of receiving a 12-share allotment.

Why is the shareholder category important in an IPO?

A shareholder quota is a portion of a company’s IPO reserved for eligible shareholders of the listed parent/promoter company. Investors can bid for IPOs under the shareholder category and can also make additional applications in the retail or NII category. However, each IPO has a prescribed limit on the number of applications and bid amounts.

After the Jio Platforms IPO successful listing, many investors are looking for a list of upcoming IPOs that are likely to have a shareholder quota. Mahanadi Coalfields, South Eastern Coalfields, Indian Gas Exchange, Reliance Retail and Hero FinCorp are among the prominent companies likely to have a shareholder quota.

Upcoming IPOs with shareholder quota

Coal India subsidiary IPOs

PSU coal miner Coal India is aggressively preparing to list two of its subsidiaries, Mahanadi Coalfields IPO and the South Eastern Coalfields IPO. Coal India shareholders are likely to benefit from the shareholder quota.

Recently, two of the Coal India subsidiaries, Bharat Coking Coal Limited (BCCL) and Central Mine Planning & Design Institute (CMPDI), have listed on the stock exchanges. Both these companies have received 10% of the IPO size for eligible Coal India shareholders.

Mahanadi Coalfields has already received SEBI approval for the IPO, while South Eastern Coalfields has filed its DRHP with SEBI and awaits approval.

JSW One Platforms IPO

JSW One Platforms, promoted by JSW Cement and JSW Steel, launched its B2B e-commerce site in 2021. The company is seeking an IPO of about ₹3,054 crore (of which about ₹1300 crore is fresh issuance). The company is likely to have a separate shareholder quota (around 10% of the offer size) for JSW Cement and JSW Steel shareholders.

Hero FinCorp IPO

Hero FinCorp, an associate of Hero MotoCorp, plans to raise around ₹3,660 crore. The company had received SEBI approval for the IPO in May 2025. However, the official listing date is yet to be announced.

Indian Gas Exchange (IGX) IPO

Indian Gas Exchange (IGX), an associate of IEX, received SEBI’s observations for its IPO on October 12, 2026. IEX plans to offer 1.67 crore shares, with an IPO price band yet to be announced. The public issue could have shares reserved for IEX shareholders.

Reliance Retail IPO

Reliance Retail has not publicly announced an IPO launch date. The company has not filed its official IPO prospectus. However, following the blockbuster public debut of Jio Platforms, many investors are expecting the parent company, Reliance Retail, to bring an IPO of its retail arm very soon.

NLC India Renewables IPO

The renewable energy subsidiary of NLC India also plans to bring its public issue soon. The company’s board has approved an IPO proposal, and has appointed lead managers for the public issue.

As seen from the above table, as many as seven different companies plan to bring IPOs of their subsidiaries in the coming months. Investors should keep an eye out for these upcoming IPOs for an opportunity to bid under the shareholder category.