Expected Mainboard IPOs: Jio Platforms, NSE and Milky Mist

Indian capital markets are preparing for high-profile mainboard initial public offerings across telecommunications, capital markets infrastructure, and packaged dairy. Jio Platforms Limited, National Stock Exchange of India Limited, and Milky Mist Dairy Food Limited have filed draft prospectus documents with regulatory authorities, detailing plans for capital raising and market listings.

While draft red herring prospectuses (DRHP) have been submitted to SEBI, official price bands, subscription dates, and lot sizes remain unannounced pending final observations and red herring prospectus (RHP) publications. Below is an overview of issue structures, financial performance, and core operating drivers for each expected offering.

Jio Platforms Limited

Jio Platforms Limited operates as the digital services and technology holding entity for Reliance Industries Limited, with core operations conducted through subsidiary Reliance Jio Infocomm Limited. The enterprise manages India's largest wireless and fixed-broadband network infrastructure, serving over 524 million subscribers as of March 2026. Beyond connectivity, the business operates an integrated digital platform spanning digital payments, media distribution, cloud services, and enterprise artificial intelligence solutions.

The proposed initial public offering consists entirely of a fresh issue of up to 27 crore equity shares, with no secondary offer for sale component by promoter Reliance Industries Limited, which holds approximately 66.43 percent pre-issue equity. Net proceeds are allocated primarily toward debt repayment at Reliance Jio Infocomm Limited (Rs 27,500 crore target), alongside network infrastructure expansion, 5G technology deployments, and general corporate activities.

Financial metrics demonstrate substantial operating scale. Annual revenue grew from Rs 1,10,175.4 crore in FY24 to Rs 1,49,759.1 crore in FY26. Net profit after tax expanded from Rs 21,434 crore to Rs 30,052.7 crore over the same period, supported by expanding subscriber density and enterprise digital service adoption.

Core business strengths include nationwide network coverage, established relationships across major commercial enterprises, and cash flow generation. Key risk factors highlighted in regulatory filings involve pricing competition within the Indian telecommunications industry, regulatory changes regarding spectrum and data governance, subscriber churn exposure, and high ongoing capital expenditure requirements for network technology upgrades.

National Stock Exchange of India Limited

National Stock Exchange of India Limited operates the country's primary electronic exchange for equity securities, equity derivatives, currency contracts, and debt instruments. Through subsidiary NSE Clearing Limited, the group provides post-trade clearing and settlement services across financial markets. It holds a leading position in global derivatives trading volume and operates benchmark index provider NSE Indices, creator of the Nifty 50 index. The exchange platform supports nearly 13 crore registered investor accounts and hosts approximately 3,000 listed companies.

The planned public offering is structured entirely as an Offer for Sale of 14,89,05,525 equity shares by existing institutional investors, including State Bank of India, insurance companies, and investment funds. Because the offering is an offer for sale, the exchange will receive no fresh capital proceeds. Pursuant to regulatory rules prohibiting market infrastructure institutions from listing shares on their own exchange, the equity shares are scheduled for listing on the Bombay Stock Exchange (BSE).

Financial performance reflects high operating leverage characteristic of transaction-matching platforms. FY26 revenue reached Rs 18,713.37 crore with net profit after tax at Rs 10,302.06 crore and net worth standing at Rs 31,869.72 crore. Revenue streams remain diversified across transaction charges, listing fees, market data distribution, and index licensing.

Operational strengths stem from dominant market share in derivative contracts, diversified fee income, and profit margins. Primary risk considerations involve trading volume volatility, potential regulatory restrictions or fee caps on derivatives trading, technology infrastructure failure risks, and ongoing regulatory oversight following past governance reviews.

Milky Mist Dairy Food Limited

Milky Mist Dairy Food Limited is a major Indian dairy and packaged food producer based in Tamil Nadu. The company manufactures a wide range of packaged products, including paneer, curd, ghee, butter, cheese, yogurt, ice cream, UHT milk items, and chocolates. It holds an estimated 17 percent share of the organized packaged paneer market in India. Manufacturing is concentrated at an automated processing facility in Perundurai, Erode district, with raw milk sourced directly from a regional network of dairy farmers.

The public issue aims to raise approximately Rs 1,553 crore through fresh equity issuance alongside an Offer for Sale by promoter shareholders T. Sathish Kumar and Anitha S. Capital raised through fresh issuance is earmarked for debt prepayment (Rs 750 crore), expansion and modernization of the Perundurai plant (Rs 414.71 crore), and deployment of retail cold-chain assets such as visi coolers and freezers (Rs 129.42 crore).

Revenue expanded from Rs 1,398.95 crore in FY23 to Rs 2,354.79 crore in FY25, while annual net profit rose to Rs 46.07 crore. The company completed a pre-IPO funding round in May 2026, securing Rs 482 crore from Temasek subsidiary Jongsong Investments at an enterprise valuation of approximately Rs 9,300 crore.

Key operational strengths include brand recognition in packaged dairy categories, direct milk procurement logistics, and automated production infrastructure. Prominent risk factors include raw milk procurement concentration within Tamil Nadu, reliance on a single manufacturing site at Perundurai, geographic revenue concentration in South India, and vulnerability to food safety regulations or cold-chain storage failures.

This article is for information only and is not investment advice. It does not tell you whether to apply for any of these issues. Bidding details, price bands, and final issue dates remain subject to change until official red herring prospectus filings are published. Read each prospectus and do your own research before making any investment decision.