IPO Pipeline 2025: Jio, Zepto & NSE Set to Reshape Markets

IPO Pipeline Surge: What's Actually Happening India's IPO pipeline hasn't looked this consequential since the 2021 Paytm-Zomato-Nykaa wave. [Reliance Industries](/stock/RELIANCE) has publicly committed to a Jio Platforms listing by H1 2026. Zepto has reportedly cleared SEBI's approval process for a $1.3 billion IPO that could hit the exchanges as early as next month. Milky Mist Dairy Food just closed a ₹482 crore pre-IPO round backed by Temasek, signaling the institutional appetite hasn't cooled. Three marquee names. Potentially ₹15,000+ crore in combined primary issuance. That's not routine deal flow — that's a structural liquidity event. The Jio listing is the one that changes the math entirely. Reliance Chairman Mukesh Ambani's H1 2026 commitment puts a hard deadline on speculation that's circled Jio for three years. Jio Platforms earned roughly ₹22,000 crore in net profit for FY24 and commands a valuation that most analysts peg somewhere between $80–100 billion. If that IPO prices even at the lower end of that range, it becomes one of the largest primary market offerings in Indian history. The question isn't whether investors want it. The question is where they find the cash. Secondary Market Liquidity: The Uncomfortable Trade-Off Here's what the IPO enthusiasm glosses over: large primary issuances pull money *out* of secondary markets. During the Q4 2021 IPO surge, the Nifty 50 delivered essentially flat returns for a six-week stretch while IPO subscriptions absorbed excess liquidity. We could see a repeat. NSE: ZOMATO and NSE: NYKAA — both post-IPO compounders that retail investors have anchored to — face a specific risk. When Zepto lists and starts trading the quick-commerce narrative, some rotation out of [Zomato](/stock/ZOMATO) seems probable. It's the same sector, a fresher story, and retail investors historically chase the new issue. NYKAA (NSE: NYKAA) faces a different pressure. It's trading at roughly 55x forward earnings as of mid-2025 — a valuati...