India’s primary market is witnessing a high-stakes split as geopolitical volatility and a 7% dip in benchmark indices force a reckoning for major listings. While Walmart-backed PhonePe has indefinitely shelved its IPO citing “dampened investor appetite,” Reliance Industries is moving in the opposite direction, with Jio Platforms preparing to file for what would be the largest initial offering in Indian history.

PhonePe pauses IPO plans amid market volatility

Walmart and QIA backed digital payments platform PhonePe has paused plans for an IPO as geopolitical tensions and volatility in global financial markets dampen investor appetite for new listings, Reuters reports.

Share sale: The listing had been targeting a valuation of up to INR 872 bn (USD 10.5 bn).

The offering was expected to involve the sale of about 50.7 mn shares by existing investors including venture capital firm Tiger Global Management, Walmart and Microsoft. QIA, which has previously participated in the company’s funding rounds, is not selling its stake for now.

Gulf expansion: The company has incorporated PhonePe Middle East FZ-LLC in Dubai Media City, signalling plans to enter the Gulf payments market. The subsidiary has applied to the Central Bank of the UAE for licences covering retail payment services and stored-value facilities.

What’s next? PhonePe intends to revive the listing process once market conditions stabilize. India’s benchmark stock index has declined roughly 7% since the conflict began. If completed, PhonePe’s listing would rank among the largest fintech IPOs in India since 2021.

Market backdrop: The cautious environment has also weighed on India’s primary market. Of the 11 companies that have gone public in India this year, seven are trading below their issue price.

Jio Platforms eyes March IPO filing

Gulf SWF backed Jioplatforms — the telecom unit of Indian conglomerate Reliance Industries — is preparing to file draft IPO papers by the end of March, Bloomberg reports, citing people familiar with the matter. This will be the largest listing in India’s history.

Gulf SWFs including Mubadala and Abu Dhabi Investment Authority are among Jio Platforms’ investors, positioning them within the pool of shareholders eligible to participate in the proposed share sale.

Investor exit: The offering is expected to be structured largely as a secondary share sale by existing investors, with Jio planning to dilute around a 2.5% stake. The final size and structure remain under discussion.

Lead advisors: Kotak Mahindra Capital and Morgan Stanley India are likely to take lead roles in the transaction, alongside a broader syndicate of domestic and international banks.

Valuation range: Market expectations place the potential listing in the INR 8.3-10 tn (USD 100-120 bn) range, with some broker estimates indicating higher upside.

What’s next? The IPO could take place later in 2026, although the exact timing remains under discussion.

ALSO IN IPOs-

Coal India subsidiary Central Mine Planning & Design Institute (CMPDI) is seeking a valuation of about USD 1.33 bn as its IPO opens for subscription on Friday, at a time when investors have become more selective toward new listings in India, Reuters reports.

Key details: The offer is priced in a band of INR 163-172 per share and is expected to raise about INR 18.38 bn (USD 198.7 mn). At the upper end, the implied market capitalization is around INR 123 bn (USD 1.33 bn).

Advisors: IDBI Capital Markets & Securities and SBI Capital Markets are acting as the book running lead managers to the issue, while KFin Technologies Limited is the registrar.

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