Daily Archives: January 12, 2026

NSE IPO: filing by March-end

NSE IPO

Gears up for long-awaited IPO filing by March-end

After nearly a decade of anticipation, National Stock Exchange of India (NSE) is finally moving closer to the capital markets. The country’s largest stock exchange is targeting end-March to file its draft red herring prospectus (DRHP) for its much-awaited initial public offering, according to sources familiar with the development.

NSE is currently in advanced discussions with leading investment bankers and top law firms to finalise the prospectus structure and assess investor appetite for what could emerge as one of India’s biggest IPOs ever. Formal appointments of advisors are expected once the exchange receives a no-objection certificate from market regulator Securities and Exchange Board of India (SEBI).

On Saturday, SEBI’s chairperson indicated that regulatory approval for NSE’s listing could “possibly” come within this month, a remark that has reignited optimism around the long-stalled listing process.

While NSE has not disclosed the quantum of equity it plans to offer, unlisted market transactions value the exchange at around Rs. 5 trillion (approx. $55 billion), with its shares trading above Rs. 2,000 apiece. In comparison, its listed peer BSE Ltd is currently trading near Rs. 2,767 per share.

A listing delayed since 2016

NSE has been attempting to go public since 2016, but the process was derailed by regulatory investigations related to alleged preferential access in its co-location facilities. The matter remains pending before the Supreme Court. Last year, NSE proposed a settlement involving a payment of Rs. 1,387 crore, which SEBI is still evaluating.

One of the key challenges ahead is NSE’s exceptionally large shareholder base. With over 1.77 lakh shareholders, it is India’s largest unlisted company by number of investors. Lawyers drafting the IPO papers are reportedly working on mechanisms to ensure fair exit opportunities, with priority likely for long-standing institutional investors.

NSE’s prominent shareholders include Life Insurance Corporation of India, State Bank of India, Temasek Holdings, Morgan Stanley and Canada Pension Plan Investment Board.

If approvals fall in place, NSE’s IPO could mark a historic milestone for India’s capital markets.

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Disclaimer

This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.

Reliance Jio plans mega IPO

Reliance Jio plans mega IPO with just 2.5% public float

Key Highlights (At a Glance)

  • Proposed IPO size: Only 2.5% equity dilution

  • Potential fund raise: $4–4.5 billion (largest-ever in India)

  • Implied valuation: Around $180 billion (Jefferies estimate)

  • Timeline: H1 2026, as confirmed by Mukesh Ambani

  • Regulatory angle: SEBI proposal allows mega IPOs with 2.5% minimum float

Reliance Jio Platforms is considering launching its much-anticipated initial public offering later this year, a move that could redefine the scale of Indian capital markets. According to a Reuters report, the company is exploring a listing with just 2.5% equity float, potentially raising over $4 billion—a figure that would surpass Hyundai Motor India’s $3.3 billion IPO, currently India’s largest.

Sources cited in the report indicate that Reliance prefers a smaller float due to the massive size and valuation of Jio Platforms. This strategy aligns with a proposal by SEBI to reduce the minimum public shareholding requirement for large IPOs from 5% to 2.5%, though the proposal is still awaiting approval from the finance ministry.

In a November research note, Jefferies valued Jio Platforms at around $180 billion. At this valuation, a 2.5% stake sale could fetch nearly $4.5 billion, making it India’s most valuable IPO ever.

India’s largest telecom operator, Jio serves over 500 million subscribers and anchors the digital growth ambitions of Reliance Industries. Chairman Mukesh Ambani had earlier confirmed that Jio Platforms would list in the first half of 2026, ending years of speculation around the IPO timeline.

Over the last six years, Jio Platforms has diversified beyond telecom into digital services and artificial intelligence, attracting marquee global investors such as KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority. In 2020, Google and Meta together invested nearly $20 billion at a valuation of $58 billion—a figure market participants believe has at least doubled since then.

For context, India’s biggest IPOs so far include LIC of India (Rs 21,000 crore), One97 Communications (Rs 18,300 crore), and Coal India (Rs 15,200 crore). With relaxed float norms, a Rs 10 lakh crore-plus listing for Jio Platforms now appears feasible, potentially unlocking exits for early investors and drawing strong anchor and ETF participation post-listing.

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Disclaimer

This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.

Jainee’s Coffee Can Portfolio on 12 January 2026 

Jainee’s Coffee Can Portfolio on 12 January 2026 

Persistent Systems – Coffee Can Matrix

About the Company

Persistent Systems Ltd is a global digital engineering and cloud transformation specialist with deep expertise in software product engineering, cloud, data & AI, and enterprise modernisation. Over the years, Persistent has successfully transitioned from a traditional IT services player to a high-growth, IP-led digital services company, catering largely to BFSI, healthcare, ISVs and technology-led enterprises.

The company’s business model is platform-centric, high-value and execution-driven, enabling it to deliver superior growth with healthy capital efficiency. Persistent is widely regarded as one of the best mid-cap IT compounders in India, combining strong client mining, repeat revenues, and disciplined capital allocation.

Coffee Can Matrix – Persistent Systems

Parameter Data / Interpretation
CMP (Rs.) 6,417.00
P/E Ratio 60.84 → Premium valuation, reflects sustained high-growth visibility
Quarterly Net Profit (Rs. Cr.) 471.47
Quarterly Profit Growth (%) 45.07% → Strong earnings momentum
Quarterly Sales (Rs. Cr.) 3,580.72
Quarterly Sales Growth (%) 23.59% → Healthy demand across digital services
Sales CAGR (5 Years) 27.34% → Excellent consistency in topline compounding
Profit CAGR (5 Years) 32.77% → Superior earnings compounding
ROCE (%) 30.44% → Very strong capital efficiency
All-Time High (Rs.) 6,788.90
RSI 55.48 → Neutral, not overheated
1-Week Return (%) 2.03%
Volume Trend Volumes broadly in line with 1-month average
MACD 39.91 (vs 36.08) → Positive crossover, momentum intact

Coffee Can Interpretation

👍 Positives (Coffee Can Strengths)

✔ Strong 5-year Sales CAGR of ~27% and Profit CAGR of ~33%, indicating high-quality growth
✔ ROCE above 30%, highlighting efficient capital deployment
✔ Digital engineering focus provides pricing power and sticky client relationships
✔ Healthy quarterly growth with profit growing faster than revenues, signalling operating leverage
✔ Balance of growth and margin sustainability makes it a rare IT compounder

⚠️ Considerations (Coffee Can Risks)

✖ Valuation remains optically expensive on P/E basis
✖ IT spending cycles and global macro can cause near-term volatility
✖ High expectations leave limited room for execution missteps
✖ Stock tends to correct sharply during sector-wide risk-off phases

Chanakya’s Coffee Can Conclusion

Persistent Systems fits the Coffee Can framework exceptionally well—strong and consistent growth, high ROCE, scalable digital business model, and proven execution over multiple cycles.

While near-term valuation may appear rich, judging Persistent purely on P/E is misleading. The company’s earnings compounding, margin resilience and capital efficiency justify premium multiples over long periods.

For investors with a 5–10 year horizon, Persistent Systems is best suited for Coffee Can portfolios, ideally accumulated during market corrections or periods of IT-sector pessimism rather than chased aggressively at peaks.

A high-quality “Buy-and-Hold Digital Compounder” for long-term portfolios.

For long-term study only. Not a buy/sell recommendation.

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