India’s IPO megadeals will test jittery retail investors

India's upcoming $3 billion NSE IPO and $4 billion Jio Platforms IPO will test retail investor appetite, with gray-market prices pointing to strong interest. Both firms operate in duopolistic industries with strong competitive moats, but the NSE offer is structured purely as an offer-for-sale with no fresh capital, while Jio will raise new money partly to retire about $3 billion in debt. The IPOs arrive as Indian benchmarks have stagnated for two years, the rupee has weakened, and foreign capital has retreated amid geopolitical tensions.