Reliance Industries Plans $4 Billion Jio Platforms IPO

Jio Platforms, the digital division of Reliance Industries Ltd. (RIL), is reportedly considering a $4 billion (INR 36,100 cr) public offering, which might be the largest IPO in India to date. Reuters was informed by sources that because of the scale of the digital business, RIL is only interested in listing 2.5% of the subsidiary's shares.

The proposal by SEBI to lower the minimum dilution in initial public offerings (IPOs) for major companies (with a post-issue market capitalisation above INR 50,000 Cr) from the existing 5% to 2.5% would need to be approved by the finance ministry. According to a media report, if the law is altered, it would be preferable to list 2.5% at this time because a lower number would increase pricing stress.

Key Elements RIL Working on Before IPO

The Reuters’ article states that several investment bankers suggested valuing Jio Platforms, which includes the telecom behemoth Jio, between $200 billion and $240 billion. Reliance has not yet determined a precise figure, though. It is important to remember that in November of last year, broking company Jefferies valued Jio at a tidy $180 billion. A 2.5% share in the internet giant would raise $4.5 billion through the public offering, according to this assessment.

The domestic company has not yet decided if the initial public offering (IPO) will only involve an offer-for-sale (OFS) component or if it will also involve a new share issuance. Reliance anticipates that many recent foreign investors will "seek an exit" through the IPO, according to a source. Although official appointments have not yet been announced, the report indicated that Morgan Stanley and Kotak Investment Banking are already collaborating with RIL on the IPO paperwork.

Jio has been Planning for IPO from Longtime

Five months have passed since RIL managing director Mukesh Ambani made it known that Reliance Jio was considering an IPO by the first half (H1) of 2026. Following that, there were rumours last month that RIL had started preliminary talks with investment banks in order to submit the draft red herring prospectus (DRHP) to SEBI "as soon as possible."

This is almost seven years after Ambani initially stated in 2019 that Jio would list on the stock exchanges in five years. However, the company's ambitions for an IPO were postponed while it expanded into other specialised digital industries in an effort to increase its worth. Prior to the IPO, Jio Platforms' operating revenue increased by 15% YoY to INR 36,332 Cr, while its net profit increased by 13% YoY to INR 7,379 Cr in Q2 FY26.