Reliance Jio Considers 2.5% IPO in 2026, Could Raise $4 Billion

Reliance Jio Platforms, the telecom and digital arm of Mukesh Ambani’s Reliance Industries, is considering an initial public offering (IPO) in 2026 that could become India’s largest‑ever public listing. The company may offer just 2.5% of its shares, but even this small float could raise more than $4 billion, a record in the country’s capital markets.

Jio’s listing plans come amid strong demand for Indian stocks and fresh regulatory proposals aimed at boosting mega‑IPOs. Market participants and bankers familiar with the situation say Reliance is preparing for the sale while awaiting key approvals.

IPO Details and Why It Matters

Reliance Jio Platforms is the parent of India’s largest mobile network, with over 500 million users across the country. The company’s growth into digital services, broadband, and artificial intelligence has attracted major global investors, including KKR, Silver Lake and the Abu Dhabi Investment Authority.

Under current market rules, large companies typically must offer at least 5% of shares to the public when going public. However, the market regulator SEBI has proposed lowering this minimum to 2.5% for very large listings. That proposal is now under review by India’s finance ministry. If approved, Jio could proceed with the smaller float.

At an estimated valuation of around $180 billion, selling 2.5% of the company could generate approximately $4.5 billion, overtaking last year’s biggest Indian IPO by Hyundai Motor India. Some bankers have even pitched a valuation range as high as $200 billion to $240 billion, though no final decision has been made.

Reliance has not officially commented on the figures, and the details remain subject to change as approvals and market conditions evolve.

Timeline, Structure and Broader Market Impact

While the precise IPO structure has not been finalised, there are two main options under consideration. One is an offer‑for‑sale, where existing shareholders sell their shares; the other could involve issuing new shares to raise fresh capital.

Reliance has engaged major investment banks, including Morgan Stanley and Kotak, to work on the IPO documentation, a process that can take several months. The final timeline will depend on regulatory clearances and conditions in global and domestic markets.

Analysts say a successful Jio IPO could bolster India’s equity market reputation and set a new benchmark for large‑cap listings. The IPO may also offer an exit route for early investors, while creating fresh opportunities for retail and institutional funds.