Reliance Jio IPO Timeline: RIL Awaits Final Government Notification

Reliance Industries Limited (RIL), the parent company of Jio, has stated that once regulatory checks and balances are in place, the public offering is anticipated to take place in the upcoming months. Anshuman Thakur, SVP of Strategy & Planning at RIL, stated on the firm's Q3 earnings call that the company is internally getting ready for an IPO but is still awaiting the government's final approval. He noted that the guidelines are currently being developed under the presumption that they will comply with SEBI's recommendations. According to Thakur, RIL is working with the presumption that it complies with whatever SEBI has suggested, but it must wait for that before making a decision and initiating the procedure. He went on to say that it is now near and that the corporation is only awaiting the final notification, which should occur within the next several months. How RIL is planning to get listed, lets just find out.

New Directives from SEBI and How Jio is Aligning with them!

The markets regulator said in September 2025 that firms with a post-issue market capitalisation of more than INR 50,000 Cr should have their minimum dilution in initial public offerings (IPOs) lowered to as low as 2.5%. Companies with market capitalisations greater than INR 5 Lakh Cr would have to have a minimum public offer (MPO) of INR 15,000 Cr and at least 1% of their post-issue m-cap, subject to a minimum dilution of 2.5%, in accordance with the guidelines. After listing, these businesses would have to reach 15% MPS in five years and 25% in ten.

Because the market might not be able to handle such a huge supply of shares, SEBI stated in its justification for the modifications that diluting a significant ownership through an IPO can provide difficulties for large issuers, potentially discouraging them from pursuing listing in India. According to the regulator, the updated MPO sizes are still adequate to provide liquidity and supply enough stock to the market, including retail investors. Jio Platforms is one of the biggest unlisted firms in the industry, with a potential market capitalisation of up to $170 billion (about INR 14 lakh cr).

Due to the scale of the IPO, it was previously reported that RIL was in informal talks with SEBI to get permission to sell a 5% share in the telecom giant's IPO. According to reports, the conglomerate is looking for the relaxations because it thinks the Indian market is too shallow to handle such a big listing. SEBI Chair Tuhin Kanta Pandey announced a few days ago that the central government has approved a reduction in the minimum proportion of shares, even though the regulations haven't yet taken effect.

Jio’s Financial Outlook

Financially speaking, Jio Platforms' operational revenue climbed 13% YoY to INR 37,262 Cr, while its Q3 FY26 net profit rose 11% YoY to INR 7,629 Cr. Its EBITDA margin increased by 170 basis points to 51.8%, while its EBITDA increased 16% YoY to INR 19,303 Cr. Jio Platforms' overall user base now stands at over 51.5 Cr after adding 8.9 Mn net customers during the quarter. The number of 5G users increased by 1.9 Cr to over 25.3 Cr.

With the addition of 25 lakh additional fixed broadband connections, the total surpassed 2.5 Cr. In Q3 FY26, RIL recorded consolidated revenue of INR 2.93 Lakh Cr, a 10% increase from the previous year. Growth in its retail and digital services divisions was the primary driver of the net profit's slight 1.6% increase to INR 22,290 Cr.