Jio Platforms Ltd. is said to have chosen Morgan Stanley and Goldman Sachs to lead its blockbuster IPO that would peg the valuation of India’s largest telecom operatort at $133-182 billion.
The digital unit of Reliance Industries Ltd. is ready to file IPO papers once India’s finance ministry clears a SEBI proposal to allow 2.5% public float for mega IPOs, The Economic Times reported on Tuesday citing people familiar with the matter.
The Jio Platforms IPO is likely to an even split of new shares and those offloaded by existing private-equity shareholders KKR & Co., Silver Lake and Vista Partners. Strategic investors, including Google LLC and Meta Platforms Inc., are likely to retain their stakes at 7.75% and 9.99%, respectively.
Jio Platforms IPO: The context
Plans for a Jio Platforms IPO were first announced by RIL Chairman Mukesh Ambani during the company’s annual general meeting on 2 September 2025. Things have moved swiftly since then.
- In October, informal talks with banks began for a potential listing in the first half of 2026. The Jio Platforms IPO could raise more than $6 billion with RIL selling just 5% of the company, Bloomberg News reported in July. That’s far more than the record $3.3-billion raised in Hyundai Motor India Ltd. in 2024.
- By November, the informal talks had progressed to such an extent that the investment bankers—yet unchosen—were proposing a valuation of as much as $170 bilion (~ ₹15.3 lakh crore) for Jio Platforms. That’s higher than peer Bharti Airtel Ltd.’s market capitalisation of ₹12 lakh crore.
- In December, RIL reportedly started work on a draft red-herring prospectus. The filing of the DRHP and formal appointment of bankers will happen after new rules on Indian IPOs come into effect.
- In January 2026, Reuters reported that Reliance Industries is eyeing a 2.5% stake sale in Jio Plaforms at an estimated valuation of $180 billion.
According to Jefferies, Jio Platforms’ valuation stands at $180 billion. At that valuation, a 2.5% stake sale would raise $4.5 billion, dwarfing Hyundai Motor India’s $3.3 billion IPO last year.
