Reliance Industries Ltd. is accelerating plans to list Jio Platforms Ltd., appointing a massive syndicate of Wall Street and domestic banks for what is poised to be India’s largest-ever initial public offering.
Jio Platforms is in the final stages of preparing its draft red herring prospectus, with an aim to file the paperwork with the Securities and Exchange Board of India within the next two to three weeks, Bloomberg New and Mint reported on Wednesday, citing people familiar with the matter. The Jio IPO filing will include the company’s December-end financials, setting the stage for a highly anticipated listing later this year, according to people familiar with the matter.
The Jio IPO, when it happens, would mark the first listing from the Reliance Industries stable in nearly two decades.
The Jio IPO details
- Target valuation: $100 billion and $120 billion.
- Issue size: Jio plans to dilute a 2.5% stake.
- Structure: A large offer-for-sale by existing investors.
- Lead bankers: Kotak Mahindra Capital Co. Ltd. and Morgan Stanley India are reportedly in pole position to helm the deal.
Representatives for Reliance Industries and several of the involved banks either declined to comment or did not immediately respond to requests for comment.
Regulatory tailwinds for Jio IPO
Jio’s march toward Dalal Street gathered momentum last week after the Union Ministry of Finance eased public shareholding norms, allowing companies with a post-issue valuation exceeding ₹5 trillion (approximately $54 billion) to list by diluting a minimum of just 2.5% equity.
This is a sharp drop from the previous 5% minimum requirement for mega-cap companies, and significantly lower than the standard 25% free-float rule. Reliance had been waiting on this specific government nod before proceeding to tap the capital markets, allowing the conglomerate to maximise capital retention while satisfying listing requirements.
To manage a transaction of this scale, Jio formally kicked off preparations on Tuesday by appointing an armada of 17 banks. The global roster includes Morgan Stanley, JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc., and HSBC Holdings Plc. On the domestic front, Kotak Mahindra Capital Co., Axis Capital Ltd., JM Financial Ltd., and SBI Capital Markets Ltd. have been tapped for advisory roles, the people said.
Iran war impact on IPOs in India
While Jio brings massive scale and a dominant domestic market position, it will be navigating an increasingly cautious Indian stock market.
India emerged as the second-largest IPO market globally by proceeds in 2024, raising roughly ₹1.6 lakh crore across more than 300 listings, a momentum that carried into 2025 with ₹1.95 lakh crore mobilised. However, 2026 is painting a different picture. Amid escalating geopolitical tensions and broader market anxieties, listing performance has shown significant signs of cooling.
Despite a strong issuance cycle, returns from 2026 IPOs have averaged a meagre 0.3% premium across 45 issues as of 12 March. This represents the weakest aggregate listing performance since at least 2019, according to data from Prime Database. Jio’s debut will serve as a critical litmus test for institutional appetite and the capacity of the Indian market to absorb mega-cap offerings in a volatile macro environment.
Jio IPO: Valuation and Cap Table
A successful listing would solidify Jio Platforms’ position as a titan in global tech and telecom. Providing wireless, entertainment, and cloud services, the company already competes fiercely with listed domestic rivals Bharti Airtel Ltd. and Vodafone Idea Ltd.
Analysts at Morgan Stanley and Citi Research are even more bullish on the company’s prospects, pegging Reliance Jio’s valuation at around $133 billion. This implies a multiple of 13 times its estimated 2026-2027 enterprise value to earnings before interest, taxes, depreciation, and amortisation (EBITDA).
The IPO follows a historic private fundraising spree.
Between 2020 and 2021, Jio Platforms sold a combined 32.96% stake to a high-profile roster of global investors, raising more than ₹1.5 trillion. That cap table includes tech giants Meta Platforms Inc. and Alphabet Inc., alongside deep-pocketed private equity firms and sovereign wealth funds such as Silver Lake, KKR, General Atlantic, Mubadala, and the Public Investment Fund. The upcoming Jio Platforms IPO offers these marquee investors their first chance at liquidity.
