Source Reuters
MUMBAI – Billionaire Mukesh Ambani’s Reliance Jio Platforms is reportedly preparing to launch India’s largest-ever initial public offering (IPO) in the first half of 2026. Sources familiar with the matter indicate that the telecom giant is considering a 2.5% public float, a move that could value the offering at over $4.5 billion (approx. ₹38,000 crore).
If successful, the Jio IPO would eclipse the record set by Hyundai Motor India, which raised $3.3 billion in 2024, marking a historic milestone for the Indian capital markets.
Key IPO Details at a Glance
Feature Details
Parent Company Reliance Industries Ltd (RIL)
Proposed Float 2.5% of equity
Estimated Valuation $180 billion to $240 billion
Potential Raise $4.5 billion – $6 billion
Expected Timeline First Half of 2026 (H1 2026)
Lead Advisors Morgan Stanley, Kotak Mahindra Capital (Reported)
Strategic “Pricing Tension”
The decision to list a smaller 2.5% stake rather than the traditional 5% or 10% is reportedly a strategic move to create “pricing tension.” By limiting the initial supply of shares, Reliance aims to drive high demand among global institutional investors and retail participants.
However, this plan hinges on a pending regulatory shift. While the Securities and Exchange Board of India (SEBI) has proposed reducing the minimum public float requirement for “mega-IPOs” to 2.5%, the final nod from India’s Finance Ministry is still awaited.
Why Now?
The IPO comes at a time when Jio has solidified its position as India’s leading telecom operator, boasting over 500 million subscribers. Beyond mobile connectivity, the company has pivoted toward:
5G and Satellite Broadband: Rapidly expanding high-speed infrastructure across India.
Artificial Intelligence: Recent partnerships with Nvidia to build localized AI supercomputers.
Digital Ecosystem: Dominance in home broadband (JioFiber) and enterprise digital solutions.
Global Investor Exit
The listing will also provide an exit or partial liquidity route for high-profile global investors. Between 2020 and 2024, Jio Platforms raised over $20 billion from giants including Meta (Facebook), Google, KKR, and Silver Lake.
Addressing shareholders at the Reliance Annual General Meeting in late 2025, Mukesh Ambani assured that Jio is “making all arrangements” for the filing, promising that the IPO would demonstrate value creation comparable to global tech peers.
“Jio is no longer just a telecom company; it is a digital powerhouse. This IPO will be a litmus test for the valuation of Indian tech on the global stage.” — Market Analyst, Jefferies.
