Reliance Jio Platforms, the telecom-to-tech arm of billionaire Mukesh Ambani’s Reliance Industries, is weighing a long-anticipated stock market debut this year that could become India’s largest-ever initial public offering (IPO). The company is considering floating about 2.5 per cent of its equity, in a deal that may raise more than $4 billion — surpassing Hyundai Motor India’s record $3.3 billion listing.
Jio, which serves over 500 million users and has rapidly expanded beyond its telecom roots into digital services and artificial intelligence, has drawn investments from global players such as KKR, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority. Jefferies valued the business at around $180 billion last November, meaning even a modest stake sale could fetch roughly $4.5 billion.
The company’s preference for a small public float stems from its vast scale. Reliance is waiting on regulatory clarity after India’s market regulator proposed reducing the minimum public shareholding requirement for large IPOs from 5 per cent to 2.5 per cent, a change that still requires approval from the finance ministry. A lower float is expected to create pricing tension and support a strong debut.
It has yet to be decided whether the IPO will be structured solely as an offer-for-sale — where existing shareholders sell down part of their holdings — or if new shares will also be issued. Hyundai’s IPO was entirely an offer-for-sale and raised no fresh capital.
Ambani first flagged plans to list Jio in 2019, targeting a five-year timeline. Those plans were delayed beyond 2025 as the company sought a higher valuation through expanded digital businesses. Ambani has reiterated that the listing is planned for the first half of 2026, although the final timing will depend on market conditions.
Bankers from Morgan Stanley and Kotak Mahindra Bank are reportedly already engaged in drafting IPO documents, a process that can take several months. The size and structure of the offering could evolve in the coming months, and several foreign investors are expected to use the listing as an exit route.
