Reliance Industries’ digital arm, Reliance Jio Platforms, is seriously considering launching its much-anticipated initial public offering (IPO) this year. The company may offload around 2.5% stake through the issue, which could become India’s largest IPO ever, potentially raising over $4 billion.
Led by Mukesh Ambani, Reliance Jio is India’s largest telecom operator with a subscriber base of over 500 million users. The Jio IPO is expected to be one of the most talked-about public issues of the year, with investors and market experts closely tracking its listing plans.
In November, investment bank Jefferies estimated Reliance Jio’s valuation at around $180 billion. At this valuation, selling a 2.5% stake could help the company raise nearly $4.5 billion—significantly higher than Hyundai Motor India’s $3.3 billion IPO last year.
Over the past six years, Jio has expanded far beyond telecom services. The company has made major inroads into artificial intelligence and other digital businesses. During this period, Jio has raised funds from global investors such as KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority.
According to sources, due to the massive size of the company, Reliance Jio is currently considering listing only a 2.5% stake. India’s market regulator SEBI has proposed reducing the minimum public float requirement for large IPOs from 5% to 2.5%, a move that is still awaiting approval from the Finance Ministry.
Once the rule change is approved, Jio plans to prioritise listing a smaller stake to ensure strong demand and healthy price discovery for its shares.
Some bankers estimate Jio’s valuation to be between $200 billion and $240 billion. However, Reliance has not finalised any number yet and has declined to officially comment on the IPO plans.
It is still unclear whether the Jio IPO will be purely an offer for sale (OFS) or include a fresh issue of shares. For comparison, Hyundai Motor India’s IPO was entirely an OFS, which did not result in any new capital infusion for the company.
Jio’s listing may come at a time when India’s IPO market is witnessing strong momentum. According to LSEG data, India was the world’s second-largest primary equity market in 2025, raising $21.6 billion in funds.
Although formal appointments have not yet been announced, bankers from Morgan Stanley and Kotak Mahindra Bank have reportedly started working on documentation related to the Jio IPO. The process is expected to be lengthy, and the issue size may change depending on regulatory approvals.
In the near future, Jio is expected to face competition from Elon Musk’s Starlink, which may soon launch satellite internet services in India. Jio has also partnered with Nvidia to develop advanced AI infrastructure.
In August, Mukesh Ambani indicated that Jio’s listing could take place in the first half of 2026. However, the final timeline will depend on prevailing market conditions.