Ambani’s Reliance Jio IPO Poised to Be India’s Biggest in 2026
Reliance Jio Platforms is preparing for what could become India’s most anticipated and largest initial public offering, with plans to list as early as the first half of 2026, according to sources familiar with the matter.
Reliance Eyes 2.5% Stake Sale, Awaits Regulatory Green Light
Mukesh Ambani-led Reliance Industries is considering floating just 2.5% of Jio Platforms in the IPO, a move that hinges on a pending regulatory change. India’s market regulator has proposed reducing the minimum public float requirement for large companies from 5% to 2.5%, a rule still awaiting approval from the finance ministry.
Sources said Reliance prefers a smaller float to create pricing tension, potentially boosting valuation.
Valuation Pegged at $180 Billion, IPO Could Raise $4.5 Billion
Investment bank Jefferies has valued Jio Platforms at $180 billion. At that valuation, a 2.5% stake sale would raise approximately $4.5 billion, surpassing Hyundai Motor India’s $3.3 billion IPO in 2025 and making it the country’s largest-ever public offering.
Some bankers are pitching even higher valuations, ranging between $200 billion and $240 billion, though Reliance has yet to settle on a final figure.
Jio’s Growth Story Attracts Global Investors
Reliance Jio, India’s largest telecom operator with over 500 million users, has diversified beyond telecom into artificial intelligence and digital services. Over the past six years, it has raised funds from marquee global investors such as KKR, General Atlantic, Silver Lake, and Abu Dhabi Investment Authority.
The company has also partnered with Nvidia to build AI infrastructure and is preparing to compete with Elon Musk’s Starlink, which is expected to launch internet services in India soon.
IPO Structure Yet to Be Finalised
It remains unclear whether the IPO will be purely an offer-for-sale, allowing existing shareholders to exit, or if it will include a fresh issuance of shares. Many foreign investors are expected to seek partial exits through the listing, sources said.
Morgan Stanley, Kotak Said to Be Working on IPO Papers
Although no formal mandate has been announced, bankers from Morgan Stanley and Kotak are already assisting Reliance in drafting IPO documents, a process that typically takes several months.
India’s IPO Momentum Continues
The Jio listing would add to India’s strong IPO momentum. The country ranked as the world’s second-largest equity issuance market in 2025, raising $21.6 billion, according to LSEG data.
Ambani first signaled plans to list Jio in 2019 and later confirmed that the target timeline is the first half of 2026, subject to market conditions and regulatory approvals.
(This article has been syndicated from Reuters)
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