Jio Eyes Record $4B IPO This Year, Largest in India's History

Reliance Jio Platforms is reportedly considering a landmark Initial Public Offering (IPO) this year, aiming to float 2.5% of the company's shares. This move could establish it as India's largest-ever IPO, potentially raising more than $4 billion.

Anticipating India's Biggest Debut

The company, led by Mukesh Ambani, operates India's largest telecom network with over 500 million users. Its market debut is one of the country's most anticipated events. Investment bank Jefferies estimated Reliance Jio's valuation at $180 billion in November, suggesting a 2.5% stake sale could raise approximately $4.5 billion. This would surpass Hyundai Motor India's $3.3 billion IPO last year.

Diversification and Investor Appetite

Over the past six years, Jio has expanded into artificial intelligence and secured funding from prominent investors including KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority. Reliance is reportedly keen to list only 2.5% of Jio's shares. This is even as a proposal from India's market regulator to reduce the minimum share sale size for large companies seeking IPOs from 5% to 2.5% awaits finance ministry approval.

Regulatory Hurdles and Timeline

Sources suggest bankers are pitching valuations between $200 billion and $240 billion, though Reliance has not finalized a figure. The exact timeline for the listing, which Mukesh Ambani stated would be in the first half of 2026, remains dependent on market conditions and regulatory clearances. Bankers from Morgan Stanley and Kotak are reportedly already working on drafting the IPO papers, a process that can be lengthy.

Strategic Partnerships

Reliance Jio is also poised to compete with Elon Musk's Starlink internet service and has partnered with Nvidia to develop AI infrastructure. Many foreign investors who have backed Jio in recent years are expected to seek an exit via the IPO.