Key Points:
- Reliance appoints 17 bankers for Jio IPO.
- New rules ease mega listings with 2.5% dilution.
- Jio targets 2026 listing at $130–180B valuation.
Reliance Industries has begun preparations for an initial public offering of Jio Platforms IPO, appointing 17 bankers and targeting a draft prospectus filing by month-end, Bloomberg News reported Tuesday, citing sources.
Reliance Appoints 17 Bankers To Lead IPO Process
Reliance Industries Ltd., led by Mukesh Ambani, has formally initiated the IPO process for its digital and telecom arm, Jio Platforms, according to people familiar with the matter.
The company has appointed 17 bankers to manage the issue, including global firms such as Morgan Stanley, HSBC Holdings, JPMorgan, Citigroup and Goldman Sachs. Domestic institutions, including Kotak Mahindra Capital, Axis Capital, JM Financial and SBI Capital Markets, have also been selected.
The appointments signal one of the largest IPO preparations in India, potentially marking Reliance’s first public offering in nearly two decades.
A Reliance spokesperson did not immediately respond to requests for comment. Business Today said it could not independently verify the Bloomberg report.
Regulatory Changes Ease Path For Mega Listings
The Jio Platforms IPO push comes as India recently eased listing norms for large companies, a move expected to support mega offerings like Jio Platforms.
Under new rules notified by the government last week, companies with a post-issue market value exceeding Rs 5 lakh crore can dilute as little as 2.5 per cent of equity in an IPO. Previously, higher public shareholding requirements applied.
The reform follows earlier approval by the Securities and Exchange Board of India and is aimed at making capital markets more flexible for high-value firms.
Market analysts say the regulatory shift could accelerate large listings. “The reduced dilution requirement lowers the barrier for promoters while still enabling price discovery,” said a Mumbai-based investment banker, who declined to be named as the discussions are private.
IPO Structure, Valuation Still Under Discussion
Details of the Jio Platforms IPO, including size, structure and timing, remain under discussion, according to sources. The offering is expected to include both a fresh issue of shares and an offer for sale by existing investors, with the latter likely to form a significant portion.
Jio Platforms is targeting a listing in early to mid-2026, with projected valuations ranging from $130 billion to $170 billion. Some estimates place the valuation closer to $180 billion, though the company has not publicly confirmed these figures.
The digital unit attracted nearly $10 billion in investments from global technology companies in 2020, including Meta Platforms and Alphabet, the parent company of Google.
If completed at the higher end of expectations, the IPO could become the largest in Indian market history, underscoring growing investor appetite for technology and telecom assets in the country.
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