Reliance Mulls $4 Bn IPO For Jio Platforms

Sources said that Reliance is looking to list only 2.5% of the subsidiary’s shares due to the large size of the digital entity

Certain investment bankers are said to have pitched a valuation of $200 Bn to $240 Bn for Jio Platforms. However, Reliance is yet to decide on a ‍firm number

In what could be India’s biggest initial public offering (IPO) to date, Reliance Industries Ltd’s (RIL) digital arm, Jio Platforms, is reportedly mulling a $4 Bn (INR 36,100 Cr) public issue.

Sources told Reuters that RIL is looking to list only 2.5% of the subsidiary’s shares due to the large size of the digital entity.

However, the move would be contingent on the finance ministry approving SEBI’s proposal to reduce the minimum dilution in IPO for large companies (with a post-issue market capitalisation above INR 50,000 Cr) to 2.5% from 5% currently.

“The preference is to list 2.5% at this point if the law gets changed as a smaller amount creates more pricing tension,” a source reportedly said.

As per the report, certain investment bankers pitched a valuation of $200 Bn to $240 Bn for Jio Platforms, which also houses the telecom giant Jio. However, Reliance is yet to decide on a ‍firm number.

It is pertinent to note that brokerage firm Jefferies, in November last year, pegged Jio at a nifty $180 Bn. Based on this valuation, a 2.5% stake in the digital juggernaut would raise $4.5 Bn via the public issue.

The homegrown conglomerate is yet to take a call on whether the IPO will comprise solely an offer-for-sale (OFS) component, or will it also include a fresh issue of shares. However, a source reportedly noted that Reliance expects many recent global investors to “seek an exit” via the listing.

Meanwhile, the report suggested that Morgan Stanley and Kotak Investment Banking are already working with RIL on drafting the IPO papers, although formal appointments are yet to be made.

This comes five months after RIL managing director Mukesh Ambani publicly confirmed that Reliance Jio was eyeing an IPO by the first half (H1) of 2026.

Subsequently, last month, reports surfaced that RIL had initiated informal discussions with investment banks to file the draft red herring prospectus (DRHP) with SEBI “as soon as possible”.

This comes nearly seven years after Ambani, in 2019, first said that Jio would list on the bourses within five years. However, the IPO plans were delayed as the company sought higher valuation by expanding into other niche digital businesses.

Meanwhile, in the run up to the IPO, Jio Platforms’ net profit surged 13% YoY to INR 7,379 Cr in Q2 FY26, while operating revenue zoomed 15% YoY to INR 36,332 Cr.