Synopsis : Reliance Industries is preparing to list Jio Platforms in H1 2026 at an estimated $180 billion valuation, potentially selling a 2.5% stake. The move could fetch nearly ₹40,000 crore and rank among India’s biggest-ever IPOs.
Reliance Industries Ltd. (RIL) is gearing up for one of India’s most anticipated public listings, with plans to bring Jio Platforms to the stock market in the first half of 2026. According to people familiar with the development, the company is considering offloading about 2.5% stake, which could raise roughly $4.5 billion (₹40,000 crore) at a targeted valuation of $180 billion.
Regulatory Hurdles and IPO Structure
The final size of the offering depends largely on regulatory clarity. Current market regulations require large companies to offer at least 5% public float at the time of listing. However, regulators have proposed lowering this threshold to 2.5%, a change that is still awaiting approval from the finance ministry.
Reliance is reportedly keen on a smaller float to maintain scarcity of shares, which could help in stronger price discovery at listing given Jio’s massive scale and investor demand.
Bankers and Filing Timeline
Investment bankers from Morgan Stanley and Kotak Mahindra Capital are said to be assisting RIL in preparing the Draft Red Herring Prospectus (DRHP), which may be filed with SEBI by the end of March. Other potential associate bankers include Axis Capital, Jefferies, and ICICI Securities.
Subject to approvals and market conditions, the IPO could hit the market by late May or June 2026, potentially becoming one of the largest listings in Indian capital market history.
Why Jio Is Valued at $180 Billion
In November, Jefferies raised Jio Platforms’ valuation to $180 billion, citing strong growth drivers such as:
Tariff hikes in telecom services
Rapid expansion in home broadband via fixed wireless access
Scaling enterprise digital services
Improved monetisation of tech platforms
At this valuation, a 2.5% stake sale could translate into proceeds of over ₹40,500 crore for Reliance Industries.
Mukesh Ambani’s IPO Signal
Reliance Chairman Mukesh Ambani had formally announced the IPO plans at the company’s last annual general meeting, stating that preparations were underway and listing was targeted for H1 2026, subject to approvals. He noted that the listing would highlight Jio’s ability to create value comparable to global technology leaders.
The IPO announcement followed Jio crossing the landmark of 500 million subscribers and completing 10 years of operations, underlining the massive scale achieved in a short span.
Big Gains for Global Tech Investors
Early global investors stand to gain significantly from the listing:
Meta Platforms invested ₹43,574 crore in 2020 for a 9.99% stake
Google invested ₹33,737 crore for 7.73% stake
At the projected IPO valuation, both investments could more than double in value, marking one of the most lucrative exits in India’s digital ecosystem.
The final IPO structure — whether it will be purely an offer-for-sale or include a fresh issue — is still under discussion.
Disclaimer : This article is for informational purposes only and does not constitute financial or investment advice. Market conditions and regulatory approvals may change. Readers should consult certified financial advisors before making investment decisions.
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