The bankers onboarded for the issue include global heavyweights such as Goldman Sachs, Morgan Stanley, Citigroup and JPMorgan, alongside domestic players like Kotak Mahindra Capital, Axis Capital, JM Financial and SBI Capital Markets. Other international banks, such as HSBC, have also been roped in, reflecting the scale and global investor interest expected in the offering.
The report indicated that work on the draft red herring prospectus (DRHP) is currently underway. The move comes soon after regulatory clarity from the government and Sebi on minimum public shareholding norms, which could play a decisive role in structuring the issue.
Under the new revised framework, companies with post-issue valuations exceeding Rs 5 lakh crore are permitted to list with a minimum public float of 2.5%, instead of the earlier 10%, with a defined timeline to reach the mandated 25% public shareholding.
This relaxation is particularly relevant for mega IPOs like Jio Platforms, where valuation estimates are way above the threshold.
Previous brokerage estimates suggest that Jio Platforms could be valued at around $180 billion. At this level, even a 2.5% stake sale could raise close to $4–4.5 billion, positioning the offering as the largest IPO in India’s history.
Jefferies had earlier indicated that such a structure would comfortably meet regulatory requirements while allowing promoters to retain control.The issue is expected to include a mix of primary capital raise and secondary share sales. Early investors such as KKR, TPG, Silver Lake and Vista Equity Partners are likely to partially monetise their holdings through the IPO. However, strategic investors, including Google and Meta are expected to hold on to their stakes, while Intel may consider a limited dilution of its minority position, according to reports.
Analysts tracking the deal believe the low initial free float could have a meaningful impact on post-listing dynamics. CLSA’s Vikash Kumar Jain had earlier said that a limited 2.5% float may create supply constraints in the secondary market, potentially supporting a valuation premium compared to peers despite concerns around holding company discounts.
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Jio Platforms, majority owned by Reliance Industries, has evolved into a diversified digital ecosystem spanning telecom, broadband, enterprise services and digital applications. The IPO is widely seen as a key milestone in Reliance’s broader strategy to unlock value from its digital and technology verticals.
The timing of the listing will depend on market conditions, regulatory approvals and the progress of DRHP filings. According to Bloomberg, the company aims to file the prospectus as early as the end of this month with the December-end financials.
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