The Jio IPO is expected to be India’s largest ever, potentially raising $4-4.5 billion (Rs 33,000-37,000 crore).
At the company’s post-earnings conference call, Anshuman Thakur, head of strategy at Reliance Jio Infocomm, said internal work on the IPO is already under way, but execution will begin only after regulatory clarity. “We are working on the assumption that it is in line with whatever Sebi has recommended, but we will still have to wait for that before we finalise and then start the process,” Thakur said, adding that the listing is imminent and could take place in the next few months.
The Jio IPO would dwarf Hyundai Motor India’s Rs 27,000 crore offering in 2024 and mark a watershed moment for Indian capital markets.
Investment banks have pegged Jio Platforms’ valuation at around $180 billion (nearly Rs 15 lakh crore). At that level, offloading just 2.5% of the company—the minimum threshold under Sebi’s new framework for companies valued above Rs 5 lakh crore—would raise about $4.5 billion, according to Jefferies estimates from November.
The government has already approved a reduction in the minimum IPO float for large companies to 2.5% from 5%, Sebi Chair Tuhin Kanta Pandey confirmed last week. However, the measure, aimed at helping markets absorb jumbo offerings, still awaits formal notification from the finance ministry before it comes into effect.
The regulator has also relaxed minimum public shareholding norms. Companies listing with less than 15% public float will now have five years to reach that level and 10 years to scale up to 25%, compared with the earlier deadlines of two years and five years, respectively. These changes are expected to significantly ease supply overhang concerns for Jio Platforms post-listing.Ambani has guided to a Jio Platforms listing in the first half of 2026. The company is the parent of Reliance Jio, India’s largest telecom operator, with over 500 million subscribers.
Analysts expect the IPO to be largely an offer-for-sale by financial investors, with strategic shareholders—including Reliance, Meta, and Google—likely to remain invested.
However, the listing also presents challenges. Taking Jio public would effectively turn Reliance Industries into a holding company, potentially triggering a valuation discount of 5-20%. While Citi said Sebi’s new rules have “dispelled concerns” around holding company discounts, BNP Paribas has already begun factoring in a 10% discount for RIL’s stake in Jio Platforms.
Under Sebi’s framework, if Jio is valued at Rs 12 lakh crore, the company could raise around Rs 30,000 crore by selling just 2.5%, a sharp contrast to the Rs 60,000 crore-plus that would have been required under the earlier rules.