Reliance Industries Ltd. is expected to submit draft documents for the initial public offering (IPO) of Jio Platforms Ltd. in May, with the earnings for the full fiscal year incorporated, according to sources familiar with the situation. The conglomerate, led by Mukesh Ambani, initially aimed to file by the end of March using data from the quarter ending December; however, the timeline has shifted due to a market downturn linked to the conflict in Iran, the sources, who requested anonymity, reported.
The upcoming listing is positioned to potentially be India’s largest-ever IPO and would mark the first public offering by a major Reliance unit in nearly 20 years. Currently, Reliance is in a silent period ahead of its earnings announcement scheduled for next week, making immediate filings unlikely, according to the sources.
The results for the fiscal year ending March 31 are anticipated to provide a clearer view of Jio’s performance, encompassing recent subscriber growth and updated figures for the critical metric of average revenue per user. This information could enhance the offering’s appeal to potential investors.
Last month, Reliance commenced preparations for the IPO, enlisting around 19 banks to oversee the process. Among those appointed for advisory roles are Kotak Mahindra Capital Co., Morgan Stanley, JM Financial Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc, Bank of America Corp., and Citigroup Inc., according to insiders.
Discussions regarding the structure and timing of the IPO are ongoing and subject to adjustments, the sources indicated.
Representatives from Reliance and Jio have not yet responded to requests for comments.
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Published on April 17, 2026.
