Reliance Industries Ltd. has initiated preparations for an initial draft prospectus aimed at listing Jio Platforms Ltd., a move anticipated to be India’s largest initial public offering (IPO) to date. Sources familiar with the situation, who wished to remain anonymous due to the confidential nature of the discussions, indicated that the company is in informal talks with banks to put together this prospectus, which they intend to file with the regulatory authorities shortly.
The filing of the draft prospectus and the formal selection of bankers will proceed once new regulations concerning Indian IPOs are implemented. The Securities and Exchange Board of India (SEBI) has approved a reduction in the minimum dilution for IPOs to as low as 2.5% for companies with a post-issue market capitalization exceeding 5 trillion rupees ($55 billion). However, this regulatory change has yet to take effect.
Bankers have suggested a valuation of up to $170 billion for Jio, according to sources who have previously engaged in discussions. This valuation exceeds that of rival telecom operator Bharti Airtel Ltd., which is estimated at approximately $140 billion. Should Jio pursue the minimum dilution under the new listing rules, it could potentially raise around $4.3 billion if it achieves the higher end of this valuation.
Discussions are ongoing, and figures may be subject to change. A spokesperson for Reliance did not provide a comment when approached.
Mukesh Ambani, the chairman of Reliance and Asia’s richest individual, stated in August that the anticipated Jio listing could occur in the first half of 2026.
Currently, India’s largest IPO was recorded by Hyundai Motor India Ltd., which raised $3.3 billion last year.
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Published on December 4, 2025.
