$4.3 Billion IPO: Is Reliance Jio’s IPO set to make history as India’s biggest since Hyundai Motor’s?

Synopsis: Reliance Industries has started preparing a prospectus for the initial public offering (IPO) of Jio Platforms, which could become the largest IPO in India’s history, potentially valuing Jio Platforms at up to $170 billion. The company is holding early discussions with banks, with the formal IPO process expected to begin once the new regulations are in place. 

Reliance Industries Ltd. has begun preparing an initial draft prospectus for the public listing of Jio Platforms Ltd., according to sources familiar with the matter. The move is anticipated to result in India’s largest-ever initial public offering.

Reliance Industries: A Diversified Global Conglomerate

Reliance Industries Ltd. is an Indian multinational conglomerate with significant operations in energy, petrochemicals, retail, telecommunications, and media. It was founded by Dhirubhai Ambani and is currently led by his son, Mukesh Ambani. It has expanded into a diversified group through strategic growth, backward integration, and acquisitions, and is one of India’s largest and most profitable companies. 

Jio Platforms IPO in Progress: Talks with Banks

According to sources, the company is talking with banks to get a prospectus ready, which they plan to submit to the regulator as soon as possible. The sources spoke on condition of anonymity because the process is private.

The draft prospectus will be filed and bankers formally appointed only after the new IPO rules in India take effect. The Securities and Exchange Board of India has approved lowering the minimum IPO share sale to 2.5% for companies valued over 5 trillion rupees ($55 billion), but the rule hasn’t been implemented yet.

Jio Platforms IPO Valuation and Potential Fundraise

The Bankers are proposing a valuation of up to $170 billion for Jio Platforms, according to sources familiar with the matter. This would place Jio’s valuation ahead of its telecom rival Bharti Airtel Ltd., which is valued at approximately $140 billion. 

Under the new IPO rules, Jio Platforms could raise as much as $4.3 billion if it chooses to sell only the minimum required stake, which is 2.5% of the company, based on the top end of its proposed valuation of $170 billion. This would allow the company to secure significant capital while maintaining majority control, benefiting from a favorable market position and the large valuation, which is higher than its closest competitor, Bharti Airtel.

Mukesh Ambani Sets Timeline for Jio Platforms IPO

In August, Mukesh Ambani, the chairman of Reliance Industries and Asia’s wealthiest individual, stated that the highly anticipated listing of Jio Platforms could take place in the first half of 2026. This timeline suggests that the IPO is still a few years away, with the company focusing on preparing and complying with the evolving regulatory framework in India, including the recent changes in IPO rules.

India’s Biggest IPO to Date

India’s largest initial public offering to date was conducted by Hyundai Motor India Ltd., which raised $3.3 billion in 2024. This IPO currently holds the record for the highest funds raised by a company in India’s public listing history, but it is expected that Jio Platforms’ upcoming IPO could surpass this figure, with a potential raise of up to $4.3 billion, depending on the valuation and share dilution strategy.

Written by Sridhar J 

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