Reliance Jio moves toward what could be India's biggest IPO
Jio Platforms, the telecom and digital arm of Mukesh Ambani’s Reliance Industries, is moving ahead with an initial public offering that analysts describe as potentially the largest in Indian history. Reliance’s board has approved the draft prospectus, clearing a key step toward a listing expected in 2026.
The plan involves selling roughly a 2.5% stake. At a valuation that bankers have estimated as high as about $180 billion, that would raise well over $4 billion — eclipsing Hyundai Motor India’s $3.3 billion offering in 2024, the country’s previous record. Jio, India’s largest mobile operator with more than 500 million subscribers, would be the most significant listing from the Reliance group since Reliance Petroleum in 2006.
The offering is a test of domestic and foreign appetite for a single large issue, and its pricing will set a benchmark for India’s IPO market. Final terms remain subject to regulatory approval.