Reliance Industries Chairman Mukesh Ambani has set the stage for one of the most anticipated financial events in India's corporate history. At the 48th Annual General Meeting of Reliance Industries in August 2025, Ambani formally announced that Jio Platforms is preparing to file for its initial public offering (IPO). The company is targeting a listing in the first half of 2026, pending necessary approvals from Indian market regulators.
Unpacking the Mega IPO: Size, Valuation, and Timeline
The scale of the proposed Reliance Jio IPO is monumental. According to a Reuters report, the Reliance Group plans to offload a 2.5% stake in Jio Platforms. Based on the estimated valuation range provided by various investment bankers—between $130 billion and $170 billion—this stake sale would translate into an IPO size of approximately $4 billion. If achieved, this would make it the single largest public issue ever in the history of the Indian primary market, surpassing Hyundai Motor India's $3.3 billion IPO from 2024.
The proposed timeline aligns with a potential regulatory shift. India's market regulator has proposed reducing the minimum public offering size for large companies from 5% to 2.5%, a move awaiting finance ministry approval. The Jio IPO would be a prime beneficiary of this change, allowing the conglomerate to raise massive capital while retaining overwhelming control.
Investor Expectations: Price Band and Grey Market Activity
Analysts have begun projecting what the IPO might mean for retail investors. Abhinav Tiwari, a Research Analyst at Bonanza, provided an estimated price band. "Based on the announced valuation range of $130 to $170 billion and assuming a 15% to 20% discount to retail investors," Tiwari said, "the expected Reliance Jio IPO share price for retail investors is likely to range between ₹1,048 to ₹1,457 per share." The final price will depend on which valuation benchmark materializes.
Interest in the offering is already spilling into unofficial markets. Reports from brokerage Bigul indicate that the Reliance Jio IPO grey market premium (GMP) is already quoting at around ₹93 per share. This grey market activity, which happens before the Draft Red Herring Prospectus (DRHP) is even filed, signals immense investor appetite and speculation surrounding the issue.
Strategic Context and Market Implications
The journey to this point has seen strategic delays. While Ambani first indicated plans to list Jio within five years back in 2019, Reuters reported last year that the offering was pushed beyond 2025. The delay was strategic, allowing Jio to expand into niche digital businesses and command a higher valuation at the time of listing.
Jio Platforms is not resting on its telecom laurels. The company is actively building a formidable ecosystem. It has partnered with Nvidia to develop AI infrastructure, positioning itself at the forefront of technological innovation. Furthermore, it is gearing up for intensified competition, as it is set to lock horns with Elon Musk's Starlink internet service, which is expected to launch in India soon.
Although formal appointments are pending, Reuters has reported that bankers from Morgan Stanley and India's Kotak are already assisting Reliance in drafting the IPO papers. The listing will significantly boost India's IPO market, which was the world's No. 2 primary equity issuance market in 2025, having raised $21.6 billion by mid-December according to LSEG data.
Disclaimer: This article is for informational purposes only. The views and recommendations mentioned are those of individual analysts or broking companies. Investors are advised to consult certified experts before making any investment decisions.
