Mukesh Ambani's Reliance Jio Platforms is preparing for what could be India's largest-ever initial public offering, planning to sell a 2.5% stake that may raise over $4 billion this year. The telecom giant, which serves more than 500 million users and holds 41.41% of India's wireless subscriber market, is waiting for regulatory approval to move ahead with the smaller share sale.
Investment bank Jefferies valued Reliance Jio at $180 billion in November, which means a 2.5% stake sale would fetch approximately $4.5 billion. This would comfortably surpass Hyundai Motor India's $3.3 billion IPO in October 2024, which currently holds the record as India's largest public offering. Some bankers are pitching even higher valuations between $200 billion and $240 billion for Jio, though the company hasn't settled on a final number yet.
Under current Indian regulations, companies must sell at least 5% of their shares in an IPO. However, Reliance prefers the smaller 2.5% float, and a proposal to reduce the minimum stake requirement for large companies is awaiting approval from the finance ministry. According to sources, "the preference is to list 2.5% at this point if the law gets changed as a smaller amount creates more pricing tension". For companies with market capitalisation exceeding Rs 5 lakh crore, regulators have proposed allowing a minimum public offering of Rs 15,000 crore with at least 2.5% dilution.
Jio has transformed from a pure telecom player into a diversified digital powerhouse over the past six years, expanding into artificial intelligence and partnering with Nvidia to develop AI infrastructure. The company has attracted investments from global giants including KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority. Ambani first announced plans to list Jio within five years back in 2019, and in August 2025, he confirmed the listing would happen in the first half of 2026.
While formal appointments haven't been made public, bankers from Morgan Stanley and Kotak are already working with Reliance on drafting the IPO documents. The company faces fresh competition ahead, with Elon Musk's Starlink satellite internet service expected to launch in India by end of 2026. It remains unclear whether the IPO will be an offer-for-sale, where existing shareholders sell their stakes, or a fresh issue of new shares. With India's IPO market ranking as the world's second-largest, raising $21.6 billion as of December 2024, investor appetite for large listings remains strong.
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