Jio Platforms Ltd., the digital and telecom powerhouse of Reliance Industries Ltd., is preparing for what could become India’s largest IPO on record, with Morgan Stanley and Goldman Sachs said to be leading the blockbuster offering, according to people familiar with the plans.
The Jio Platforms IPO is expected to value India’s biggest telecom operator at $133 billion to as much as $182 billion, putting it among the world’s most valuable listed telecom and digital companies at debut.
Why This IPO Is Suddenly Gaining Momentum
The listing push has accelerated after regulators began reviewing a proposal to allow mega IPOs to list with just a 2.5% public float—a move seen as critical for companies of Jio’s scale.
Once cleared by India’s finance ministry and SEBI, Jio Platforms is expected to file its draft IPO papers quickly, people said. The structure is designed to unlock value without forcing Reliance to dilute control early.
Who’s Selling—and Who’s Staying
The IPO is expected to include:
- Fresh shares issued by Jio Platforms
- Secondary sales by private equity investors such as KKR, Silver Lake, and Vista Partners
Notably, strategic partners Google and Meta are likely to retain their stakes, currently estimated at 7.75% and 9.99%, signaling long-term confidence in Jio’s digital ecosystem.
From Ambani’s Announcement to a 2026 Listing
The IPO journey began in September 2025, when Mukesh Ambani publicly confirmed listing plans during Reliance Industries’ annual general meeting. Since then, momentum has built rapidly:
- October: Informal talks with global banks started for a 2026 listing
- July: Bloomberg reported Jio could raise over $6 billion by selling just 5%
- November: Bankers floated valuations of up to $170 billion, higher than Bharti Airtel’s market cap
- December: Work began on a draft red herring prospectus
- January 2026: Reuters said Reliance may sell 2.5% at a $180 billion valuation
IPO Size Could Break India’s All-Time Record
Jefferies estimates Jio Platforms’ valuation at $180 billion. At that level, a 2.5% stake sale would raise about $4.5 billion, surpassing Hyundai Motor India’s $3.3 billion IPO in 2024, currently the country’s largest.
That would make Jio’s listing a defining moment for India’s capital markets, especially as global funds seek exposure to the country’s fast-growing digital economy.