Mukesh Ambani-led Reliance Jio Platforms is preparing for an initial public offering (IPO) in 2026 that could become the largest in India’s history. The company is considering selling a 2.5 per cent stake, potentially raising over $4 billion (around ₹33,000 crore) if valuations hold.
The IPO is among the most anticipated in the Indian market, reflecting Jio’s rapid growth since its launch and its expansion into telecommunications, digital services, and AI. With more than 500 million subscribers, Jio is India’s biggest mobile network operator.
Valuation talks are ongoing. Investment bank Jefferies estimated Jio Platforms’ value at roughly $180 billion late last year. At that level, a 2.5 per cent stake could fetch about $4.5 billion, surpassing previous record IPOs in India. Some bankers have suggested even higher valuations, up to $200–240 billion, but final decisions on pricing and structure are yet to be made.
A key factor in the plan is a pending regulatory change that would reduce the minimum public float requirement for large IPOs from 5 per cent to 2.5 per cent. This would allow Jio to sell a smaller portion initially, generating higher investor interest and pricing tension.
Reliance executives have not publicly commented on the IPO. It remains unclear whether the offering will involve new shares, an offer-for-sale by existing shareholders, or a combination of both. Morgan Stanley and Kotak have been engaged to prepare the IPO prospectus, a regulatory requirement for listing.
If completed, the listing would energize India’s IPO market, which ranked among the world’s top markets in 2025. Jio’s entry could set a new benchmark for technology and telecom valuations in India and provide an exit for early investors who backed the company during its rapid growth phase.
The IPO would also highlight Mukesh Ambani’s strategy to unlock value from Reliance Jio Platforms while maintaining strong control over the company’s long-term vision.
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