The Jio IPO process has officially begun, with Reliance Industries Ltd. (RIL) starting the formal steps to list its digital and telecom subsidiary, Jio Platforms. This marks a major move toward what could become India’s largest-ever initial public offering. According to people familiar with the matter, the company has started work on the draft prospectus and initiated early discussions with investment banks to shape the structure of the public issue.
The banks involved in these discussions have reportedly proposed a valuation of up to $170 billion for Jio Platforms. If achieved, this valuation would place Jio among India’s most valuable listed companies on debut. It would also make the offering one of the biggest IPOs ever attempted in the country.
Sources indicate that Reliance is expected to formally appoint bankers once India’s updated IPO regulations come into effect. The new rules are expected to allow companies to reduce the minimum dilution requirement, which means Jio may be able to raise significant funds without selling a large stake. At the projected valuation, even a small dilution could help the company raise around $4–4.5 billion.
The timeline for the listing Jio IPO aligns with earlier announcements made by Reliance Chairman Mukesh Ambani, who had indicated that Jio would be taken public by the first half of 2026. The current activity suggests the company is moving steadily toward meeting that target.
Jio Platforms, launched commercially in 2016, has grown rapidly to become India’s largest telecom operator with more than 500 million subscribers. Over the years, it has expanded beyond telecom into digital services, broadband, enterprise solutions, and technology platforms. The company has also attracted major global investors in earlier funding rounds, strengthening its position as a digital giant.
If the IPO proceeds as planned, it would surpass previous fundraising records and mark a defining moment for India’s capital markets. It is expected to attract strong interest from domestic and global investors, given Jio’s scale, growth potential, and central role in India’s digital ecosystem.
With the prospectus now in preparation, the Jio IPO is set to become one of the most closely watched market events in the coming year.
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