Reliance Industries Gears Up for Jio Platforms IPO with Major Investment Banks

Reliance Industries is making significant strides towards the IPO of its telecom arm, Jio Platforms, collaborating with six major investment banks. This move could lead to India's largest-ever public listing, potentially raising over $4 billion. The IPO comes after regulatory changes allowing large companies to float smaller equity percentages. With a projected valuation of around $170 billion for Jio Platforms, the offering is set to be a pivotal moment for Reliance's digital and telecom sectors. As the primary market shows signs of slowing, this IPO could become one of the most closely monitored events in India's capital markets.

By Narendra Chaudhary Mar 16, 2026, 19:13 IST

Preparation for Jio Platforms IPO

Mukesh Ambani's Reliance Industries Ltd. is reportedly collaborating with six prominent investment banks as it readies for a possible initial public offering (IPO) of its telecom subsidiary, Jio Platforms Ltd. Sources indicate that the company has enlisted the expertise of BofA Securities, Citigroup Inc., Goldman Sachs Group Inc., JM Financial Ltd., Kotak Mahindra Capital Co., and Morgan Stanley to provide guidance on the upcoming share sale. Additional advisors may be included as the IPO preparations advance.

This IPO has the potential to become the largest public listing in India’s history, with expectations of raising over $4 billion. It represents the first public offering of a significant subsidiary of Reliance Industries in nearly twenty years. The momentum for this offering has gained traction following the government's approval of revised listing regulations, which permit large firms to initially offer as little as 2.5% of their equity.

Investment bankers have previously projected that Jio Platforms could be valued at approximately $170 billion, which could lead to a fundraising of around $4.3 billion at the minimum public float requirement. Once the IPO's structure and timeline are established, Reliance is anticipated to submit a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India, according to insiders. However, the final details regarding the size and timing of the offering may still be subject to change based on market conditions.

The potential IPO arrives at a time when India's primary market has experienced a sluggish start in 2026, having raised about $1.7 billion through IPOs thus far this year, compared to $2.3 billion during the same timeframe last year. If successful, the Jio IPO would signify a significant achievement for Reliance’s digital and telecom sectors and could become one of the most anticipated listings in India's capital markets.