Reliance Begins Work on Draft Prospectus for Jio’s Potential Record-Setting IPO
Reliance Begins Draft Prospectus Work for Jio’s Mega IPO as Markets Brace for India’s Biggest Listing Yet
In a move that signals the beginning of one of India’s most anticipated capital market events, Reliance Industries Ltd. has started preparing the initial draft prospectus for the planned listing of Jio Platforms Ltd., according to people familiar with the early-stage process. The development marks a significant milestone toward what could become India’s largest-ever IPO, surpassing all previous public market offerings.
Sources have indicated that Reliance is informally consulting with leading investment banks to shape the draft documents that will eventually be submitted to India’s markets regulator. The discussions, while private, reflect the company’s intention to move swiftly once regulatory conditions are optimal.
Bankers involved in the preliminary discussions have reportedly proposed a valuation of up to $170 billion for Jio Platforms. If realised, this would make Jio one of the most valuable listed companies in India, placing it well above rival Bharti Airtel, currently valued at approximately $140 billion.
A valuation at this scale underscores Jio’s dominant position in India’s digital and telecom ecosystem—from high-speed mobile services to its rapidly expanding digital platforms business. It also reflects investor enthusiasm for India’s fast-growing digital economy, which has become a magnet for global capital.
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According to sources, Reliance is awaiting formal implementation of SEBI’s new IPO regulations, which aim to reduce the minimum promoter dilution for large companies. SEBI has already approved the rule change, allowing minimum dilution to drop to 2.5% for companies with a post-issue market capitalisation exceeding ₹5 trillion (about $55 billion); however, the new framework has not yet been officially enforced.
Once the rule takes effect, Jio could raise approximately $4.3 billion with only a 2.5% stake sale—assuming it lists at the proposed top-end valuation. This dynamic provides substantial flexibility to Reliance, allowing it to execute a mega listing without significantly diluting its ownership.
Industry experts note that this model aligns with global trends, where tech and telecom giants often debut with minimal public float while retaining strategic control.
As with all major listings, specifics remain fluid. The valuation, size of the offer, dilution structure, and final list of investment banks are all subject to change based on market conditions and regulatory timelines. The people familiar with the matter reiterated that deliberations are ongoing, and no official timetable has been issued yet.
A spokesperson for Reliance Industries did not comment on the matter, maintaining the company’s typical approach of confidentiality around capital market preparations until formal filings are made.
Reliance Chairman Mukesh Ambani, Asia’s richest individual, had previously stated that the Jio listing could take place in the first half of 2026, a timeline that seems increasingly credible with the latest movement around the draft prospectus.
Ambani has repeatedly emphasized value unlocking across Reliance’s telecom, retail, and digital ecosystems. Jio’s IPO—expected to be the crown jewel of this strategy—would mark a defining moment for Reliance’s next phase of transformation into a digital-first conglomerate.
India’s largest IPO to date was the Hyundai Motor India listing, which raised $3.3 billion last year. Jio’s offering, even at a minimal dilution, could easily eclipse this, making it the biggest IPO in India’s capital market history.
Market analysts believe such a mega listing could:
Attract significant global institutional interest
Bring renewed liquidity to Indian equities
Establish a benchmark for future tech-led listings
Strengthen India’s position as a key global capital market
For domestic investors, Jio’s IPO may also open the door to participate in India’s digital growth story at scale.
The anticipated listing comes at a time when India’s telecom sector is consolidating, data consumption is rising exponentially, and the digital ecosystem is expanding into new verticals such as AI, cloud services, and fintech. Jio’s diversified business model positions it uniquely to capitalize on these megatrends.
Key factors investors are monitoring include:
Jio’s 5G monetisation roadmap
Performance of digital services and platforms
ARPU trends relative to competitors
Potential global partnerships
Strength of Reliance’s balance sheet and upcoming capex cycles
Given Jio’s scale, even minor changes in regulatory or market sentiment could influence the trajectory of what may be the largest IPO in India’s history.
As Reliance begins drafting the prospectus and prepares for regulatory filings, the groundwork is being laid for a landmark event in Indian equity markets. While timelines and specifics may evolve, the direction is unmistakable: Jio is moving steadily toward a public debut, and the market is preparing for a listing that could reshape both Reliance’s corporate structure and India’s IPO landscape.
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