Reliance Jio IPO: Reliance Industries has begun preparing an initial draft prospectus for Jio Platforms’ initial public offering. This step marks progress toward what could become India’s largest IPO ever. The company started informal discussions with banks in October 2025 to ready the document for filing with regulators.
New SEBI Rules & Timeline
The formal filing and banker appointments await implementation of new SEBI rules on IPOs. These rules lower minimum dilution to 2.5% for firms with post-issue market cap over 5 trillion rupees, or about $55 billion. SEBI approved the changes, but they remain pending as of December 2025.
Proposed Valuation Hits $170 Billion
Bankers propose valuing Jio Platforms at up to $170 billion, exceeding Bharti Airtel’s current $140 billion market value. Talks suggest a range of $130 billion to $170 billion based on market conditions and structure. This positions Jio among India’s top-valued firms post-listing.
Potential Fundraising and Subscriber Edge
Under the new rules, Jio could raise around $4.3 billion at the top valuation with minimum dilution. Jio leads with 506 million subscribers as of recent data, compared to Airtel’s 450 million. Past investments from Meta and Alphabet totaled over $10 billion, boosting its digital and telecom assets.
Mukesh Ambani Sets 2026 Target
Mukesh Ambani stated in August 2025 that the listing may occur in the first half of 2026. Discussions continue, with details subject to change. India’s record IPO remains Hyundai Motor India’s $3.3 billion raise from last year.
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