Mukesh Ambani’s Reliance Industries is moving closer to the stock market debut of Jio Platforms. While preparations are already progressing internally, the group is holding back on formally filing its draft red herring prospectus (DRHP) until the government issues the final notification on revised IPO regulations, according to a report from The Economic Times.
Once approved, they are expected to clear the path for what could become the largest public issue India has ever seen, with fundraising estimates in the range of $4–4.5 billion (around Rs 33,000–37,000 crore), the report added.
Regulatory Changes For Jio IPO
The Securities and Exchange Board of India (SEBI) has proposed significant changes to make mega listings more feasible. One of the most important reforms is the reduction in the minimum IPO float for companies valued above Rs 5 lakh crore, from 5 per cent to 2.5 per cent. SEBI Chair Tuhin Kanta Pandey has already confirmed government approval for this move, though a formal notification from the finance ministry is still pending.
In addition, timelines for meeting public shareholding norms have been extended. Firms listing with under 15 per cent public float will now have five years to reach that level and up to 10 years to hit the 25 per cent mark, easing post-listing pressure on large issuers like Jio Platforms.
Reliance Signals IPO Readiness
Reliance Jio Infocomm’s strategy head, Anshuman Thakur, recently underlined that groundwork for the IPO is well advanced, even as the company waits for regulatory clarity. “We are working on the assumption that it is in line with whatever Sebi has recommended, but we will still have to wait for that before we finalise and then start the process,” Thakur said, adding that the listing is imminent and could take place in the next few months, as per the ET report.
Ambani has previously informed that Jio Platforms could list in the first half of 2026, aligning with the anticipated rollout of the new norms.
Valuation, Scale And Market Impact
Investment banks estimate Jio Platforms’ valuation at about $180 billion (nearly Rs 15 lakh crore). At that scale, selling just the minimum 2.5 per cent stake could generate roughly $4.5 billion, according to Jefferies’ November estimates. Such an issue would surpass Hyundai Motor India’s Rs 27,000 crore IPO in 2024, setting a new benchmark for Indian markets.
Analysts expect the IPO structure to be largely an offer-for-sale by financial investors, while strategic partners such as Reliance, Meta and Google are likely to stay invested. However, there are concerns that Reliance Industries could be viewed as a holding company post-listing, potentially leading to a 5–20 per cent valuation discount. While Citi believes SEBI’s reforms have eased these worries, BNP Paribas has already built in a 10 per cent discount for Reliance’s Jio stake.
If Jio is valued closer to Rs 12 lakh crore, SEBI’s revised framework would allow it to raise around Rs 30,000 crore by selling just 2.5 per cent, far less dilution than earlier rules would have required, according to the ET report.
