Reliance Jio Platforms is considering launching an initial public offering this year that would float about 2.5% of the company, a move that could become India’s largest-ever IPO, potentially raising more than $4 billion, a Reuters report said, citing people familiar with the matter.
The company, controlled by billionaire Mukesh Ambani, is the parent of Reliance Jio, India’s largest telecom operator with over 500 million users. Its market debut is widely seen as the most anticipated IPO in the country this year.
In November, Jefferies estimated Reliance Jio’s valuation at around $180 billion. At that level, a 2.5% stake sale would fetch roughly $4.5 billion, exceeding Hyundai Motor India’s $3.3 billion IPO last year, Reuters reported.
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Over the past six years, Jio has expanded beyond telecom into areas such as artificial intelligence and has raised capital from global investors including KKR, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.
Reliance is keen to list only a small portion of Jio given the company’s size, the sources said. This plan hinges on a proposal by India’s market regulator to cut the minimum public shareholding requirement for large IPOs to 2.5% from 5%, a move that still awaits approval from the finance ministry.
“The preference is to list 2.5% at this point if the law gets changed as a smaller amount creates more pricing tension,” one source with direct knowledge of the discussions said. The source added that some bankers were pitching a valuation of $200 billion to $240 billion for the business, though Reliance has not finalised any number.
Reliance did not respond to Reuters’ requests for comment. The sources declined to be named as they were not authorised to speak publicly.
It is yet to be decided whether the IPO would be structured purely as an offer-for-sale, allowing existing shareholders to sell their stakes, or whether it would also involve issuing new shares. Hyundai Motor India’s IPO, for instance, was entirely an offer-for-sale and did not raise fresh capital.
The potential Jio listing would further bolster India’s strong IPO momentum. The country ranked as the world’s second-largest primary equity market in 2025, raising $21.6 billion as of December 18, according to LSEG data cited by Reuters.
Ambani first announced plans to list Jio in 2019, targeting a timeline of five years. Reuters reported last year that the offering was pushed beyond 2025 as the company sought a higher valuation by expanding into additional digital businesses.
Reliance Jio is also preparing to compete with Elon Musk’s Starlink, which is expected to launch satellite internet services in India in the coming months. Separately, Jio has partnered with Nvidia to build artificial intelligence infrastructure.
In August, Ambani said Jio would list in the “first half of 2026,” though one source said the final timeline would depend on market conditions.
While formal appointments have not yet been announced, bankers from Morgan Stanley and Kotak Mahindra Bank are already working with Reliance on drafting the IPO documents, a process that can take several months, according to another source with direct knowledge.
Reliance is waiting for clarity on the proposed 2.5% public float rule, and the size of the offering could change in the coming months, the source added. The company also expects several foreign investors who backed Jio in recent years to seek exits through the IPO.
Morgan Stanley and Kotak did not respond to Reuters’ requests for comment.
