Reliance Jio Platforms is moving closer to a long anticipated stock market debut as bankers begin work on draft IPO documents.
The company is considering a public listing that would involve selling a small portion of its equity, reports Reuters, reflecting its large scale and dominant position in India’s telecom market.
Jio Platforms is controlled by Mukesh Ambani and sits under Reliance Industries. Its telecom arm, Reliance Jio, serves more than 500 million users, making it the country’s largest operator.
While formal mandates are yet to be announced, preparatory steps suggest internal planning has entered a more advanced phase.
IPO size and valuation
Experts said Reliance is considering floating around 2.5% of Jio Platforms in the IPO, notes Reuters.
The preference for a limited float is linked to the company’s size and a strategy to maintain scarcity in the market.
In November, Jefferies estimated Jio Platforms’ valuation at about $180 billion.
At that level, a 2.5% stake sale would raise roughly $4.5 billion, placing it ahead of recent large Indian listings such as Hyundai Motor India.
Regulation and listing structure
The proposed float size is closely tied to regulatory developments.
India’s market regulator has proposed lowering the minimum public shareholding requirement for large IPOs to 2.5% from 5%, but the change still awaits approval from the finance ministry.
According to Reuters, the final structure of the offering also remains undecided.
It is not yet clear whether the IPO would be an offer for sale by existing shareholders, involve the issuance of new shares, or combine both approaches.
In previous high-profile listings, such as Hyundai Motor India’s, the offering did not raise fresh capital for the company.
Business mix and competitive backdrop
Jio Platforms has expanded well beyond telecom services over the past six years, building positions in artificial intelligence and other digital businesses.
It has raised capital from global investors, including KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority.
Despite this diversification, telecom operations still account for about 75% to 80% of annual revenue.
The IPO planning also comes as Jio prepares for heightened competition, with Elon Musk expected to launch Starlink in India.
Jio has meanwhile partnered with Nvidia to develop AI infrastructure.
Timing and market context
India’s IPO market has remained strong over the past two years.
The country ranked as the world’s second-largest primary equity issuance market in 2025, raising $21.6 billion as of December 18, according to LSEG.
Ambani first detailed plans to list Jio in 2024 and later delayed the timeline beyond 2025 to support higher valuations through expansion into digital niches.
Bankers from Morgan Stanley and Kotak are said to be already involved in early drafting work, as Reliance also expects some foreign investors to seek exits through the IPO.
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