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Reliance has started the process of preparing draft documents for the listing of Jio Platforms Ltd and it is being considered as India’s biggest IPO in the market so far. Bankers are proposing the value of Jio to be up to $170 billion and if the new SEBI rules are implemented, the company can raise $4.3 billion with just 2.5 percent dilution. Mukesh Ambani has already said that the listing can happen in the first half of 2026 and now the entire focus is on the draft filing as soon as the new rules are implemented.
New DelhiJio Platforms Ltd, the tech subsidiary of the country’s largest company Reliance Industries Ltd, is going to launch an IPO very soon, Reliance has finally started work on the plan for which the market was waiting for the last several years, The company has started the process of preparing the initial draft prospectus for the listing of Jio Platforms and once again the discussion about the biggest IPO has intensified in the market,
Currently, the company is informally talking to many banks and is preparing to file the draft document with the regulator soon. The final prospectus and formal appointment of bankers will be made as soon as the new IPO rules come into force. The market expects that this IPO will prove to be the country’s largest offer so far in both its size and valuation.
New IPO rules in favor of Jio
Sources say that the new SEBI rules are being awaited because now companies with post issue market cap of more than Rs 5 trillion will have to do dilution of only 2.5 percent. This will give a big platform like Jio an opportunity to raise huge amount even by selling less stake. According to sources, the already ongoing talks on Jio’s valuation are reaching $170 billion and if the company goes for this highest valuation, then only minimum dilution can raise around $4.3 billion.
A bigger value story than Airtel
There is talk in the market that the proposed valuation of Jio is much higher than its big rival Bharti Airtel Ltd, whose current valuation is believed to be around $140 billion. Jio’s subscriber base, digital services, 5G rollout and rapidly growing platform ecosystem have established it as a multi-service tech giant. For this reason, bankers are considering it as India’s most expensive tech and telecom IPO.
What did Mukesh Ambani say
Reliance Chairman and Managing Director Mukesh Ambani had said in August this year that Jio’s listing could happen in the first half of 2026. His statement had increased more curiosity among investors. Sources say that all the processes are still in the initial stage, hence many things may change in the future. The company has not yet given a formal response on this, but the market is confident that once the draft filing is done, its discussion will resonate in the entire global market.
The biggest ever IPO in India took place last year when Hyundai Motor India Ltd raised about $3.3 billion. Jio’s proposed issue can go far beyond that and create a new record in India’s capital market.
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