Reliance Jio plans mega IPO

Reliance Jio plans mega IPO with just 2.5% public float

Key Highlights (At a Glance)

• Proposed IPO size: Only 2.5% equity dilution

• Potential fund raise: $4–4.5 billion (largest-ever in India)

• Implied valuation: Around $180 billion (Jefferies estimate)

• Timeline: H1 2026, as confirmed by Mukesh Ambani

• Regulatory angle: SEBI proposal allows mega IPOs with 2.5% minimum float

Reliance Jio Platforms is considering launching its much-anticipated initial public offering later this year, a move that could redefine the scale of Indian capital markets. According to a Reuters report, the company is exploring a listing with just 2.5% equity float, potentially raising over $4 billion—a figure that would surpass Hyundai Motor India’s $3.3 billion IPO, currently India’s largest.

Sources cited in the report indicate that Reliance prefers a smaller float due to the massive size and valuation of Jio Platforms. This strategy aligns with a proposal by SEBI to reduce the minimum public shareholding requirement for large IPOs from 5% to 2.5%, though the proposal is still awaiting approval from the finance ministry.

In a November research note, Jefferies valued Jio Platforms at around $180 billion. At this valuation, a 2.5% stake sale could fetch nearly $4.5 billion, making it India’s most valuable IPO ever.

India’s largest telecom operator, Jio serves over 500 million subscribers and anchors the digital growth ambitions of Reliance Industries. Chairman Mukesh Ambani had earlier confirmed that Jio Platforms would list in the first half of 2026, ending years of speculation around the IPO timeline.

Over the last six years, Jio Platforms has diversified beyond telecom into digital services and artificial intelligence, attracting marquee global investors such as KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority. In 2020, Google and Meta together invested nearly $20 billion at a valuation of $58 billion—a figure market participants believe has at least doubled since then.

For context, India’s biggest IPOs so far include LIC of India (Rs 21,000 crore), One97 Communications (Rs 18,300 crore), and Coal India (Rs 15,200 crore). With relaxed float norms, a Rs 10 lakh crore-plus listing for Jio Platforms now appears feasible, potentially unlocking exits for early investors and drawing strong anchor and ETF participation post-listing.

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Disclaimer

This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.