Winning Bizness Desk
Mumbai.Reliance Industries’ telecom and digital arm Jio Platforms has taken a decisive step towards its much-anticipated public listing by appointing 17 global and domestic investment bankers. The development, cited in a report by ET Now based on sources, indicates that the company is preparing for what could emerge as India’s largest-ever initial public offering. The move signals advanced-stage planning as the conglomerate looks to tap capital markets at a massive scale.
Global and domestic bankers lead IPO process
Jio has brought on board top-tier global investment banks including Goldman Sachs, Morgan Stanley and JPMorgan to steer the issue. Alongside them, leading domestic firms such as Kotak Mahindra Capital, Axis Capital and JM Financial have also been roped in. The mix of global expertise and domestic market understanding is expected to ensure a robust execution strategy for the IPO.
Valuation may touch ₹16 lakh crore mark
The valuation of Jio Platforms is estimated at around 180 billion dollars, translating to nearly ₹16 lakh crore. Under the revised rules of the Securities and Exchange Board of India, companies valued above ₹5 lakh crore can go public with a minimum public float of just 2.5 percent. This provision significantly alters the scale and flexibility of mega listings in India.
Key IPO highlights and fundraising estimates
Based on the current valuation and regulatory framework, even a 2.5 percent stake sale could enable Reliance Industries to raise over ₹40,000 crore. This would surpass previous records and position the offering as the largest IPO in Indian market history.
Key takeaways include:
- Estimated fundraising exceeding ₹40,000 crore
- Potential valuation of around ₹16 lakh crore
- Among the biggest global IPOs in recent times
- Participation of top global and Indian bankers
- Listing expected in first half of 2026
Sebi norms to support listing strategy
Market analysts including Jefferies and CLSA believe that Sebi’s revised norms will play a crucial role in the IPO’s success. Earlier, companies were required to dilute at least 10 percent stake, but the relaxation to 2.5 percent for large firms offers greater flexibility. This allows promoters to retain stronger control while limiting share supply in the market, which could help support post-listing valuations and investor sentiment.
Investors may dilute stake before listing
The IPO is expected to include both fresh issue of shares and an offer for sale by existing investors. Early backers such as KKR, TPG, Silver Lake and Vista Equity Partners are likely to partially exit their holdings. Chipmaker Intel may also offload a small portion of its stake. Additional developments expected:
- Draft papers likely to be filed by month-end
- Financial data till December 2025 to be included
- Timing of listing subject to market conditions
- Regulatory approvals will determine final schedule
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, had earlier indicated in August last year that the listing of Jio Platforms could take place in the first half of 2026. With preparatory steps now underway, the IPO is poised to become a landmark event for India’s capital markets.
