Reliance begins work for India's largest IPO

Highlights

• Reliance Industries starts preparing draft prospectus for Jio Platforms listing.
• Bankers propose valuation of up to $170 bn, surpassing rival Bharti Airtel's $140 bn.
• IPO could raise $4.3 bn under new SEBI rules, potentially launching in first half of 2026.

The oil-to-telecoms conglomerate is informally speaking with banks to prepare a prospectus that it plans to file with the regulator as soon as possible, said the sources, who requested anonymity as the process remains private.

The draft prospectus filing and formal appointment of bankers will occur after new rules on Indian IPOs come into effect. The Securities and Exchange Board of India (SEBI) has approved reducing the minimum dilution in IPOs to as low as 2.5 per cent for companies with a post-issue market capitalisation above 5 trillion rupees ($55 bn), though the change has not yet been implemented.

Bankers are proposing a valuation of as much as $170 bn for Jio, people familiar with the deliberations have said previously. This exceeds rival telecommunications firm Bharti Airtel, which is valued at approximately $140 bn.

Under the new listing rules, Jio could raise about $4.3 bn if it achieves the top end of that valuation and opts for the minimum dilution.

Mukesh Ambani, who controls Reliance and is Asia's wealthiest person, said in August the Jio listing could happen in the first half of 2026.

India's biggest IPO to date was by Hyundai Motor India, which raised $3.3 bn last year. The Jio offering would comfortably surpass this record. Deliberations are ongoing and details may change, the sources said.