NewsIPOJio Platforms IPO Update: Reliance Awaits Government Notification Before Filing DRHP for Record-Breaking OfferingJio Platforms IPO Update: Reliance Awaits Government Notification Before Filing DRHP for Record-Breaking Offering
Reliance Industries is preparing for Jio Platforms' IPO, expected to be India's largest ever at $4-4.5 billion (₹33,000-37,000 crore). The company awaits government notification on revised IPO norms before filing DRHP. New regulations reduce minimum float requirements to 2.5% for large companies, enabling Jio to raise ₹30,000 crore compared to ₹60,000 crore-plus under previous rules. The listing is targeted for first half of 2026.
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Reliance Industries is moving closer to launching what could become India's largest initial public offering through its subsidiary Jio Platforms. The conglomerate is currently awaiting final government notification on revised IPO regulations before proceeding with the filing of its draft red herring prospectus (DRHP).
IPO Scale and Valuation
The Jio Platforms offering is positioned to set new records in the Indian capital markets. Key financial projections show the significant scale of this proposed transaction:
| Parameter: | Amount |
|---|---|
| Expected Fundraising: | $4-4.5 billion (₹33,000-37,000 crore) |
| Estimated Valuation: | $180 billion (₹15 lakh crore) |
| Minimum Float Required: | 2.5% (under new norms) |
| Potential Fundraising at 2.5%: | ₹30,000 crore |
This offering would significantly exceed Hyundai Motor India's ₹27,000 crore IPO completed in 2024, establishing a new benchmark for Indian public offerings.
Regulatory Framework Changes
The Securities and Exchange Board of India has introduced several modifications to accommodate large-scale offerings. The government has approved reducing the minimum IPO float requirement for major companies from 5% to 2.5%, though this change awaits formal notification from the finance ministry.
Additionally, revised minimum public shareholding norms provide extended timelines for compliance. Companies listing with less than 15% public float now have five years to reach that threshold and 10 years to achieve 25% public shareholding, compared to the previous deadlines of two years and five years respectively.
Company Readiness and Timeline
Anshuman Thakur, head of strategy at Reliance Jio Infocomm, confirmed that internal preparations for the IPO are already underway. However, execution will commence only after receiving regulatory clarity. The company is operating under the assumption that final regulations will align with current recommendations, but formal confirmation remains necessary before proceeding.
Mukesh Ambani has indicated that the Jio Platforms listing is targeted for the first half of 2026. The parent company operates Reliance Jio, India's largest telecommunications operator serving over 500 million subscribers.
Market Impact and Structure
Analysts anticipate the IPO will primarily function as an offer-for-sale by financial investors, with strategic shareholders including Reliance, Meta, and Google expected to maintain their investments. The listing structure presents both opportunities and challenges for the broader Reliance Industries organization.
Under the new regulatory framework, if Jio Platforms achieves a valuation of ₹12 lakh crore, the company could raise approximately ₹30,000 crore through a 2.5% stake sale. This represents a substantial reduction from the ₹60,000 crore-plus that would have been required under previous regulations, demonstrating the significant impact of the revised norms on large-scale public offerings.
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