Reliance Jio Platforms is set to launch India's largest initial public offering by the first half of 2026, with an estimated size of $4 billion. Chairman Mukesh Ambani formally announced the IPO plans at the 48th Reliance Industries AGM in August 2025, stating that the company is making all necessary arrangements to file for the public offering subject to regulatory approvals.

IPO Timeline and Regulatory Framework

The Reliance Jio IPO is expected to hit the Indian primary market by June 2026. The timing aligns with a proposal from India's market regulator to reduce the minimum size of share sales for large companies seeking IPOs to 2.5% from 5%, which is currently awaiting approval from the finance ministry.

Valuation Estimates and Market Position

Investment bankers have estimated Reliance Jio's valuation to range between $130 billion and $170 billion. Investment bank Jefferies provided a higher estimate in November 2025, valuing the company at $180 billion. At that valuation, a 2.5% stake sale would raise $4.5 billion, significantly surpassing Hyundai Motor India's $3.3 billion IPO in 2024.

Expected Pricing and Grey Market Activity

The grey market premium for Reliance Jio shares currently quotes at ₹93 per share, indicating early investor interest. Research analysts estimate the retail investor price band could range between ₹1,048 to ₹1,457 per share, assuming a 15% to 20% discount based on the announced valuation range.

Abhinav Tiwari, Research Analyst at Bonanza, noted that the final price will depend on which valuation band ultimately materializes for the offering.

Strategic Developments and Market Context

The Jio listing would contribute to the strong momentum in India's IPO market, which ranked as the world's second-largest primary equity issuance market in 2025, raising $21.6 billion as of December 18, according to LSEG data.

Ambani first announced plans to list Jio within five years in 2019. However, the offering was delayed beyond 2025 as the company sought higher valuations by expanding into niche digital businesses. Jio has partnered with Nvidia to develop AI infrastructure and is preparing to compete with Elon Musk's Starlink internet service, which is expected to launch in India.

Investment Banking Arrangements

Although formal appointments have not been made, bankers from Morgan Stanley and India's Kotak are reportedly working with Reliance on drafting the IPO papers. The company is making all arrangements to file for the IPO, with the timeline subject to necessary regulatory approvals from Indian market authorities.

Reliance Jio Platforms is reportedly exploring an initial public offering this year, with the telecommunications giant considering the sale of a 2.5% stake that could potentially create India's largest-ever IPO.

IPO Details and Valuation

According to Reuters, citing people familiar with the matter, the potential public offering could be valued at over $4 billion. The proposed stake sale represents a strategic move by the digital services arm of Reliance Industries to access public markets.

Market Significance

The potential IPO would mark a significant milestone in India's capital markets if it proceeds as planned. Reliance Jio Platforms has established itself as a major player in India's telecommunications and digital services sector.

The company is currently in the evaluation phase, weighing the IPO option as part of its strategic considerations. The substantial valuation reflects the market position and growth prospects of the digital services business within the Reliance ecosystem.

Strategic Implications

Should the IPO materialize, it would provide Reliance Jio Platforms with access to public capital markets while maintaining majority control of the business. The 2.5% stake sale structure suggests a measured approach to public listing, allowing the company to raise significant capital while retaining substantial ownership.