Reliance Jio Plans $4+ Billion IPO with 2.5% Stake Sale in 2026
Reliance Jio Platforms plans an IPO worth over $4 billion by floating 2.5% stake, potentially becoming India's largest public offering. With valuations estimated between $180-240 billion by investment banks, the telecom giant awaits regulatory approval to reduce minimum stake requirements and favorable market conditions for a first-half 2026 listing.
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Reliance Jio Platforms is considering an initial public offering that could raise over $4 billion by floating 2.5% of the company, positioning it to become India's largest-ever IPO. The telecom giant, led by Mukesh Ambani, serves as the parent company of India's largest mobile operator with more than 500 million users.
IPO Valuation and Size
The proposed offering's scale depends on Jio's final valuation, with significant estimates from financial institutions:
| Valuation Source: | Estimated Value | Potential IPO Size (2.5%) |
|---|---|---|
| Jefferies (November): | $180 billion | $4.50 billion |
| Banker Estimates: | $200-240 billion | $5.00-6.00 billion |
At these valuations, the Jio IPO would surpass Hyundai Motor India's $3.30 billion offering, which currently holds the record as India's largest public listing.
Regulatory Framework and Timeline
The IPO structure awaits crucial regulatory developments. Reliance prefers listing only 2.5% of Jio's shares, contingent on India's market regulator's proposal to reduce the minimum stake sale requirement for large companies from 5% to 2.5%. This proposal currently awaits approval from the finance ministry.
Ambani announced in August that Jio would list in the "first half of 2026," though the timeline remains dependent on market conditions and regulatory clearance. The company has not determined whether the offering will be an offer-for-sale allowing existing shareholders to sell stakes, or include new stock issuance.
Business Expansion and Investor Base
Over the past six years, Jio has diversified beyond telecommunications into artificial intelligence and attracted investments from prominent global investors:
- KKR
- General Atlantic
- Silver Lake
- Abu Dhabi Investment Authority
The company has also partnered with Nvidia to develop AI infrastructure and faces upcoming competition from Elon Musk's Starlink internet service expected to launch in India.
Market Context and Preparation
The Jio listing would contribute to India's robust IPO momentum, with the country ranking as the world's second-largest primary equity issuance market, raising $21.60 billion as of December 18, according to LSEG data.
Morgan Stanley and India's Kotak are already working with Reliance on drafting IPO documentation, though formal appointments have not been made. The company expects many foreign investors who participated in recent funding rounds to seek exits through the public offering.
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