Reliance Industries, the parent company of Jio Platforms, is reportedly waiting for the government to formalise regulatory changes before appointing bankers and filing draft documents for the company’s initial public offering. According to people familiar with the discussions, the company is aiming to submit its draft red herring prospectus before April, depending on the timing of the government notification.
Jio, which owns India’s largest wireless operator Reliance Jio, is considered one of the most valuable assets within the business empire of Mukesh Ambani. The proposed IPO would mark the first listing of a major Reliance subsidiary in nearly two decades and could become the largest public offering in India’s history. Investment bankers have suggested a potential valuation of up to 170 billion dollars, roughly ₹15.5 lakh crore, giving investors a chance to participate in one of the most significant growth stories in the global telecom and digital services sector over the past decade.
During the company’s annual general meeting in August 2025, Reliance Industries chairman Mukesh Ambani said that Jio Platforms would likely be listed during the first half of 2026.
At the higher end of the proposed valuation, the IPO could raise about 4.3 billion dollars even if the company sells only the minimum required stake. Such a valuation would place Jio among the largest companies in India by market capitalisation. In 2020, major technology firms Meta Platforms and Alphabet invested more than 10 billion dollars combined in Jio Platforms.
Sources said discussions about the IPO are still ongoing and that key details such as the size and timing of the offering could change. Reliance Industries declined to comment immediately, while representatives from the finance ministry also did not respond to requests for comment.
In September 2025, the Securities and Exchange Board of India approved amendments to its regulations allowing companies with a post issue market capitalisation exceeding ₹5 lakh crore to dilute as little as 2.5 percent of their equity in an IPO. Previously, companies were required to sell at least 5 percent.
The rule change could encourage mega listings such as Jio Platforms and the National Stock Exchange of India, although the measure still requires final approval from the government. It remains unclear why the notification has been delayed, and there is no indication that the hold up is specifically related to the Jio listing.
The next step involves the finance ministry formally incorporating the regulatory changes and publishing them in the Official Gazette. According to Sonam Chandwani, managing partner at KS Legal and Associates, this process can take several months depending on government deliberations.
Ankita Singh, founder of Sarvaank Associates, said that although the regulator has cleared the path for such listings, the industry is still waiting for the final gazette notification, which is expected during the first half of 2026.
Meanwhile, the National Stock Exchange of India is continuing its preparations for its own IPO and could raise as much as 2.5 billion dollars. The exchange recently invited banks to pitch for roles in managing the share sale.
These two potential listings could provide a significant boost to the Indian capital markets, where IPO activity has slowed at the start of 2026 following two consecutive years of record fundraising.
