Amid rising buzz around the highly anticipated IPO of Jio Platforms, multiple reports have emerged on the likely issue size and timeline for filing the draft red herring prospectus (DRHP) with Securities and Exchange Board of India.

Reports indicate that the telecom and digital arm of Reliance Industries is likely to file its DRHP with the Securities and Exchange Board of India in the coming days, clearing the way for what could be India’s largest-ever public offering.

At the last AGM, Mukesh Ambani, chairman of Reliance Industries, said that Jio would list in the “first half of 2026”. 

Reports also suggest the IPO will be entirely an offer for sale (OFS), with no fresh capital infusion. Around 13 existing global investors, including Meta, Google, Vista Equity Partners, KKR, Mubadala Investment Company, and Abu Dhabi Investment Authority, are expected to collectively offload about 8% stake.

Reliance Industries currently holds a 67.03% stake in Jio Platforms, while the remaining 32.97% is owned by a diverse set of strategic and financial investors. Among minority shareholders, Meta leads with 9.99%, followed by Google at 7.73%.

Private equity investors such as KKR (2.32%), Vista Equity Partners (2.32%), Silver Lake Partners (2.08%), General Atlantic (1.34%), TPG (0.93%), and L Catterton (0.39%) hold meaningful stakes. Sovereign wealth funds are also key investors, led by the Public Investment Fund (2.32%), Mubadala (1.85%), and Abu Dhabi Investment Authority (1.16%).

Hired 17 bankers for IPO

According to reports, the oil-to-telecom conglomerate has appointed as many as 17 investment banks to manage the proposed IPO, which is expected to raise around ₹40,000 crore. The structure indicates that no fresh capital will be raised, with existing investors expected to pare their stakes.

The roster of bankers includes global firms such as Citigroup and JPMorgan, alongside domestic players like Axis Capital, ICICI Securities, IIFL Capital Services, and Kotak Mahindra Capital. The investment banking arms of Goldman Sachs, Morgan Stanley, and Bank of America are also part of the syndicate, according to a Reuters report.

Valuation pegged at $154–180 billion

Analysts estimate Jio Platforms’ valuation in the range of $154–180 billion, factoring in both its telecom and digital businesses.

In November, Jefferies pegged the company’s valuation at around $180 billion, implying that a 2.5% stake sale could fetch roughly $4.5 billion. Meanwhile, Motilal Oswal estimates Jio’s enterprise value at ₹13.3 lakh crore ($151 billion) and equity value at ₹11.9 lakh crore ($135 billion), translating to about ₹585 per share attributable to Reliance Industries.

The IPO plans also follow the government’s recent relaxation of public shareholding norms for large companies. Under the revised rules, firms with a post-issue market capitalisation exceeding ₹5 lakh crore can dilute as little as 2.5% in an IPO, compared with the earlier 5% requirement. The move is expected to support large listings, including those of NSE, Flipkart, and Reliance Jio.

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