Reliance Jio likely to file IPO papers ahead of RIL AGM on June 19: Report

The highly anticipated initial public offering (IPO) of Reliance Jio Infocomm is expected to hit D-Street soon, with reports suggesting the company could file draft papers for an estimated $4 billion issue within the next few days.

The draft red herring prospectus (DRHP) filing may come ahead of the annual general meeting (AGM) of its parent, Reliance Industries Ltd (RIL), scheduled for June 19, where chairman Mukesh Ambani is expected to address shareholders, according to a Financial Times report.

The proposed IPO would mark a key milestone for India's largest telecom operator, whose stock market debut has been closely watched by investors for several years.

During Reliance's AGM last year, Ambani had indicated that Jio would be listed in the first half of 2026. However, the company missed that timeline, fuelling speculation about a revised roadmap for the offering.

The latest developments suggest preparations for the listing may now be entering their final stages. A DRHP filing with the Securities and Exchange Board of India (Sebi) would provide investors with their first detailed look at Jio's financial performance, growth strategy and valuation expectations.

In RIL's annual report for FY26, released last month, Ambani highlighted the company's efforts to strengthen Jio's governance and operational framework as it evolves from a telecom operator into a broader technology and digital services platform.

He noted that Reliance is focussed on enhancing transparency, building institutional capabilities, and positioning Jio to capitalise on emerging opportunities in the digital economy. Ambani also reiterated that the company remains open to strategic options that could broaden stakeholder participation while supporting long-term value creation.

A potential public listing of Jio would rank among India's largest IPOs and is expected to attract significant interest from both domestic and international investors, given the company's dominant position in the country's telecom and digital services market.

IPO likely to be entirely an OFS

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 suggests that no fresh capital will be raised, with existing investors expected to pare their holdings.

The IPO is expected to 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 8% stake.

Reliance Industries currently holds a 67.03% stake in Jio Platforms, while the remaining 32.97% is owned by a diverse group of strategic and financial investors. Among minority shareholders, Meta is the largest investor with a 9.99% stake, followed by Google with 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%) also hold meaningful stakes. Sovereign wealth funds are represented by the Public Investment Fund (2.32%), Mubadala (1.85%) and Abu Dhabi Investment Authority (1.16%).

The roster of bankers includes global firms such as Citigroup and JPMorgan, alongside domestic players including 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.

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