Reliance Jio IPO: Mukesh Ambani’s firm hires 17 bankers, aims to raise ₹40,000 crore via OFS

The much-awaited initial public offering (IPO) of Reliance Jio is gaining momentum, with the telecom and digital arm of Reliance Industries expected to soon file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), likely by the end of this month.

According to reports, the Mukesh Ambani-led conglomerate has appointed as many as 17 investment banks to manage the proposed IPO, which is expected to raise around ₹40,000 crore through an offer for sale (OFS). 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.

The report added that Reliance Jio is likely to submit its IPO papers for regulatory approval by the end of March.

At the last AGM, Mukesh Ambani, chairman of Reliance Industries, said that Jio would list in the “first half of 2026”. Analysts estimate Jio’s market value in the $154–180 billion range, factoring in both its telecom and digital businesses.

In November, Jefferies had pegged Jio’s valuation at around $180 billion. At this level, a 2.5% stake sale could fetch roughly $4.5 billion.

Domestic brokerage Motilal Oswal has estimated Jio’s enterprise value at around ₹13.3 lakh crore ($151 billion), translating into an equity value of ₹11.9 lakh crore ($135 billion), or ₹585 per share attributable to Reliance Industries.

JM Financial believes the IPO timeline increases the likelihood of a 15% tariff hike in the telecom sector by November–December 2025, as Reliance Industries looks to strengthen Jio’s earnings base ahead of the listing. Such a move would be positive for both Reliance Industries and Bharti Airtel, boosting average revenue per user (ARPU) across the sector.

The company’s premium valuation is driven by its leadership in India’s telecom market, a subscriber base exceeding 500 million, and ongoing investments in 5G rollout and artificial intelligence infrastructure. Over the past six years, Jio has raised capital from marquee investors, including KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority.

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.

Last week, the National Stock Exchange (NSE) appointed 20 merchant bankers for its proposed IPO, which is estimated at around ₹20,000 crore.

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