Jio Informs Lenders of Potential IPO Filing as Early as March: Report
Reliance Industries Ltd. Aims to File Draft Prospectus for Jio Platforms IPO
Reliance Industries Ltd. is planning to file a draft red herring prospectus for the initial public offering (IPO) of its telecom unit, Jio Platforms Ltd., by the end of this month with the December-end financials. The company has formally initiated preparations for the IPO by appointing 17 bankers to handle the issue.
The selected global banks for advisory roles include Morgan Stanley, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc., and Goldman Sachs Group Inc.. Domestic advisers include Kotak Mahindra Capital Co., Axis Capital Ltd., JM Financial Ltd., and SBI Capital Markets Ltd..
The IPO plans have gained momentum following the government's approval of a change in listing requirements, allowing large issuers to dilute as little as 2.5% of their equity. The proposed offering is expected to comprise a largely secondary share sale by existing investors and could take place later this year.
The IPO is anticipated to be India's largest-ever IPO and the first by a major unit of billionaire Mukesh Ambani's flagship company, Reliance, in almost two decades. Details including the size, structure, and timing of the transaction are still being finalized and are subject to change.
India's primary market has had a subdued start to 2026, following two record years for listings. A total of $1.7 billion has been raised through IPOs this quarter, compared with $2.3 billion in the same period last year, according to data compiled by Bloomberg.
Investor Takeaway
Investors should be prepared for a potential large IPO in the Indian market.
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