Reliance Engages Six Investment Banks for Jio Initial Public Offering

Reliance Industries Ltd. Seeks to Raise $4.3 Billion through Jio Platforms IPO

Reliance Industries Ltd., the parent company of India's largest wireless operator Jio Platforms Ltd., is working with a team of six banks to facilitate a planned share sale of its telecom unit. The banks involved in the offering are BofA Securities, Citigroup Inc., Goldman Sachs Group Inc., JM Financial Ltd., Kotak Mahindra Capital Co., and Morgan Stanley.

The proposed initial public offering (IPO) is expected to be India's largest ever, with a valuation of up to $170 billion. This would allow the company to raise a minimum of $4.3 billion by diluting as little as 2.5% of its equity, following the government's approval of a change in listing requirements.

Jio Platforms will proceed with filing the draft red herring prospectus with the Securities and Exchange Board of India once the final terms have been decided. However, the terms and timeline of the offering may still be subject to change.

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India's primary market has experienced a subdued start to 2026, with $1.7 billion raised through IPOs this quarter, compared to $2.3 billion in the same period last year, according to data compiled by Bloomberg.