Reliance Jio Eyes 2.5% IPO in 2026 That Could Be India’s Biggest Ever

Reliance Jio Platforms, led by Mukesh Ambani, is considering launching an initial public offering (IPO) in 2026, according to new reports. The company may list around 2.5% of its shares, a move that could result in India’s largest IPO so far.

Jio is the parent company of Reliance Jio, India’s biggest telecom operator with more than 500 million users.

IPO Size and Valuation

In November, global investment bank Jefferies estimated Reliance Jio’s valuation at around $180 billion. At this level, selling a 2.5% stake could raise about $4.5 billion.

This would be much larger than Hyundai Motor India’s $3.3 billion IPO in 2024. Some bankers are even pitching higher valuations in the range of $200–240 billion, though no final number has been decided.

Why Only 2.5% Stake May Be Sold

Reliance is reportedly keen to list a smaller stake due to the company’s large size. A proposal by India’s market regulator to reduce the minimum public shareholding for large IPOs from 5% to 2.5% is still awaiting approval from the finance ministry.

According to news reports, a smaller float could help create better demand and pricing for the shares.

Business Expansion and Investor Backing

Over the past 6 years, Reliance Jio has expanded beyond telecom into areas like artificial intelligence and digital services. It has raised funds from major global investors such as KKR, General Atlantic, Silver Lake, and Abu Dhabi Investment Authority.

Jio has also partnered with Nvidia to build AI infrastructure and is preparing to compete with Elon Musk’s Starlink internet services in India.

IPO Structure Still Unclear

It is not yet decided whether the IPO will be entirely an offer-for-sale, where existing investors sell their shares, or if it will include fresh shares to raise new funds. For comparison, Hyundai Motor India’s IPO was fully an offer-for-sale.

Reliance expects some foreign investors to exit their investments through the IPO.

Read More: 2026 IPO Pipeline: Reliance Jio, NSE, PhonePe And More Set For Big Listings!

Timeline and Bankers Involved

Mukesh Ambani had first announced plans to list Jio in 2019. While the IPO was earlier delayed to achieve a higher valuation, Ambani said in August that Jio would list in the first half of 2026, subject to market conditions.

Although no formal appointments have been made, bankers from Morgan Stanley and Kotak are already working with Reliance on drafting IPO documents.

Conclusion

Reliance Jio’s planned IPO could be a landmark event for India’s capital markets. With a massive user base, strong global investors, and expansion into AI and digital services, Jio’s listing has the potential to become the largest IPO in Indian history, depending on regulatory approvals and market conditions.

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