Reliance Jio Platforms Appoints 17 Banks for IPO: Planning to File DRHP by March End

Reliance Jio Platforms has reportedly selected a consortium of 17 banks to manage its highly anticipated IPO, according to news reports. The offering is expected to be structured entirely as an offer-for-sale (OFS), meaning no new capital will be raised, and existing shareholders will reduce their stakes through the listing.

The banking lineup includes major international players such as Citigroup, JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America. Domestic participants include Axis Capital, ICICI Securities, IIFL, and Kotak Mahindra Capital.

Draft Filing Expected Soon

Separately, Bloomberg reported that Reliance Industries may file a draft red herring prospectus (DRHP) for Jio Platforms as early as the end of March, likely using financials up to December. The IPO is expected to be largely a secondary share sale, with the final size and timing still subject to change.

Momentum for the listing has been boosted by regulatory changes allowing large issuers to dilute as little as 2.5% of their holdings. If executed, the IPO could become India’s largest-ever, drawing significant attention from domestic and international investors.

Jio’s Investor Base and Expansion Plans

With over 500 million users, Jio has attracted marquee investors including KKR, General Atlantic, Silver Lake, and Abu Dhabi Investment Authority. The company has expanded into emerging sectors such as artificial intelligence.

Earlier this year, Reliance Industries and Jio announced plans to invest ₹10 lakh crore over the next seven years to build an AI ecosystem in India. Speaking at the AI Impact Summit, Mukesh Ambani described this initiative as “patient capital” aimed at long-term capability building.

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