MUMBAI, March 2026 — Reliance Industries is reportedly moving into the final stages of a historic public listing for its digital and telecom arm, Jio Platforms. In a move that signals the end of a two-decade listing hiatus for the Mukesh Ambani-led conglomerate, the company has appointed a massive consortium of 17 investment bankers to helm the process.

The telecom giant is in the final stages of preparing its Draft Red Herring Prospectus (DRHP), with plans to file the paperwork with the Securities and Exchange Board of India (SEBI) within the next two to three weeks.

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Seeking a $120 Billion Valuation

The scale of the Jio IPO is set to be unprecedented. The company is reportedly targeting a valuation in the range of $100 billion to $120 billion. According to current plans, the IPO will involve a dilution of a 2.5% stake, primarily structured as a massive “Offer for Sale” (OFS) by existing investors.

Top financial institutions, including Kotak Mahindra Capital and Morgan Stanley India, are said to be in pole position to lead the deal. By including its December financials in the filing, Jio is setting a firm stage for a high-profile listing later this year.

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A Global “Who’s Who” of Investors

The IPO represents an exit opportunity for the global giants that fueled Jio’s expansion. Between 2020 and 2021, Jio Platforms sold a combined 32.96% stake, raising over ₹1.5 trillion.

This elite cap table includes tech titans like Meta (Facebook) and Alphabet (Google), alongside some of the world’s most deep-pocketed private equity firms and sovereign wealth funds. For these investors, the IPO marks the transition from private backers to stakeholders in a publicly traded tech entity.

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Navigating a Cautious Market

Despite Jio’s massive scale and dominant market position, the listing comes at a complex time for Indian equities. The company must navigate an increasingly cautious stock market characterized by geopolitical tensions and uncertainty over telecom tariffs.

However, the backdrop remains statistically strong. India emerged as the second-largest IPO market globally by proceeds in 2024, raising ₹1.6 lakh crore. This momentum surged into 2025, with nearly ₹1.95 lakh crore mobilized, suggesting that while investors are cautious, the appetite for high-quality, large-scale listings remains robust.

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The End of a Two-Decade Wait

For Reliance Industries, this IPO is a landmark event. It will be the first time in nearly 20 years that a company from the Reliance stable has hit the public markets. Beyond the capital, the move is seen as a formal validation of Jio’s transition from a cellular service provider to a global digital powerhouse.

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Bottom Line

The Jio IPO is not just a financial transaction; it is a test of the Indian market’s ability to absorb a $100 billion+ entity. While geopolitical “noise” and tariff questions persist, the entry of 17 investment bankers and a refined DRHP suggests that the Ambani-led giant is ready to turn the page from a private disruptor to a public benchmark.