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Reliance Jio IPO: What's holding up India's biggest-ever public listing
19 Jan 2026

Reliance Industries Limited (RIL), led by billionaire Mukesh Ambani, is gearing up for the much-anticipated public listing of Jio Platforms.

The company is waiting for a final government notification on revised Initial Public Offering (IPO) norms before filing its draft red herring prospectus (DRHP).

The proposed regulatory changes are crucial for a transaction of this magnitude.

Jio IPO: A game-changer for Indian capital markets
Market impact

The Jio IPO is expected to be India's largest ever, raising an estimated $4-4.5 billion (₹33,000-37,000 crore).

Investment banks have valued Jio Platforms at around $180 billion (nearly ₹15 lakh crore).

At that level, selling just 2.5% of the company, the minimum under Securities and Exchange Board of India's new framework for companies worth over ₹5 lakh crore, could raise about $4.5 billion, Jefferies estimates from November show.

Regulatory changes and their implications
Rule adjustments

The government has approved a reduction in the minimum IPO float for large firms to 2.5% from 5%.

However, this measure is yet to be formally notified by the Finance Ministry.

The SEBI has also relaxed minimum public shareholding norms, giving companies listing with less than 15% public float, five years to reach that level.

Jio Platforms's listing timeline and valuation
Listing forecast

Ambani has hinted at a Jio Platforms listing in H1 2026.

The firm is the parent of Reliance Jio, India's biggest telecom operator with over 500 million subscribers.

Analysts expect the IPO to be mostly an offer-for-sale by financial investors, with strategic shareholders like Reliance, Meta, and Google likely to remain invested.

Challenges and discounts in Jio's public listing
Valuation hurdles

Taking Jio public would effectively make Reliance Industries a holding company, possibly leading to a valuation discount of 5-20%.

While Citi said SEBI's new rules have "dispelled concerns" about holding company discounts, BNP Paribas has already started factoring in a 10% discount for RIL's stake in Jio Platforms.

Under SEBI's framework, if Jio is valued at around ₹12 lakh crore, the company could raise around ₹30,000 crore by selling just 2.5%.