Jio Platforms is at risk of missing the IPO deadline due to the government’s delay in formalizing changes to the listing rules.
Reliance Industries Ltd, parent company of Jio Platforms Ltd, is waiting for the government to formalize changes to appoint bankers and file IPO papers, people familiar with the matter said on condition of anonymity. The company is now aiming to file the draft red-herring prospectus before April, subject to government notification.
Jio, which owns India’s largest wireless operator, is one of the crown jewels of Ambani’s empire. The Jio IPO – the first listing of a major Reliance entity in nearly 20 years – could be the country’s biggest ever. Investment bankers have proposed a valuation of $170 billion (approximately) ₹15.5 lakh crore for the company), which will provide investors a rare opportunity to buy into one of the world’s biggest growth stories of the last decade.
During an annual general meeting in August 2025, RIL Chairman Mukesh Ambani had revealed plans to list Jio Platforms in the first half of 2026.
A top-end valuation could raise about $4.3 billion through a minimum stake sale and would put the company among India’s largest companies by market value. Meta Platform Inc. and Alphabet Inc. announced a total investment of more than $10 billion in Jio in 2020.
The discussions are ongoing and details of the Jio Platforms IPO, including timing and size, may change, the people said. Reliance Industries declined to immediately comment. Finance Ministry representatives did not immediately respond to requests for comment.
In September 2025, the Securities and Exchange Board of India (SEBI) approved amendments to its rules, allowing companies with higher market capitalization after the issue. ₹The IPO will be capped at 2.5% instead of the current minimum of Rs 5 lakh crore.
The rule change is a potential catalyst for mega listings like that of Jio and the National Stock Exchange of India, but it has not yet received final government approval. It is unclear what the holdup is and there is no indication that the delay is specifically targeting the Jio IPO.
The next step, which can usually take up to a few months depending on government deliberations, is for the finance ministry to formally incorporate the changes and announce them in the official gazette, said Sonam Chandwani, managing partner, KS Legal & Associates.
“While the regulator has paved the way, the industry now awaits the final gazette notification, which we expect to see materialize in the first half of 2026,” said Ankita Singh, founder of law firm Sarvank Associates.
Meanwhile, NSE is moving ahead with plans to raise up to $2.5 billion in an IPO. The company had last month invited banks to offer roles in the offering.
The two share sales will provide a much-needed shot in the arm for the Indian market, where listings have struggled to start 2026 after two consecutive years of record fundraising.