Jio Platforms Ltd is said to have picked Morgan Stanley and Goldman Sachs to lead its blockbuster IPO, which will value India’s largest telecom operator at $133-182 billion.
Reliance Industries Ltd’s digital arm is set to file IPO documents after India’s finance ministry approved Sebi’s proposal to allow a 2.5% public float for mega IPOs, The Economic Times reported on Tuesday, citing people familiar with the matter.
The Jio Platforms IPO is likely to have an equal split of new shares and shares sold by existing private-equity shareholders KKR & Co, Silver Lake and Vista Partners. Strategic investors including Google LLC and Meta Platform Inc. are likely to retain their stake at 7.75% and 9.99% respectively.
Jio Platforms IPO: Context
Jio Platforms IPO plans were first announced by RIL Chairman Mukesh Ambani during the company’s annual general meeting on September 2, 2025. Since then things have progressed rapidly.
- In October, informal talks began with banks for a possible listing in the first half of 2026. Bloomberg News had reported in July that the Jio Platforms IPO could raise more than $6 billion with RIL selling only 5% of the company’s stake. This is much higher than the record $3.3 billion raised in Hyundai Motor India Ltd in 2024.
- By November, informal talks had progressed to the point that investment bankers—as yet unselected—were proposing a valuation of $170 billion (~ ₹15.3 lakh crore for Jio Platforms). This is more than the market capitalization of the peer Bharti Airtel Ltd. ₹12 lakh crores.
- In December, RIL reportedly began work on a draft red-herring prospectus. Filing of DRHP and formal appointment of bankers will happen after the new rules come into force on Indian IPOs.
- In January 2026, Reuters reported that Reliance Industries was eyeing selling a 2.5% stake in Jio Playforms at an estimated valuation of $180 billion.
According to Jefferies, Jio Platforms is valued at $180 billion. At that valuation, the 2.5% stake sale would raise $4.5 billion, dwarfing Hyundai Motor India’s $3.3 billion IPO last year.
