Jio Platforms gears up for mega IPO

The planned IPO follows years of speculation around monetizing the highly successful telecom arm, which has transformed India's digital landscape with affordable data and expanded into areas like digital services and emerging technologies

Metro India News | MUMBAI

Jio Platforms — the telecom and digital giant controlled by Reliance Industries — is preparing to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and stock exchanges ahead of the March 31 deadline, marking the end of the current financial year. The move signals the acceleration of what could become one of India's largest-ever initial public offerings. Jio Platforms, which houses Reliance Jio Infocom and various digital businesses, has already appointed a massive syndicate of 17 banks to manage the equity stake sale.

Sources indicate the IPO could raise at least Rs 35,000 crore (approximately $3.7 billion), primarily through an offer for sale (OFS) by existing shareholders rather than fresh capital issuance. Pre-IPO valuations for the company are being discussed in the range of $120–150 billion or higher, depending on market conditions and final pricing

The development comes shortly after the government notified updated SEBI rules on minimum public shareholding norms. For large companies with a post-issue valuation exceeding Rs 5 lakh crore, the regulations now allow a minimum public offer of as little as 2.5% of the issued equity. This change is expected to make it more feasible for mega entities like Jio Platforms to list without overwhelming the domestic market with a massive share float at once

Last week, Reliance formally kicked off the process by hiring a diverse group of 17 investment banks, including both global and domestic players. Among the foreign banks are Citigroup (Citi), Bank of America (BofA), BNP Paribas, HSBC, Goldman Sachs, and Morgan Stanley. On the domestic side, Kotak Mahindra Capital and JM Financial (also referred to as ICA Securities in some reports) are acting as key book-running lead managers.

The planned IPO follows years of speculation around monetizing the highly successful telecom arm, which has transformed India's digital landscape with affordable data and expanded into areas like digital services and emerging technologies. Reliance Industries maintains a majority stake in Jio Platforms, while foreign investors hold a substantial portion.