Mumbai: In a move set to shake up India’s stock market, Reliance Industries Ltd (RIL), helmed by Asia’s richest tycoon Mukesh Ambani, is gearing up for what could be the nation’s biggest initial public offering (IPO) yet.
Sources close to the matter reveal that RIL has teamed up with six leading investment banks to orchestrate the mega listing of its telecom powerhouse, Jio Platforms Ltd.
The consortium includes global heavyweights like BofA Securities, Citigroup Inc, Goldman Sachs Group Inc, and Morgan Stanley, alongside Indian players JM Financial Ltd and Kotak Mahindra Capital Co. Insiders hint that additional advisors might soon join the fray, signalling the scale of this ambitious venture.
This IPO marks the first major public offering from one of Ambani’s flagship entities in almost two decades. The push gained steam following recent government tweaks to listing norms, allowing large companies to offload as little as 2.5 per cent of their equity. Bankers have pegged Jio’s valuation at a staggering $170 billion, potentially enabling the firm to mop up around $4.3 billion even at the minimum stake sale.
Once final terms are locked in, RIL plans to file the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), though timelines and details remain fluid. Representatives from the banks and Reliance declined to comment immediately.
Amid a sluggish kick-off to 2026’s primary market – with IPOs raising just $1.7 billion this quarter against $2.3 billion last year – Jio’s debut could inject fresh vigour into investor sentiment, spotlighting India’s telecom boom.