Jio Platforms IPO nears as Ambani’s Reliance awaits final government notification on revised IPO rules

Mukesh Ambani's Reliance Industries Limited (RIL) is moving closer to the long-awaited public listing of Jio Platforms, as the conglomerate waits for a final government notification on revised IPO norms before filing its draft red herring prospectus (DRHP).

The regulatory changes are seen as critical for a transaction of this scale and complexity.

The proposed Jio Platforms IPO is expected to be the largest ever in Indian capital markets, with estimates suggesting it could raise $4–4.5 billion, or roughly Rs 33,000-37,000 crore.

Investment banks have valued Jio Platforms at around $180 billion, nearly Rs 15 lakh crore. At that valuation, selling just 2.5% of the company, the minimum threshold under the SEBI revised framework for companies valued above Rs 5 lakh crore, could raise about $4.5 billion, according to Jefferies estimates from November 2025.

The government has already approved a reduction in the minimum IPO float for large companies to 2.5% from the earlier 5%, a move aimed at helping markets absorb jumbo offerings. SEBI chair Tuhin Kanta Pandey confirmed the change last week. However, the measure is yet to be formally notified by the finance ministry, a step that Reliance is awaiting before moving ahead with the DRHP filing.

SEBI has also relaxed minimum public shareholding norms. Companies that list with less than 15% public float will now have five years to reach that level and 10 years to scale up to 25%, compared with the earlier timelines of two years and five years, respectively. These changes are expected to ease concerns around supply overhang after the listing.

Speaking during Reliance’s post-earnings conference call, Anshuman Thakur, head of strategy at Reliance Jio Infocomm, said preparatory work for the IPO is already under way, but execution will begin only after regulatory clarity.

“We are working on the assumption that it is in line with whatever Sebi has recommended, but we will still have to wait for that before we finalise and then start the process,” Thakur said, adding that the listing is imminent and could take place in the next few months.

Mukesh Ambani has previously guided that Jio Platforms could be listed in the first half of 2026. Jio Platforms is the parent of Reliance Jio, India’s largest telecom operator, with over 500 million subscribers. Analysts expect the IPO to be largely an offer-for-sale by financial investors, while strategic shareholders as Reliance, Meta, and Google are likely to continue holding their stakes.