Reliance Jio plans 2.5% IPO in 2026, could be India’s largest

Reliance Jio Platforms, backed by Mukesh Ambani, is reportedly considering launching its initial public offering (IPO) in 2026. The company is expected to offer around 2.5% of its equity, a move that could make it the largest IPO ever in India if market conditions remain supportive.

Reliance Jio Platforms is the holding company of Reliance Jio, India’s largest telecom operator with a subscriber base exceeding 500 million users.

According to reports, global investment bank Jefferies had valued Reliance Jio at approximately $180 billion in November. At this valuation, a 2.5% stake sale could raise more than $4.5 billion. This would surpass Hyundai Motor India’s $3.3 billion IPO in 2024. Some bankers are reportedly pitching even higher valuations ranging between $200 billion and $240 billion, although no final figure has been confirmed.

Reliance is said to prefer listing a smaller stake given the company’s scale. Meanwhile, a proposal by India’s market regulator to lower the minimum public shareholding requirement for large IPOs from 5% to 2.5% is still pending approval from the finance ministry. Market participants believe a smaller float could help generate stronger demand and better pricing for the shares.

It remains unclear whether the IPO will be entirely an offer-for-sale (OFS), allowing existing shareholders to exit partially, or if it will include a fresh issue of shares to raise new capital. For reference, Hyundai Motor India’s IPO was conducted entirely through an OFS route.

Reports also suggest that some foreign investors may use the IPO as an opportunity to exit their investments.

Reliance Jio’s proposed listing is widely seen as a potential milestone for India’s capital markets. With its massive user base, strong backing from global investors, and growing focus on AI and digital services, the IPO could become the largest in Indian history, subject to regulatory clearances and favorable market conditions.