Reliance Jio IPO Could Rewrite India’s Market History

Reliance Industries Ltd. (RIL) is preparing to file the draft red herring prospectus for the initial public offering (IPO) of its telecom and digital arm, Jio Platforms, by the end of March or early April 2026. The company has reportedly appointed 17 investment banks to manage the planned share sale, signalling the start of preparations for one of the most anticipated listings in India’s capital markets.

The advisory team includes major global banks such as Goldman Sachs, Morgan Stanley, JPMorgan Chase, HSBC, Jefferies, BNP Paribas and Citi. Leading domestic institutions like Kotak Mahindra Capital, Axis Capital, JM Financial, SBI Capital Markets, ICICI Securities, IIFL Capital and DAM Capital Advisors are also involved in managing the IPO process.

The proposed offering is expected to sell around 2.5% to 2.7% of Jio Platforms’ equity. If executed as planned, the listing could become the largest IPO in India, potentially raising billions of dollars and allowing early investors to partially exit their holdings through an offer-for-sale structure.

The timing of the IPO has been supported by recent regulatory changes from the Indian government. New rules allow companies valued above ₹5 lakh crore to list with a minimum public shareholding of 2.5%, with a gradual increase to 25% over time. This policy adjustment has made it easier for large corporations like Jio Platforms to access public markets and accelerate their listing plans.

If completed, the Jio Platforms IPO is expected to be a landmark event for India’s equity markets.