Reliance Industries, the largest Indian conglomerate in terms of market capitalisation, has reportedly started to work on the inital draft prospectus for Jio Platforms Limited (JPL) IPO (Intial Public Offering). Jio's IPO is expected to be the largest in the country's history so far. Right upon listing, Jio should be one of the most highly valued companies in the country. According to Bloomberg, Reliance Industries is now informally conversing with the banks to prepare a prospectus it can file with the regulator "as soon as possible.".
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Mukesh Ambani, Chairman of the Reliance Industries Limited (RIL), said that the Jio IPO should take place in the first half of 2026. We are almost at the cusp of 2025's ending, and thus, developments are likely to pick up pace around the IPO.
An interesting thing which happened recently was that SEBI modified the rules for IPO and it made minimum dilution in IPOs to as low as 2.5% of the company stake for companies which have a market capitalisation of more than Rs 5 lakh crore ($55 billion USD). However, this rule is yet to be implemented. This will help Jio in coming out with a well balanced IPO.
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According to Bloomberg, bankers have proposed a valuation of $170 billion USD for Jio's IPO. This would be actually much larger than Airtel's valuation of $140 billion USD. If the new SEBI rule comes into effect, this would mean that Jio can raise about $4.3 billion USD if the telco's valuation is indeed pegged at $170 billion USD.
However, these details can very well change given that there are several months left for the IPO to even come to surface. After Jio's IPO, Reliance Industries would then focus on the IPO of its retail unit.
