Reliance Jio weighs $4B IPO with 2.5% public float in 2026
Reliance Jio Platforms is considering an initial public offering in 2026 that would float about 2.5% of the company. The listing would likely become India’s largest-ever IPO, raising more than $4 billion based on recent valuations.
Reliance Jio, led by billionaire Mukesh Ambani, is the parent of India’s biggest telecom operator with more than 500 million customers. Investment bank Jefferies valued the business at $180 billion in November. At that level, a 2.5% stake sale would raise around $4.5 billion, surpassing Hyundai Motor India’s record $3.3 billion IPO in 2024, News.Az reports, citing Reuters.
Reliance is waiting for India’s finance ministry to approve a regulatory change that would allow large companies to list just 2.5% of shares, instead of the current 5% minimum. A smaller float could create stronger pricing momentum, sources said. Some bankers have pitched valuations as high as $200–$240 billion, though no final decision has been made.
Banks including Morgan Stanley and Kotak are already helping prepare prospectus documents ahead of a planned listing window in the first half of 2026. Reliance has not yet decided whether the IPO will involve existing shareholders selling stock or the issuance of new shares.
The listing comes as India’s IPO market remains strong — the country ranked second globally in primary equity issuance in 2025. Jio has diversified into artificial intelligence, signed a partnership with Nvidia, and is preparing to compete with Elon Musk’s Starlink satellite internet service.
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