Reliance Jio's DRHP filing with SEBI is days away. Here's what we know about the valuation, stake sale, bankers, and what the IPO actually means.
Reliance Jio's DRHP filing with SEBI is days away. Here's what we know about the valuation, stake sale, bankers, and what the IPO actually means.
Reliance Industries has spent years talking about listing Jio. That wait is nearly over.
The DRHP is ready, and filing with SEBI could happen within days, possibly marking the start of the new financial year with India's biggest IPO in motion.
Akash Ambani, who took over as Jio chairman in 2022, is steering the process, along with CFO Saurabh Sancheti and strategy head Anshuman Thakur.
What's being sold, and for how much
RIL is not raising fresh capital. The IPO will be an offer for sale, meaning existing investors are the ones offloading shares about 2.5% of equity in Jio Platforms.
At a working valuation of around $125 billion, that puts the IPO size north of $3 billion which would make it the largest in Indian history, ahead of LIC's $2.5 billion raise in 2022 and Hyundai India's $2.97 billion in 2024.
Some analyst estimates go higher. Jefferies pegged Jio's valuation at $180 billion in November 2025. Reliance has been quieter about the number, but the range floating around is $100–170 billion depending on who you ask.
17 banks, one deal
Reliance has appointed 17 bankers to manage the issue. On the global side: Morgan Stanley, HSBC, JPMorgan, Citi, and Goldman Sachs. Domestically: Kotak Mahindra Capital, Axis Capital, JM Financial, and SBI Capital Markets. Kotak and Morgan Stanley are expected to lead.
The rule change that made this possible
The government recently issued a gazette notification allowing companies with a post-issue market value exceeding ₹5 lakh crore to dilute as little as 2.5% of equity in an IPO, down from the previous 5%.
Jio had been waiting on exactly this. Without the change, a 5% stake sale would have meant raising over ₹60,000 crore, a size that might have spooked the market. At 2.5%, it's a more manageable ask.
Early investors finally get a window
Meta and Google each put money into Jio Platforms back in 2020, together investing nearly $10 billion. This IPO is the first real exit opportunity for them. Discussions are reportedly ongoing with over a dozen foreign investors about paring their stakes through the OFS.
The broader picture
India raised roughly ₹1.95 lakh crore from IPOs in 2025. So far in 2026, things are slower average returns across 45 listings stand at about 0.3% as of mid-March.
A Jio listing won't fix a cautious market, but it would give it something to pay attention to.
Mukesh Ambani first hinted at listing Jio back in 2019. At the 2025 AGM, he made it official and calling it a compelling opportunity for investors and promising that Jio's ambitions are "even more ambitious" than what is already been built. Goodreturns Six years of patience, and now a filing that could come any day.