Jio set to file for $4B IPO within days
What's the story
Reliance Jio Infocomm is expected to file its draft papers for a $4 billion initial public offering (IPO) "within days," as per the Financial Times. The move comes just ahead of billionaire Mukesh Ambani's annual general meeting (AGM) speech on June 19. Last year, Ambani had announced plans to list Jio in the first half of 2026. However, the company now seems likely to miss that timeline due to a tough year for Reliance Industries.
Market impact
Reliance's shares down 15% in 2026
Reliance Industries has seen its shares fall some 15% in 2026 and net profit for the January to March quarter decline by 13% year-on-year. These declines have been largely attributed to disruptions in its core refining business, which were caused by geopolitical unrest in the Gulf region. The ongoing war between the US and Iran has also affected India's equity markets, further delaying Jio's IPO plans.
Market volatility
PhonePe also delays listing amid US-Iran war
The ongoing war has affected more than just Jio's IPO plans. Other companies, like Walmart-owned PhonePe, have also delayed their listing plans due to the uncertainty stemming from the conflict. India, which imports over 90% of its oil supply, has been particularly impacted by reduced oil availability amid these geopolitical tensions.