Why is India's biggest IPO plan stuck in limbo?
What's the story
Mukesh Ambani's plan to take Jio Platforms public is facing delays due to the Indian government's slow pace in formalizing new listing rules. The digital arm of Reliance Industries, Jio Platforms, will be the first listing of a major Reliance unit in almost 20 years. The company is waiting for the government to formally approve regulatory changes so it can appoint bankers and file a draft IPO prospectus.
Potential impact
Potential for record-breaking IPO
Jio, which owns India's largest wireless operator, is a key part of Ambani's business empire. The upcoming IPO could be the biggest in India to date. Investment bankers have estimated a valuation of up to $170 billion for the company, giving investors a rare chance to invest in one of the world's fastest-growing stories over the last decade.
Listing schedule
Ambani's long-anticipated Jio listing
Ambani had previously announced that Reliance was targeting a Jio listing in H1 2026, a plan he first revealed in 2019. A top-end valuation could raise some $4.3 billion by selling the minimum stake and would make the company one of India's largest by market capitalization. In 2020, Meta Platforms Inc. and Alphabet Inc. invested over $10 billion in Jio.
Regulatory changes
SEBI approved amendments in September
In September, the Securities and Exchange Board of India (SEBI) approved amendments to its regulations. The new rules would allow companies with a post-issue market cap of over ₹5 trillion ($55 billion) to dilute as little as 2.5% in an IPO instead of the current minimum of 5%. This change could pave the way for mega listings like Jio's but still awaits final government approval.
Next steps
Awaiting final gazette notification
The next step, which could take months depending on government deliberations, is for the finance ministry to formally incorporate these changes and announce them in the Official Gazette. Ankita Singh, founder of Sarvaank Associates, a law firm, said the regulator has paved the way, but the industry is now awaiting the final gazette notification, which she expects to see materialize in the first half of 2026.