Reliance begins talks with banks for Jio IPO
What's the story
Reliance Industries Limited (RIL) has started informal discussions with banks over the possible initial public offering (IPO) of its subsidiary, Reliance Jio Infocomm Limited, according to Bloomberg. The move could potentially break India's record for the largest-ever IPO. A formal process is likely to start by the end of this month, with RIL expected to officially appoint investment bankers in November.
Financial prospects
Reliance to sell only 5% of Jio
The upcoming IPO could raise more than $6 billion, with Reliance selling only 5% of Jio. This would far exceed the previous record set by Hyundai Motor India Ltd.'s offering in 2024, which raised $3.3 billion. Mukesh Ambani, RIL's billionaire chairman, had earlier said that the Jio listing could happen in the first half of 2026.
Information
Ongoing discussions about Jio's IPO
Jio, which boasts around 500 million subscribers, is India's largest wireless carrier. The ongoing discussions about its IPO are still in the early stages, and details such as size and timing could change. A spokesperson for Reliance has not yet commented on these developments.