Reliance readies Jio under Project Jupiter for India's largest-ever IPO
Reliance is getting Jio Platforms ready for what could be India's largest-ever IPO, and they're calling the whole prep "Project Jupiter."
Shortly after Mukesh Ambani said last year that Jio would go public by mid-2026, the team was deep into planning, sorting out regulations, investor deals, and keeping everything under wraps.
SEBI lowers public float to 2.5%
A big rule change from SEBI in September 2025 made things easier: companies valued over ₹5 trillion now only need to offer 2.5% shares to the public (down from 5%).
Reliance then got major investors like KKR, Meta, and Alphabet to agree on diluting about 8% of their stakes.
Plus, instead of selling existing shares, Reliance will issue new ones so all $4 billion raised stays with Jio in India.
The whole thing has been super secretive (think limited emails and old-school paper documents) with a draft prospectus filed just this month involving 19 investment banks.