Reliance lines up 6 banks for Jio's $4B IPO
What's the story
Reliance Industries is gearing up for the initial public offering (IPO) of its telecom subsidiary, Jio Platforms Ltd. The company has enlisted six banks, including BofA Securities and Goldman Sachs Group, to assist with the process. The upcoming share sale could be India's largest ever, raising over $4 billion after recent government approvals for listing requirements.
Market impact
Proposed IPO marks a major milestone for Reliance Industries
The proposed IPO marks a major milestone for Reliance Industries as it will be the first public offering from one of its major units in nearly two decades. The move comes after the government revised listing rules, allowing large issuers to dilute as little as 2.5% of their equity. Bankers have previously estimated a valuation of up to $170 billion for Jio Platforms, which could enable the company to raise around $4.3 billion at minimum dilution requirements.
Future plans
India's primary market has had a slow start to 2026
Once the final terms are finalized, Reliance will file a draft red herring prospectus with the Securities and Exchange Board of India (SEBI). The timeline and terms of this potential offering could still change. Meanwhile, India's primary market has had a slow start to 2026 after two record years for listings. This quarter, IPOs have raised about $1.7 billion compared to $2.3 billion during the same period last year, Bloomberg data shows.