Morgan Stanley, Goldman Sachs to lead Jio Platforms IPO
What's the story
Jio Platforms Ltd, the digital arm of Reliance Industries, has selected Morgan Stanley and Goldman Sachs as lead bankers for its highly anticipated initial public offering (IPO). The move is expected to value India's largest telecom operator between $133 billion and $182 billion. The company is gearing up to file IPO papers after India's Finance Ministry approves a SEBI proposal allowing a 2.5% public float for mega IPOs.
Stakeholders
Stake distribution and strategic investors
The upcoming IPO is likely to feature an equal mix of new shares and those sold by existing private-equity shareholders such as KKR & Co, Silver Lake, and Vista Partners. Strategic investors Google LLC and Meta Platforms are expected to keep their stakes at 7.75% and 9.99%, respectively. Intel, which has a small stake of 0.7%, may consider a partial sell-down in this deal, industry executives told Economic Times.
IPO timeline
IPO journey and valuation
The idea of a Jio Platforms IPO was first revealed by RIL Chairman Mukesh Ambani at the firm's annual general meeting on September 2, 2025. Talks with banks for a potential listing in H1 2026 began in October. By November, investment bankers were suggesting a valuation of up to $170 billion for Jio Platforms, higher than Bharti Airtel's market capitalization.
Fundraising potential
IPO could raise over $6B
The Jio Platforms IPO might raise over $6 billion with RIL selling only 5% of the company, Bloomberg News reported back in July. This is way higher than the record $3.3 billion raised by Hyundai Motor India Ltd in 2024.