Jio Platforms is likely to file its Draft Red Herring Prospectus (DRHP) with Sebi in the coming few days, setting the stage for what could be India’s largest-ever IPO.
According to market sources, the offering will be structured as an offer for sale, with several existing foreign investors preparing to pare their stakes.
In separate notes last year, Jefferies had estimated Jio’s valuation at USD 180 billion, while JP Morgan had pegged the valuation of Jio Platforms – the entity that houses Reliance Industries’ telecom and digital businesses at USD 136 billion.
DRHP could be filed as early as March-end, and discussions are on with over a dozen foreign investors to pare part of their stakes in the upcoming public issue. The IPO – touted to be India’s largest ever public offer – will be an offer for sale, they said.
An email sent to Jio did not elicit a response.
Jio Platforms’ stock market listing is expected to take place in the first half of 2026. At the annual shareholder meeting in August last year, RIL Chairman Mukesh Ambani had said: “I am sure that it will be a very attractive opportunity for all investors,” and had promised that Jio’s plans for the future are “even more ambitious”.
Ambani had said the IPO will demonstrate Jio’s ability to create the same quantum of value as global counterparts.
Earlier, Jio Platforms had raised about Rs 1,52,056 crore from over a dozen high-profile investors, namely Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm Ventures, for a total consideration of 32.9 per cent stake.
Facebook (now Meta) holds a 10 per cent stake in Jio Platforms, while Google has another 7.7 per cent.