Mukesh Ambani‑led Reliance Industries is preparing for what could become India’s largest initial public offering. According to a Bloomberg report, the conglomerate intends to raise approximately Rs 52,200 crore (around $6 billion) by selling a 5% stake in its telecom arm, Jio Infocomm. If this plan materialises, it would surpass all previous Indian IPOs and rank among the world’s most substantial public offerings this year.
This proposed offering would outstrip the previous domestic record held by Hyundai Motor India, which raised Rs 28,000 crore in its 2024 IPO. Reliance is navigating informal discussions with the capital markets regulator, SEBI, to secure approval for the public listing. As part of these talks, the company is reportedly seeking a waiver from the existing rule mandating at least 25% public float. Reliance has suggested that the Indian market may not have sufficient liquidity to absorb a larger share.
With plans still in the early stages, the IPO may launch as early as next year. Reliable sources say timelines and final size are subject to market conditions. Analysts currently value Jio at over $100 billion, and listing the business would provide an exit opportunity for global investors who poured over $20 billion into Jio Platforms in 2020—namely Meta and Alphabet’s Google.
Jio Infocomm, launched in 2016 under Reliance Industries, has since grown into one of India’s dominant telecom operators. A public listing would accelerate its expansion ambitions and allow Reliance to unlock value by monetising a portion of its stake while still retaining majority control.
Market watchers are now focusing on Reliance’s upcoming annual general meeting, expected in August, for any formal disclosures on the IPO plan and possible changes to listing norms. Hard-fought negotiations with regulators may shape a new model allowing massive listings with smaller public floats.
