Reliance Jio Platforms is evaluating plans for an initial public offering in 2026 that could see the company float around 2.5% of its equity, according to people familiar with the matter. If executed, the listing could become India’s largest-ever IPO, potentially raising over $4 billion.
Jio Platforms, led by Mukesh Ambani, is the parent company of Reliance Jio, India’s largest telecom operator with a user base exceeding 500 million. The IPO is among the most anticipated public listings in the Indian market.
In November, global investment bank Jefferies pegged Jio Platforms’ valuation at around $180 billion. At that level, a 2.5% stake sale would translate into proceeds of roughly $4.5 billion, surpassing Hyundai Motor India’s $3.3 billion IPO in 2024.
Sources said Reliance is inclined to keep the public float limited due to the company’s large size. The plan aligns with a proposed regulatory change that would allow large companies to list with a minimum public shareholding of 2.5%, down from the current 5%, although the proposal is still awaiting clearance from the finance ministry.
Jio has significantly expanded beyond telecom over the past six years, diversifying into digital services and artificial intelligence. It has raised capital from global investors including KKR, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority. The company has also partnered with Nvidia to develop AI infrastructure in India.
Mukesh Ambani had first indicated plans to list Jio in 2019, with an initial five-year timeline. However, the offering was pushed back as the company focused on scaling newer digital businesses to support a higher valuation.
The timing and final size of the IPO will depend on market conditions and regulatory approvals. The proposed listing is also expected to provide an exit opportunity for several foreign investors who backed the company in earlier funding rounds.
Reliance Jio is preparing for increased competition as well, with Elon Musk-backed Starlink expected to launch satellite internet services in India in the coming months.
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