Mukesh Ambani’s Jio Platforms is gearing up for a historic public debut in the first half of 2026. According to internal reports and banking sources, the company is leaning toward a 2.5% public float, a relatively small percentage that reflects the massive scale of the company and a desire to create “pricing tension” among investors.
The Numbers Behind the Listing
The scale of this IPO is designed to eclipse all previous Indian market records:
- Target Raise: Between $4.5 billion and $5 billion.
- Valuation Estimates: While investment bank Jefferies recently valued Jio at $180 billion, other bankers involved in the process are pitching a valuation as high as $200 billion to $240 billion.
- Record Holder: If successful, it will easily surpass Hyundai Motor India’s $3.3 billion IPO from 2024 to become the biggest listing in the country’s history.
Key Strategic Considerations
1. The Regulatory “2.5% Rule”
Under current Indian market rules, large companies are typically required to offer a minimum 5% stake to the public. However, the market regulator (SEBI) has proposed lowering this minimum to 2.5% for “mega-IPOs”. Jio is reportedly waiting for final clearance from the Finance Ministry on this rule change before finalizing its filing.
2. Potential for “Pricing Tension”
Bankers believe that by offering a smaller float (2.5% instead of 5%), Jio can create a scarcity effect. This strategy is intended to drive higher demand and premium pricing among institutional and retail investors, ensuring a more successful and higher-valued debut.
3. Exit for Global Investors
Over the last six years, Jio has attracted significant backing from global giants like KKR, Silver Lake, General Atlantic, and the Abu Dhabi Investment Authority (ADIA). The IPO is expected to provide a partial exit route for some of these early investors while bringing in new public capital.
The Evolution of Jio Platforms (2020–2026)
| Metric | 2020 (Private Funding) | 2026 (IPO Targets) |
| Subscriber Base | ~400 Million | Over 500 Million |
| Primary Focus | 4G Telecom | AI, 5G, & Cloud Services |
| Estimated Valuation | $65 Billion | $180B – $240B |
| Core Revenue Source | Telecom Data | Digital Ecosystem & AI Infrastructure |
What Happens Next?
Reliance has already begun working with lead bankers from Morgan Stanley and Kotak Mahindra Capital to draft the Draft Red Herring Prospectus (DRHP). The company is expected to file this document with SEBI within the next two to three months, keeping it on track for a listing window in late Q2 2026.
