According to reports from the Economic Times and Bloomberg, Jio Platforms has narrowed its choice for lead book-running managers to Morgan Stanley and Goldman Sachs. While other domestic banks like Kotak Mahindra Capital and ICICI Securities are also expected to join the syndicate, the selection of top-tier Wall Street firms underscores the global scale of the offering.
Valuation: A New Benchmarking Record
Market analysts and investment bankers have provided a wide spectrum for Jio’s enterprise valuation, positioning it as one of India’s most valuable entities:
- Valuation Range: Estimates currently sit between $133 billion and $182 billion (approx. ₹11 lakh crore to ₹15 lakh crore).
- Comparison: At a $180 billion valuation, Jio Platforms would surpass the market capitalization of its primary competitor, Bharti Airtel, and rival the total value of some of the world’s largest telecom giants.
- The Jefferies View: In a January 2026 update, brokerage firm Jefferies maintained its bullish valuation of $180 billion, citing strong subscriber additions and rising Average Revenue Per User (ARPU).
The 2.5% “Mega IPO” Rule
The timing of the Draft Red Herring Prospectus (DRHP) filing is currently tied to a critical regulatory change.
- SEBI Proposal: Reliance is awaiting formal notification from the Finance Ministry regarding a SEBI proposal that allows “mega companies” (valued above ₹5 lakh crore) to list with a minimum public float of just 2.5% instead of the standard 5%.
- Issue Size: Under these new norms, a 2.5% stake sale at an $180 billion valuation would raise roughly $4.5 billion (₹37,000 crore), comfortably eclipsing Hyundai Motor India’s 2024 record of $3.3 billion.
IPO Structure and Investor Stakes
The offering is expected to be a balanced mix of fresh equity issuance and an Offer for Sale (OFS).
| Investor Group | Expected Action |
| Reliance Industries (Promoter) | To remain the majority shareholder (holding ~67%). |
| Meta & Google | Strategic partners (9.99% and 7.73%) are expected to retain their stakes. |
| Private Equity (KKR, Silver Lake, TPG) | Likely to partially exit or pare down holdings to provide liquidity. |
| Intel & Qualcomm | May consider a full or partial sell-down of their smaller minority stakes. |
Financial Health: Q3 FY26 Highlights
The IPO preparations come on the back of robust financial performance reported for the quarter ended December 2025:
- Net Profit (PAT): Surged 11.2% YoY to ₹7,629 crore.
- EBITDA: Grew 14.6% annually to ₹17,740 crore.
- Subscriber Base: Crossed the 500 million mark, maintaining its position as India’s largest telecom operator.
Conclusion: The Final Countdown
With the appointment of lead bankers and the completion of internal audits, the only remaining hurdle is the “regulatory green light” on float requirements. Anshuman Thakur, Head of Strategy at Reliance Jio Infocomm, confirmed that while the execution timeline depends on this clarity, the company is “ready to go” for a H1 2026 listing. For the Indian capital markets, the Jio IPO is expected to be a watershed moment that will test the depth of both domestic retail interest and global institutional appetite.
