Reliance Jio Platforms Weighs 2.5% Stake Sale in Potentially India’s Largest Ever IPO

Reliance Industries Ltd’s digital arm, Jio Platforms, is considering selling around 2.5% equity through an initial public offering (IPO) in 2026, a move that could result in India’s largest-ever stock market debut.

The proposed stake sale could raise $4–5 billion, depending on market conditions and valuation, with bankers estimating Jio’s overall valuation at $180–200 billion. Reliance has not yet finalised the structure of the IPO, including whether it will involve only an offer-for-sale by existing shareholders or also include fresh equity issuance.

Sources said the timing of the IPO may hinge on proposed regulatory changes by the Securities and Exchange Board of India (SEBI), which is considering lowering the minimum public shareholding requirement for large companies from 5% to 2.5%.

Reliance Chairman Mukesh Ambani has previously indicated that Jio’s listing is targeted for the first half of 2026. Jio Platforms houses Reliance’s telecom, digital services and technology businesses and has attracted major global investors in recent years.

If executed, the IPO would mark a milestone for India’s capital markets, surpassing previous record listings in terms of size.