The Reliance Industries unit plans to issue up to 270 million shares, with proceeds earmarked to reduce debt at Reliance Jio Infocomm, the country’s largest wireless operator. Prime Database estimates the IPO value at 377 billion rupees, equivalent to $3.9 billion, which would top the $3.3 billion Korean carmaker Hyundai Motors raised in 2024.
Share registers show Reliance Industries holds more than 66% of Jio Platforms, while Meta Platforms’ affiliate Jaadhu Holdings owns nearly 10% and Google International controls 7.7%, LSEG data indicates. IPO filings indicate neither Meta nor Google plans to sell their stakes as part of the offering.
India’s public markets are busy this year, with roughly $50 billion of planned share sales on the calendar. Among the major players still awaiting clearance is the National Stock Exchange, whose proposed offering is expected to raise around 300 billion rupees, or $3.1 billion. The Securities and Exchange Board of India has sought clarifications on the NSE draft prospectus, a review that could delay that listing.
Market bankers say conditions are improving and a steadier macro backdrop should support issuance. Abhinav Bharti, head of India equity capital markets at J.P. Morgan, said the IPO pipeline should strengthen in the second half of 2026 as volatility falls and market conditions improve.
With regulatory approval in hand, Jio Platforms will move into execution, setting timelines for price discovery and investor demand. The progress of the NSE listing and any further queries from regulators will shape the broader calendar of large Indian floatations this year.
