Mukesh Ambani’s Reliance Industries is gearing up for what could be the most significant event in the history of the Indian capital markets. Jio Platforms, the digital and telecom arm of the conglomerate, is reportedly moving closer to its initial public offering, while with a staggering estimated valuation ranging between $133 billion and $182 billion, this move is expected to redefine the landscape of the Indian stock market. The company has already initiated the process by selecting global financial giants as its lead bankers to manage the transition to a public entity.
Top Bankers and Valuation Estimates
According to industry sources, Jio Platforms has picked Morgan Stanley and Goldman Sachs to lead the IPO process. Market analysts suggest that the listing could value the company at approximately 15 lakh crore rupees. Reliance is currently awaiting approval from the Finance Ministry regarding a 2. 5 percent public float proposal. Once the regulatory green light is received, the company is expected to file its Draft Red Herring. Prospectus with SEBI, setting the stage for the mega launch that investors have been waiting for years.
Stake Sale by Global Investors
The upcoming IPO is likely to be a combination of a fresh issue and an offer for sale. Major private equity firms like KKR, TPG, Silver Lake, and Vista Partners are expected to trim their holdings as part of the secondary share sale. On the other hand, strategic partners such as Google and Meta, who hold 7, while 75 percent and 9. 99 percent respectively, are likely to maintain their positions. These tech giants have deep-rooted collaborations with Reliance in areas like cloud computing, digital services, and artificial intelligence, making their continued presence vital.
The 2020 Funding Milestone
In 2020, Jio Platforms made headlines by raising over 1. 5 lakh crore rupees from 13 global investors. This massive fundraising round involved selling a 33 percent stake in the company and helped Reliance become net debt-free. Since then, the partnership with Google and Meta has evolved beyond mere equity investment into long-term technological cooperation. The IPO is seen as the next logical step in unlocking the massive value created over the last few years through aggressive expansion and digital innovation.
Timeline and Regulatory Hurdles
While internal preparations are in full swing, the exact timing of the IPO depends on regulatory clarity. Anshuman Thakur, Head of Strategy at Reliance Jio Infocomm, recently mentioned that the execution will begin once there is more certainty on the rules. Market experts anticipate the launch could happen by June 2026 or even earlier if conditions remain favorable, while this event is being dubbed the Mother of all IPOs due to its sheer scale and the impact it will have on the Nifty and Sensex indices.
Brokerage Outlook on Jio
Different brokerage firms have provided varying valuation targets for Jio Platforms based on recent earnings. Jefferies has been the most optimistic, pegging the enterprise value at $180 billion. Meanwhile, Motilal Oswal Financial Services estimates it at $148 billion, and Kotak Institutional Equities values it at around 11. 59 lakh crore rupees. Despite these differences, there is a consensus that Jio’s entry into the public market will be a game-changer for the Indian economy and global tech investors.