Jio Platforms IPO: Reliance will work on a draft prospectus for India’s largest IPO

Reliance Industries Ltd. has started work on an initial draft prospectus for a listing of Jio Platforms Ltd., people familiar with the matter said, in what is expected to be India’s largest-ever initial public offering.The company is speaking informally with the banks to prepare a prospectus to file with the regulator as soon as possible, the people said, asking not to be identified because the process is private.

The filing of the draft prospectus and formal appointment of bankers will take place after new rules for Indian IPOs come into effect, the people said. The Securities and Exchange Board of India has agreed to reduce minimum dilution in initial public offerings to just 2.5% for companies with a post-issue market capitalization of more than 5 trillion rupees ($55 billion), but the change has not yet been implemented.

Bankers are proposing a valuation of as much as $170 billion for Jio, people familiar with the deliberations have previously said. That’s more than rival telecom company Bharti Airtel Ltd., which is valued at about $140 billion. Under the new listing rules, Jio could raise around $4.3 billion if it reaches the top end of that valuation and decides to go for the minimum dilution.

Deliberations are ongoing and details could change, the people said.

A representative for Reliance did not respond to a request for comment.

Mukesh Ambani, who controls Reliance and is Asia’s richest person, said in August that the Jio listing could happen in the first half of 2026.

India’s largest IPO to date was by Hyundai Motor India Ltd., which raised $3.3 billion last year.