Reliance Industries Ltd. is said to have started working on an initial draft red-herring prospectus for the Jio Platforms IPO, in what is expected to be India’s biggest-ever listing.
The company led by billionaire Mukesh Ambani is informally speaking with banks to prepare the Jio Platforms IPO DRHP, which they plan to file with the Securities and Exchange Board of India as soon as possible, people aware of the development told Bloomberg News. They asked not to be identified because the process is private.
The filing of the DRHP and formal appointment of bankers will happen after new rules on Indian IPOs come into effect, the people said. SEBI has approved reducing the minimum dilution in IPOs to as low as 2.5% for companies with a post-issue market capitalisation above ₹5 lakh crore, but the change hasn’t been implemented yet.
Ambani had in August said that the Jio Platforms listing could happen in the first half of 2026. Informal talks with bankers started in October. India’s biggest IPO to date was by Hyundai Motor India Ltd., which raised $3.3 billion ( ₹29,700 crore) last year.
Jio Plaforms IPO size, valuation
Bankers are proposing a valuation of up to $170 billion ( ₹15.3 lakh crore) for Jio Platforms, people familiar with the deliberations have said previously. That’s more than that of rival Bharti Airtel Ltd., which is valued at about $140 billion ( ₹12.6 lakh crore).
Under the new listing rules, Jio Platforms could raise about $4.3 billion ( ₹38,700 crore) if it achieves the top end of that valuation and decides to go for the minimum dilution.
Deliberations are ongoing and details may change, the people said.
A representative for Reliance didn’t respond to a request for comment.