Reliance Works With Six Investment Banks For Jio IPO: Report

Reliance Industries Limited is working with six investment banks for the proposed initial public offering (IPO) of its telecom subsidiary Jio Platforms Limited, according to a report by Bloomberg, citing people familiar with the matter.

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The banks involved in the planned share sale include BofA Securities, Citigroup Inc., Goldman Sachs Group Inc., JM Financial Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley. Additional advisers may be added as preparations for the listing progress, the report said.

The offering would mark the first public listing by a major subsidiary of Reliance Industries in nearly two decades and could become the largest IPO in India if completed at the expected valuation.

Proposed Valuation And Fundraising Size

Bankers working on the transaction have previously proposed valuing Jio Platforms at about $170 billion, according to the Bloomberg report.

At that valuation, the company could raise roughly $4.3 billion if it sells the minimum required stake. The estimate is based on recent regulatory changes that allow large companies to dilute a smaller portion of their equity during the listing process.

The Reliance JIO IPO process will move forward once the final structure of the offering is decided, after which the company is expected to file a draft red herring prospectus with the Securities and Exchange Board of India. The timeline and final terms of the offering are still under discussion and may change, the report said.

Change In Listing Rules

The planned IPO is gathering momentum following the Indian government's approval of changes to public listing requirements for large issuers.

Under the revised rules, companies with large market capitalisation can list on stock exchanges by selling as little as 2.5% of their equity to the public.

The change has made it easier for large privately held companies to launch IPOs while maintaining a significant ownership stake.

IPO Market Activity In 2026

India’s primary market has started 2026 more slowly than in the previous two years, which saw strong IPO activity.

Companies have raised about $1.7 billion through IPOs during the current quarter, according to data compiled by Bloomberg. In the same period last year, IPO fundraising stood at around $2.3 billion.

Despite the slower pace of listings this year, the potential public offering of Jio Platforms would represent one of the largest deals in India’s equity market if the listing proceeds as planned.

Representatives for the investment banks involved in the transaction did not immediately respond to requests for comment, while a spokesperson for Reliance Industries did not provide an official statement on the reported plans.