Reliance Jio Said To Be Preparing ₹34,000 Crore IPO Filing Ahead Of Reliance AGM

Reliance Jio Infocomm is likely to submit draft papers for an initial public offering (IPO) worth about $4 billion (around ₹34,000 crore) within the next few days, according to a report by the Financial Times citing people familiar with the matter.

The reported filing could come shortly before Reliance Industries Chairman and Managing Director Mukesh Ambani addresses shareholders at the company’s annual general meeting (AGM) scheduled for June 19. The report said Reliance did not respond to requests for comment.

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IPO Process May Begin This Year

According to Livemint report, the potential filing would mark a significant development in Jio’s long-awaited listing plans. During Reliance Industries’ AGM in 2025, Ambani had indicated that Jio’s public offering was expected in the first half of 2026. While that timeline was not met, the latest report suggests that preparations for the listing are now advancing.

Jio, India’s largest telecom operator by subscriber base, has been viewed as one of the most anticipated IPO candidates in the domestic market. A public issue of the scale being discussed would rank among the country’s largest listings in recent years.

Market Conditions Have Weighed On Listing Activity

The report noted that broader market conditions have contributed to delays in several planned public offerings. Due to rising geopolitical tensions, specifically in the case of the United States and Israel, the instability in global financial markets has been rising.

The data gathered from Prime Database for the report reveals that there has been a reduction in IPO funding in India by 39% year-over-year to $2.1 billion in 2026. Initially, the outlook for the year was positive, expecting many listings.

Some of the firms that had planned to go public have reportedly delayed due to unfavorable conditions. Among them is Walmart-owned PhonePe, whose anticipated IPO has yet to materialise.

Reliance Shares Under Pressure

Reliance Industries stock has faced challenges this year, with its share price declining about 15% in 2026, according to the report. The company’s consolidated net profit for the January-March quarter also fell 13% from a year earlier, largely reflecting pressure on its refining operations amid disruptions linked to developments in the Middle East.

India’s dependence on imported crude oil has also kept investors focused on geopolitical developments affecting global energy supply routes.

With a reported interim understanding involving the U.S. and Iran expected to ease concerns around the Strait of Hormuz, market participants will be watching whether improved stability helps revive IPOs during the second half of the year. Against that backdrop, Jio’s reported filing could become one of the most closely watched developments in India’s primary market.