RELIANCE ACCELERATES JIO PLATFORMS IPO PLANS AHEAD OF NEW MARKET RULES

Jio Platforms’ long-awaited listing is gaining momentum as Reliance begins drafting its prospectus for what may become India’s largest-ever public offering

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Reliance Industries has begun preparing the initial draft prospectus for the listing of Jio Platforms, according to people familiar with the development cited in a Bloomberg report. The move positions Jio for what is expected to be India’s biggest IPO to date.

The company is currently in informal discussions with banks to shape the draft prospectus, which it aims to file with the markets regulator at the earliest opportunity. The formal appointment of bankers and the filing itself are expected once India’s revised IPO norms take effect.

SEBI has approved a reduction in minimum public dilution to as low as 2.5 per cent for companies with a post-issue market capitalisation above ₹5 lakh crore ($55 billion), though the new rule is yet to be implemented. Under these upcoming norms, and at the proposed valuation of up to ₹15 lakh crore ($170 billion), Jio could raise approximately ₹38,000 crore with minimum dilution.

The valuation discussions place Jio ahead of key rival Bharti Airtel, which currently commands a market value of about ₹12.5 lakh crore ($140 billion), underscoring the scale and strategic importance of the anticipated listing.