Asia’s richest businessman Mukesh Ambani is making big preparations for his Jio Mega IPO. According to people familiar with the matter, Reliance Industries Ltd. Its telecom unit, Jio Platforms Ltd. It is working with half a dozen banks for the proposed share sale, and is likely to add more advisors soon. Experts said that this company, which has India’s largest wireless operator, is partnering with BofA Securities, Citigroup Inc., Goldman Sachs Group Inc., JM Financial Ltd., Kotak Mahindra Capital Co. for this IPO. And working with Morgan Stanley.
This could be the country’s biggest IPO
Jio is moving forward with a move that could be India’s largest Initial Public Offering (IPO) ever, and billionaire Mukesh Ambani’s flagship company Reliance Industries Ltd. This will be the first IPO done by a large unit in almost two decades. This IPO gained further momentum when the government approved changes in the listing requirements. Now large issuers can sell only at least 2.5 percent of their equity.
When will DHRP be filed?
Bankers had earlier proposed the valuation of Jio Platforms to be up to $170 billion, which means the company can raise around $4.3 billion on a minimum requirement basis. According to experts, once the final terms are finalized, the company will start the process of filing the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). He also said that the terms and timeline of this potential offering are still subject to change. Representatives of the banks did not immediately respond to requests for comment. A representative of Reliance Industries also did not immediately comment.
2026 got off to a cold start
After two record-breaking years of listings, India’s primary market has had a bit of a slow start to 2026. According to data compiled by Bloomberg, about $1.7 billion has been raised through IPOs this quarter, compared to $2.3 billion in the same period last year.