Jio Platforms IPO tipped at $133–182 bn; Morgan Stanley, Goldman Sachs lead

Jio Platforms, the digital arm of Reliance Industries, has appointed Morgan Stanley and Goldman Sachs as lead bankers for its IPO, which could value India’s largest telecom operator between $133 billion and $182 billion.

Jio Platforms Ltd, the digital services arm of Reliance Industries Ltd (RIL), has appointed Morgan Stanley and Goldman Sachs as lead bankers for its much-anticipated initial public offering (IPO), according to people familiar with the matter. The listing is expected to value India’s largest telecom and digital services company between $133 billion and $182 billion.

The company is preparing to file its IPO papers after the Finance Ministry approves a proposal submitted to the Securities and Exchange Board of India (SEBI) that would allow a reduced public float of 2.5 percent for mega IPOs. Such a relaxation is seen as crucial for facilitating large listings without excessive dilution by promoters.

The IPO is expected to comprise a combination of fresh equity issuance and an offer for sale by existing private equity investors. Major shareholders such as KKR & Co, Silver Lake, and Vista Partners are likely to sell a portion of their holdings. Strategic investors Google LLC and Meta Platforms are expected to retain their stakes of 7.75 percent and 9.99 percent, respectively, while Intel, which holds around 0.7 percent, may consider a partial sell-down, industry executives told The Economic Times.

The prospect of a Jio Platforms IPO was first announced by Reliance Industries Chairman Mukesh Ambani during the company’s annual general meeting on September 2, 2025. Formal discussions with investment banks for a potential listing in the first half of 2026 began in October, with valuation expectations firming up by November. At that stage, bankers were indicating a valuation of up to $170 billion, placing Jio Platforms above Bharti Airtel’s market capitalisation.

According to a Bloomberg report published in July, the IPO could raise more than $6 billion even if RIL sells just 5 percent of the company. If achieved, this would significantly surpass the previous Indian IPO record of $3.3 billion raised by Hyundai Motor India Ltd in 2024.

The proposed listing is expected to be one of the largest IPOs in India’s capital markets, underscoring Jio Platforms’ scale across telecom, digital services, and technology-led consumer businesses.