Reliance Jio IPO: Mukesh Ambani’s Telecom Arm May Raise $4 Billion in India’s Biggest Listing

Key Highlights

• This plan hinges on a proposal by India’s market regulator to cut the minimum public shareholding requirement for large IPOs to 2.5% from 5%, a move that still awaits approval from the finance ministry.“The preference is to list 2.5% at this point if the law gets changed as a smaller amount creates more pricing tension,” one source with direct knowledge of the discussions said.
• The source added that some bankers were pitching a valuation of $200 billion to $240 billion for the business, though Reliance has not finalised any number. Reliance did not respond to Reuters’ requests for comment.
• The sources declined to be named as they were not authorised to speak publicly. It is yet to be decided whether the IPO would be structured purely as an offer-for-sale, allowing existing shareholders to sell their stakes, or whether it would also involve issuing new shares.
• Hyundai Motor India’s IPO, for instance, was entirely an offer-for-sale and did not raise fresh capital. The potential Jio listing would further bolster India’s strong IPO momentum.
• The country ranked as the world’s second-largest primary equity market in 2025, raising $21.6 billion as of December 18, according to LSEG data cited by Reuters. Ambani first announced plans to list Jio in 2019, targeting a timeline of five years.