Reliance Jio plans mega IPO with 2.5% free float, which could eclipse Hyundai Motor India listing: report

Reliance Jio Platforms plans to launch its much-awaited initial public offering (IPO) later this year, a move that could mark the biggest share sale in the history of the Indian capital market. According to a Reuters report, the Mukesh Ambani-led company is looking to issue just 2.5% of its equity, potentially raising more than $4 billion.

If executed, the offering would far surpass Hyundai Motor India’s $3.3 billion IPO last year, currently the country’s largest ever.

Sources cited by Reuters said Reliance prefers to list only 2.5% of Jio platforms due to the scale of the business. Even though India’s markets regulator SEBI has proposed reducing the minimum public float requirement for large IPOs from 5% to 2.5%, the proposal is still awaiting approval from the Finance Ministry, the report added.

Jefferies, in a November note, pegged Reliance Jio’s valuation at around $180 billion. At that level, a 2.5% stake sale would raise about $4.5 billion, making it India’s most valuable IPO ever.

Reliance Jio is India’s largest telecom operator, serving over 500 million users, and forms the backbone of Reliance Industries’ digital ambitions.

Reliance Industries Chairman Mukesh Ambani had earlier confirmed that Jio Platforms would list in the first half of 2026. He made the announcement while addressing shareholders at Reliance’s 48th annual general meeting in August 2025, ending years of speculation around the IPO timeline.

The prospect of this listing has attracted strong investor interest, with market participants widely expecting the IPO to set new benchmarks in terms of valuation and issue size.

Over the last six years, Jio Platforms has significantly expanded beyond telecom into digital services and artificial intelligence. The company has raised capital from renowned global investors such as KKR, General Atlantic, Silver Lake and Abu Dhabi Investment Authority.

In 2020, global tech giants Google and Facebook parent Meta invested nearly $20 billion in Jio Platforms, at a valuation of $58 billion. Market participants now expect the valuation to have at least doubled since then, unlocking substantial gains for early investors.

India’s largest IPO to date remains Hyundai Motor India, which raised over Rs 27,850 crore. It is followed by LIC of India (Rs 21,000 crore), Paytm-parent One97 Communications (Rs 18,300 crore) and Coal India (Rs 15,200 crore).

With SEBI rules now allowing mega-IPOs to be listed with a minimum public float of 2.5%, a listing of over Rs 10 lakh crore for Jio Platforms is considered feasible. The IPO would also provide an exit route for early investors while allowing Reliance to tap global capital markets, potentially attracting strong participation from anchor investors and post-listing ETF inflows.