India’s Biggest IPO in the Making: Mukesh Ambani’s Jio Could Be Valued at $170 Billion

New Delhi: Investors looking to participate in India’s largest Initial Public Offering (IPO) have reason to be excited. Reliance Industries, the country’s most valuable company, has officially started preparations to list its subsidiary, Jio Platforms, on the stock market. According to sources cited by Bloomberg, the move could mark India’s biggest-ever IPO.

Preparations Underway
Reliance is reportedly engaging in informal discussions with banks to draft the IPO prospectus—a comprehensive document detailing the company’s financials, operations, and strategy. The prospectus is expected to be submitted to the Securities and Exchange Board of India (SEBI) soon. While these plans are in the early stages and subject to change, the announcement could come in the first half of 2026, as indicated by Reliance Chairman Mukesh Ambani during the company’s AGM in August.

Valuation Expectations
Industry experts estimate Jio’s valuation could reach $170 billion, surpassing Bharti Airtel’s market value of approximately $140 billion. If Jio sells even a minimal stake under the new SEBI regulations, the IPO could raise around $4.3 billion, making it India’s largest public offering to date. The previous record was held by Hyundai Motor India Limited, which raised $3.3 billion last year.

New SEBI Rules
Under the upcoming SEBI regulations, companies with a market capitalization exceeding ₹5 trillion (around $55 billion) will be required to sell at least 2.5% of their shares in an IPO. Once these rules are implemented, Jio’s listing could set a historic benchmark for India’s capital markets.