Mukesh Ambani's big preparations! Joins hands with 6 banks for Jio IPO

Asia's richest businessman, Mukesh Ambani, is making big preparations for his Jio mega IPO. Reliance Industries Ltd. is working with half a dozen banks for the proposed share sale of its telecom unit, Jio Platforms Ltd., 

and more advisers are expected to join soon, according to people familiar with the matter. The company, which owns India's largest wireless operator, is working with BofA Securities, Citigroup Inc., Goldman Sachs Group Inc., JM Financial Ltd., Kotak Mahindra Capital Co. and Morgan Stanley for the IPO, the people familiar said.

Could be the country's biggest IPO

Jio is moving ahead with what could be India's largest-ever initial public offering (IPO), and the first by a major unit of billionaire Mukesh Ambani's flagship company, Reliance Industries Ltd., in nearly two decades. 

The IPO gained further momentum after the government approved changes to listing requirements. Large issuers can now sell a minimum of 2.5 percent of their equity.

When will DHRP be filed?

Bankers had previously proposed valuing Jio Platforms at up to $170 billion, meaning the company could raise approximately $4.3 billion based on the minimum requirement. 

According to sources, once the final terms are finalized, the company will begin the process of filing a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). 

They also said that the terms and timeline of this potential offering could still change. Representatives of the banks did not immediately respond to a request for comment. A representative of Reliance Industries also did not immediately comment.

2026 has a cold start

After two record-breaking years of listings, India's primary market has had a slow start in 2026. According to data compiled by Bloomberg, about $1.7 billion was raised through IPOs this quarter, compared to $2.3 billion in the same period last year.

IPO
Live
Mukesh Ambani