Reliance Jio is set to launch its IPO with Meta, Google, and 13 global investors planning to sell 8% stakes. The offer-for-sale aims to offload a 2.5% to 3% collective stake, marking a significant event in India's capital markets.

Reliance Jio IPO: Meta, Google & 13 Global Investors to Sell 8% Stakes in Offer

Reliance Jio Platforms is in discussions with 13 foreign investors to sell around 8% of their individual stakes as part of the company’s upcoming initial public offering (IPO), Reuters reported.

The development comes as the Mukesh Ambani-owned firm prepares to file its draft papers with the Securities and Exchange Board of India (Sebi) as early as this week.

Who's Selling?

Among the major investors expected to participate in the stake sale are Meta, which holds a 9.99% stake, and Google with a 7.73% stake. Other prominent backers include Vista Equity Partners and KKR, along with sovereign wealth funds such as Public Investment Fund, Mubadala Investment Company, and Abu Dhabi Investment Authority.

Based on Reuters’ calculations, if each investor sells 8% of their holdings, it would collectively translate to about 2.5% of Reliance Jio’s total outstanding shares being offered in the IPO, in line with the company’s current plan.

The offering is reportedly expected to be structured entirely as an offer-for-sale, with the total stake sale likely to be in the range of 2.5% to 3%. A final decision on the company’s valuation has not yet been made.

Banks for Jio IPO

Separately, a report by Bloomberg indicated that Reliance Jio has appointed six investment banks to manage the IPO, with more expected to be added. The banks currently involved include BofA Securities, Citigroup, Goldman Sachs, JM Financial, Kotak Mahindra Capital, and Morgan Stanley.

If executed as planned, the IPO could become the largest in India’s history. It would also mark the first time in nearly two decades that a major unit of Reliance Industries has gone public, making it a landmark event for the country’s capital markets.

A key factor driving momentum behind the IPO is a recent regulatory change by the government, which allows large companies to offer as little as 2.5% of their shares to the public, down from the earlier requirement of 5%. This provides Reliance with greater flexibility in determining the size of the offering.

Previous reports have estimated Reliance Jio Platforms’ valuation at up to $170 billion. Even at the lower end of a 2.5% dilution, the company could raise approximately $4.3 billion, or around ₹36,000 crore, through the IPO.