Reliance Industries Ltd., led by billionaire Mukesh Ambani, is reportedly collaborating with six major investment banks to prepare for an initial public offering (IPO) of its telecom division, Jio Platforms Ltd. , Companies, Times Now

Reliance Taps Six Banks for Potential $4 Billion Jio IPO - Largest Ever?

The IPO could become India’s largest-ever public listing, potentially raising more than 4 billion. (image source: Times Now Digital)

Billionaire Mukesh Ambani’s Reliance Industries Ltd. is reportedly working with six major investment banks as it prepares for the potential initial public offering of its telecom arm Jio Platforms Ltd., according to people familiar with the matter. The company has engaged BofA Securities, Citigroup Inc., Goldman Sachs Group Inc., JM Financial Ltd., Kotak Mahindra Capital Co., and Morgan Stanley to advise on the planned share sale. More advisers may be added as preparations for the offering progress.

The IPO could become India’s largest-ever public listing, potentially raising more than $4 billion. The move marks the first public listing of a major subsidiary of Reliance Industries in nearly two decades.

Momentum for the offering has picked up after the government approved changes to listing rules that allow large companies to float as little as 2.5% of their equity initially. Investment bankers have previously estimated Jio Platforms could be valued at around $170 billion, which could translate into a fundraising of roughly $4.3 billion at the minimum public float requirement.

Once the structure and timeline of the IPO are finalised, Reliance is expected to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India, people familiar with the matter said. However, the final size and timing of the offering may still change depending on market conditions.

The potential listing comes at a time when India’s primary market has seen a slower start to 2026, with about $1.7 billion raised through IPOs so far this year compared with $2.3 billion during the same period last year.

If successful, the Jio IPO would mark a major milestone for Reliance’s digital and telecom business and could become one of the most closely watched listings in India’s capital markets.