Reliance working with six investment banks for Jio IPO: Report

Reliance Industries Ltd. is working with half a dozen banks for the planned share sale of its telecom unit, Jio Platforms Ltd., with more advisers likely to be added 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 on the offering, the people said, asking not to be identified as the information private.

Jio is moving ahead with what might be India’s largest-ever initial public offering and the first by a major unit of billionaire Mukesh Ambani’s flagship company Reliance Industries Ltd. in almost two decades. The offering is gathering steam after the government approved a change in listing requirements, now allowing large issuers to dilute as little as 2.5% of their equity.

Bankers have previously proposed valuing Jio Platforms at as much as $170 billion, which would mean the company could raise about $4.3 billion at the minimum requirement.

Once the final terms have been decided, the company will proceed with filing the draft red herring prospectus with the Securities and Exchange Board of India, the people said.

Terms of the potential offering and timeline may still change, they added. Representatives for the banks didn’t immediately respond to requests for comment. A Reliance Industries representative didn’t immediately offer any comment.

India’s primary market has had a subdued start to 2026 following two record years for listings. About $1.7 billion has been raised through IPOs this quarter, compared with $2.3 billion in the same period last year, according to data compiled by Bloomberg.