Reliance Industries has appointed 17 bankers for a Rs 40,000 crore Jio Platforms IPO, marking the start of listing preparations. With a possible USD 180 billion valuation, the issue could be India’s biggest IPO, supported by new listing rules and expected investor interest.

RIL Plans Rs 40,000 Crore Jio Platforms IPO, 17 Bankers Appointed As Mega Listing Work Begins

Mumbai: Reliance Industries has taken a big step towards listing its digital arm, Jio Platforms, by appointing 17 investment banks for a potential Rs 40,000 crore IPO. This move signals that preparations for what could become India’s largest IPO have officially started. Work on the draft red herring prospectus (DRHP) is already underway.

Top Global and Domestic Banks Onboard

The company has brought together a mix of leading global and Indian banks to manage the issue. Global names like Goldman Sachs, Morgan Stanley, Citigroup and JPMorgan are part of the deal. Domestic firms such as Kotak Mahindra Capital, Axis Capital, JM Financial and SBI Capital Markets have also been included. The strong lineup shows the scale of the IPO and expected global investor interest.

New Rules Support Mega IPO

Recent changes in regulations have made it easier for large companies to go public. Under the new rules, companies valued above Rs 5 lakh crore can list with just 2.5 percent public shareholding, instead of the earlier 10 percent. They can later increase it to 25 percent over time. This change is important for Jio Platforms, which is expected to have a very high valuation.

Valuation and Fundraising Potential

Brokerage estimates suggest Jio Platforms could be valued at around USD 180 billion. At this level, even selling a small 2.5 percent stake could help raise USD 4–4.5 billion, making it the biggest IPO in India’s history. The issue is likely to include both fresh shares and stake sales by existing investors.

Early Investors May Exit Partially

Some early investors such as KKR, TPG, Silver Lake and Vista Equity Partners are expected to sell part of their holdings through the IPO. However, strategic investors like Google and Meta are likely to retain their stakes. Intel may also sell a small portion of its investment.

Impact on Market After Listing

Experts believe that the low public shareholding at the time of listing may limit the number of shares available in the market. This could support higher valuations after listing due to limited supply.

A Key Step in Reliance Strategy

Jio Platforms has grown into a large digital business covering telecom, broadband and digital services. This IPO is seen as an important step for Reliance to unlock value from its technology business. The final timing of the listing will depend on market conditions and regulatory approvals, with filings expected soon.