Jio Platforms May Sell 2.5% Stake in 2026 IPO, Could Become India’s Biggest Listing

Jio Platforms   is considering the sale of a 2.5% stake through its planned initial public offering in 2026, a move that could make it the largest IPO ever in the Indian market, according to people familiar with the matter.

Based on an estimated valuation of around $180 billion, the proposed stake sale could raise approximately $4.5 billion, surpassing the previous record set by Hyundai Motor India’s $3.3 billion public issue. Jio Platforms is the parent company of Reliance Jio, India’s largest telecom operator with over 500 million subscribers.

The company, backed by Mukesh Ambani, is reportedly inclined to list a relatively small portion of its equity due to its massive scale. This plan is linked to a proposal under consideration that would allow large companies to reduce the minimum public float for IPOs to 2.5% from the current 5%, subject to government approval.

Market participants said listing a smaller stake could create stronger demand and pricing momentum. While some bankers have suggested valuations ranging between $200 billion and $240 billion, no final decision has been taken on the offering size or valuation.

It remains unclear whether the IPO will be structured purely as an offer-for-sale by existing shareholders or will also include the issuance of fresh shares. Several global investors who invested in Jio Platforms in recent years are expected to seek partial exits through the public listing.

Jio Platforms has expanded beyond telecom into digital services, artificial intelligence, and technology infrastructure, and has attracted investments from major global funds over the past few years. The company is also preparing for heightened competition in India’s internet services space, alongside partnerships aimed at strengthening its AI capabilities.

The proposed listing would add to the strong momentum in India’s primary equity markets, which ranked among the world’s top IPO destinations in 2025. While the company has indicated that the IPO is targeted for the first half of 2026, the final timeline will depend on regulatory clarity and market conditions.