New Delhi, March 25 Jio Platforms is likely to file its Draft Red Herring Prospectus (DRHP) with Sebi in the coming days, paving the way for what could be India's largest-ever IPO.
According to market sources, the offering will be structured as a sale offer, with several existing foreign investors preparing to reduce their stakes.
In separate reports last year, Jefferies had estimated Jio's valuation at USD 180 billion, while JP Morgan had pegged the valuation of Jio Platforms – the entity that houses Reliance Industries' telecom and digital businesses – at USD 136 billion.
The DRHP could be filed as early as the end of March, and discussions are ongoing with over a dozen foreign investors to reduce part of their stakes in the upcoming public offering. The IPO – touted to be India's largest public offering ever – will be a sale offer, they said.
An email sent to Jio did not elicit a response.
The listing of Jio Platforms in the stock market is expected to take place in the first half of 2026.
At the annual shareholder meeting last August, RIL Chairman Mukesh Ambani had said: "I am sure that it will be a very attractive opportunity for all investors," and had promised that Jio's plans for the future are "even more ambitious".
Ambani had said the IPO will demonstrate Jio's ability to create the same level of value as global counterparts.
Earlier, Jio Platforms had raised about Rs 1,52,056 crore from over a dozen high-profile investors, namely Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm Ventures, for a total consideration of 32.9 per cent stake.
Facebook (now Meta) holds a 10 per cent stake in Jio Platforms, while Google has another 7.7 per cent.