Jio Platforms IPO Update: Reliance Industries Ltd. is reportedly revising its plans for the initial public offering of Jio Platforms Ltd., potentially India’s largest ever, to issue new shares instead of an offering by existing investors, the Economic Times reported.
Jio IPO Price Band News
According to the ET report, which cited unidentified people familiar with the talks, the move is triggered by some Jio shareholders pushing for a higher price band, while the Mukesh Ambani-led conglomerate favours a more conservative valuation to avoid listing-day losses for retail investors, according to the report.
An IPO comprising entirely freshly issued shares would send all proceeds to Jio, rather than shareholders selling down through an offer for sale. It would also dilute the value of existing shareholdings. Reliance may now let the market set the price after listing, allowing private equity investors to exit later, according to the Economic Times. About 250 billion rupees ($2.65 billion) may go toward debt repayment, it said.
The listing could mark the first public offering by a major Reliance unit in nearly two decades.
The company formally kicked off IPO preparations in March, appointing as many as 19 banks to manage the issue. Kotak Mahindra Capital Co., Morgan Stanley, JM Financial Ltd., Goldman Sachs Group Inc., HSBC Holdings Plc, Bank of America Corp. and Citigroup Inc. are among those selected for advisory roles, people familiar with the matter have said.
Jio IPO Expected Date
Jio is now expected to file the draft prospectus within the next week or fortnight, potentially delaying the listing to July, the people told the newspaper. Jio didn’t respond to ET’s request for comment.
Moreover, recent reports also suggested that Reliance Industries’ planned listing of Jio Platforms could be delayed to the second half of fiscal 2027 due to geopolitical tensions in the Middle East.
CreditSights, in its commentary on FY26 earnings of India’s most valuable company, said the management in the earnings call shared that “the Jio IPO was imminent.”
Earlier market rumors reported that the IPO could come as early as May, with Reliance looking to shed 2.5-3 per cent stake from its existing 67 per cent stake in Jio for close to USD 4 billion (Rs 37,500 crore).
“We believe the Mideast conflict may delay Jio’s IPO towards the second half of the year,” CreditSights, part of the Fitch Group, said. “A Jio IPO will raise cash for debt repayment and capex, and improve Jio’s competitiveness against rivals Bharti and Vodafone Idea.”
Reliance reported 2025-26 (FY26) revenue and EBITDA growth of 10 per cent and 8 per cent year-on-year, respectively, with retail and telecom continuing to lead performance. Its oils-to-chemicals (O2C) segment recovered from a low base despite disruptions linked to Middle East tensions.
“Management guided towards healthy FY27 (April 2026 to March 2027 fiscal) retail and telecom earnings growth, with O2C earnings remaining resilient but volatile as robust refining margins are met with higher crude sourcing, freight, and insurance costs,” CreditSights said.
The company added that “prolonged lower cracker operating rates (Middle East and Asia) could support petchem spreads once feedstock volatility eases,” highlighting its integrated operations, diversified sourcing network and high non-naphtha feedstock mix.
(With agency inputs)
