Reliance’s Secret ‘Project Jupiter’ Led To Jio IPO Filing After Months of Planning

Reliance Industries Ltd. spent months working on a confidential internal project to prepare the stock market listing of Jio Platforms Ltd., while simultaneously navigating regulatory changes, restructuring the share sale and securing support from key investors before filing the draft prospectus on 19 June.

The initiative, internally called ‘Project Jupiter’, was launched after Chairman Mukesh Ambani told shareholders in August 2025 that Jio would seek a stock market listing in the first half of 2026. According to people familiar with the matter, the project focused on three key tasks:

• Pushing for changes to initial public offering (IPO) regulations.

• Convincing existing shareholders to dilute their stakes.

• Finalising the structure of what is expected to be India’s biggest public offering.

About Project Jupiter

Project Jupiter was led by senior executives, including Chief Financial Officer V. Srikanth, KR Raja and Jio executive Anshuman Thakur, according to the people. Kotak Mahindra Capital Co. and Morgan Stanley were the first investment banks involved before more advisers joined later.

Although bankers had started work earlier, they were not formally appointed until at least December, allowing preparations to continue while the transaction structure was still being finalised.

Knowledge Only Among A Small Group

Only a small group of Reliance executives and senior investment bankers knew how the transaction was progressing, the people said. Draft prospectuses, investor presentations and internal memorandums were largely shared in physical form. Emails and other electronic communication were kept to a minimum, while discussions remained restricted to senior leadership.

When Ambani addressed Reliance’s annual general meeting nine months later, he announced that Jio was ready for listing. The company filed its draft red herring prospectus (DRHP) within hours.

Key Developments Before Jio DRHP Filing

Several key developments took place before the DRHP filing for the Jio IPO (see table):

Hurdles Cleared

One of the biggest hurdles was reaching an agreement with existing investors. KKR & Co., Meta Platforms Inc., Alphabet Inc. and other shareholders eventually agreed to dilute around 8% of their holdings on a pro-rata basis, according to the people. The arrangement allowed Jio to meet public shareholding requirements while maintaining each investor's relative ownership.

The regulatory environment also shifted during the process. In September, SEBI reduced the minimum dilution requirement for companies valued above ₹5 trillion to 2.5% from 5%. The government formally notified the revised rules in March, removing a key obstacle for the IPO.

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Changes Made By Reliance

Reliance also revised the transaction structure. The company had initially planned an offer for sale in which existing shareholders would sell about 2.8% of Jio without the company issuing new shares. However, some investors were uncomfortable with the proposed valuation amid weak equity markets and the impact of a weaker rupee on dollar returns, the people said.

Reliance later switched to a fully primary issue, ensuring that the expected $4 billion to be raised would remain with Jio and stay within India. The draft prospectus was filed on 19 June with 19 investment banks on the mandate. According to people involved in the process, the 19 June filing date also drew attention internally because Ambani was born on 19 April.

Sources:

Business Standard

The Economic Times