India’s Biggest Private IPO In Works As Jio Prepares DRHP Filing

Jio Platforms is preparing to file draft papers for its initial public offering (IPO) within the next two to three weeks, people familiar with the matter said. The telecom arm of Reliance Industries plans to sell about 2.5% stake in what could be India’s largest IPO by a private company. The company is likely to seek a valuation in the range of $100 billion to $120 billion.

Rule Change Accelerates Path For Listing

Jio’s IPO plans have gained pace after a recent policy change by the finance ministry. Note that the government of late has allowed large companies to list with a lower public shareholding. Companies with a post-issue valuation above ₹5 trillion can now dilute a minimum of 2.5% stake. Earlier, such firms were required to offer at least 5%. As per reports, Jio had been waiting for clarity on this rule before moving ahead with its listing plans.

IPO Plans Come Amid Market Uncertainty

The timing of Jio’s proposed listing is notable. It comes when IPO activity remains strong, but listing gains have started to weaken. Note that India emerged as the second-largest IPO market globally by proceeds in 2024 with companies mobilising nearly ₹1.6 trillion through over 300 IPOs. The trend stayed strong in 2025, with 373 issues raising close to ₹1.95 trillion. However, data shows a slowdown in listing performance. Returns from IPOs in 2026 have averaged just a 0.3% premium across 45 issues as of 12 March.

Valuation Benchmark And Banker Line-Up

Brokerages have already set expectations for Jio’s valuation. Analysts at Morgan Stanley and Citi Research have estimated the business at around $133 billion. This implies a valuation multiple of about 13 times its projected enterprise value for 2026-27 against its EBITDA. Morgan Stanley India is expected to play a key role in the IPO. Other banks in discussions include:

• Kotak Mahindra Capital
• Axis Capital
• Goldman Sachs

Also Read - Pre-Market 18 March 2026: Nifty Above 23,550; Will The Rally Continue?

Potential Impact On IPO Market

Jio’s IPO could set a new benchmark for large listings in India, especially under the new public shareholding rules. The deal may open the door for other high-value companies to list with smaller float sizes.

At the same time, muted listing gains in recent IPOs could make investors more selective on pricing. The issue will also signal whether demand remains strong for telecom and digital infrastructure plays at high valuations.

Sources

Livemint

India IPO