Reliance Jio Infocomm is reportedly on the verge of filing draft papers for its highly anticipated $4 billion initial public offering (IPO), according to a Financial Times report citing people familiar with the matter. The filing could be made just ahead of Reliance Industries Chairman Mukesh Ambani’s annual address at the company’s annual general meeting (AGM) scheduled for Friday, 19 June.
If launched as planned, the IPO would rank among the largest public offerings ever in India. At an estimated $4 billion, the issue would surpass Hyundai Motor India’s $3.3 billion IPO and potentially become the country’s biggest stock market listing to date.
The proposed offering comes at a crucial juncture for India’s primary market, where fundraising activity has moderated after two consecutive record-breaking years. Given Jio’s scale and market position, the IPO is expected to attract significant interest from both domestic and international investors.
Jio Platforms had previously raised over ₹1.5 lakh crore (around $20 billion) from 13 global investors in 2020. The marquee investor list included Google, Meta, Silver Lake, KKR, Vista Equity Partners, General Atlantic, Abu Dhabi Investment Authority, Saudi Arabia’s Public Investment Fund, TPG, L Catterton, Intel Capital and Qualcomm Ventures. The fundraising exercise was one of the largest corporate capital raises in India’s history and helped the company achieve a net debt-free status.
Since that time, Jio has rapidly expanded into 5G services, broadband connectivity, digital platforms, and enterprise solutions, thereby solidifying its status as the top digital services provider in India.
Earlier this year, media reports indicated that Reliance chose to abandon an offer-for-sale (OFS) model and instead focus on a mainly new issue. This decision apparently followed discussions with current shareholders about their valuation expectations.
With the modified structure, the IPO proceeds would be directed straight into Jio’s operations rather than benefiting existing investors seeking to cash out their shares. This approach also aims to keep valuation expectations reasonable while allowing for long-term value growth following the company’s entry into the stock market.
Reliance Industries AGM details
Reliance Industries is scheduled to conduct its 49th Annual General Meeting on 19 June 2026, at 2:00 PM IST. This meeting will be held via video conferencing and other audio-visual methods, continuing the company’s virtual approach used in recent years.
During the 2025 AGM, Ambani announced that Jio would be publicly listed in the first half of 2026. Thus, the anticipated filing will be a significant milestone in that initiative, although it seems the telecom operator is likely to miss that deadline following a challenging year for its parent company, Reliance Industries.
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