Reliance plans to file for Jio Platforms IPO by early April: ET

India’s Reliance Industries Ltd. has pushed back the filing of the draft red herring prospectus (DRHP) for its telecom unit Jio Platforms Ltd. to early April 2026, citing delays in finalizing revised government listing norms. The company had initially aimed to file the DRHP by March 31, according to earlier reports, but the timeline has been adjusted as regulators finalize rules permitting large IPOs to dilute as little as 2.5% of equity.

Reliance has appointed 17 investment banks to manage the offering, including global firms like Morgan Stanley, Goldman Sachs, and JPMorgan, alongside domestic advisers such as Kotak Mahindra and Axis Capital as reported. The IPO, potentially India’s largest-ever at $4–4.5 billion, is expected to combine primary issuance and secondary share sales, with private equity investors like KKR and TPG planning to reduce holdings. Strategic shareholders, including Google and Meta, are likely to retain their stakes.

While the valuation of Jio Platforms remains contested among brokerages—ranging from $133 billion to $180 billion—the offering could reshape Reliance’s capital structure. Analysts note that a 2.5% public float may create liquidity constraints, potentially driving Jio’s stock to trade at a premium despite concerns over a “holding company discount” for Reliance shareholders. Final details, including pricing and timing, remain subject to regulatory approvals and market conditions.