Reliance Industries Plans Biggest Ever IPO, Seeks SEBI Exemption for Jio Listing

Mukesh Ambani's Reliance Industries is planning India's biggest IPO, aiming to raise Rs 52,200 crore ($6 billion) by selling a 5% stake in Jio Infocomm. The listing could surpass all previous domestic IPO records and be one of the largest global public offerings this year. The company has begun informal discussions with SEBI to secure regulatory approval.

Mukesh Ambani's Reliance Industries is planning India's biggest Initial Public Offering (IPO), aiming to raise Rs 52,200 crore ($6 billion) by selling a 5% stake in Jio Infocomm. The listing could surpass all previous domestic IPO records and be one of the largest global public offerings this year. The company has begun informal discussions with the Securities and Exchange Board of India (SEBI) to secure regulatory approval [1].

Reliance Industries is considering a 5% float in the IPO, which is significantly lower than the customary 25% public shareholding requirement. The company has conveyed to regulators that the domestic market may not have sufficient depth to absorb a larger listing [1]. This move is aimed at providing an exit option to marquee global investors such as Meta Platforms Inc. and Alphabet Inc.'s Google, which invested over $20 billion in Reliance's digital venture in 2020 [1].

An IPO of Jio Infocomm could take place as early as next year, although the size and timeline may change depending on market conditions. If successful, the IPO would be the largest ever in India, surpassing Hyundai Motor India's Rs 28,000 crore IPO [2]. The listing would also be one of the largest globally this year, potentially eclipsing Chinese battery giant Contemporary Amperex Technology Co. Ltd.'s $5.3 billion offering in Hong Kong [1].

Reliance Industries has long toyed with the idea of listing its telecom and retail units. Jio, which entered the telecom market in 2016, is one of India's biggest wireless carriers with a subscriber base of around 500 million users. An IPO would give early investors an exit option, something that has raised frustration among some [1].

The Indian IPO market has shown signs of recovery after a slow start in the first half of 2025. Over $7 billion has been raised through first-time share sales in 2025, with one bank expecting more than $30 billion in IPOs over the next 12 months [1].

The street is keenly awaiting Reliance Industries' annual general meeting (AGM), the date of which has not been announced yet but is expected in August. At the AGM, the market's focus is expected to be on updates regarding Jio's listing, especially against the backdrop of reported delays in timelines and potential changes to listing norms by the regulator [3].

References:
[1] https://www.bloomberg.com/news/articles/2025-07-30/mukesh-ambani-s-reliance-said-to-seek-small-float-in-jio-ipo-raising-6-billion
[2] https://www.financialexpress.com/market/ipo-news-mukesh-ambani-gearing-for-biggest-ever-ipo-plans-over-rs-52000-crore-jio-ipo-report-3931291/
[3] https://m.economictimes.com/markets/ipos/fpos/mother-of-all-ipos-coming-next-year-mukesh-ambani-eyeing-jio-infocomms-rs-52000-crore-ipo-report/articleshow/122988902.cms