Reliance Jio IPO Plans Revealed: $6 Billion Raise with 5% Float

Reliance Industries plans to sell just 5% of its Jio telecommunications unit in a potential IPO, raising more than $6 billion. The company has begun talks with Indian regulators to seek approval for a smaller public float, citing market limitations. The IPO, which could take place as soon as next year, would be India's biggest-ever, even at a 5% listing. Investors including Meta and Alphabet's Google would be limited in their ability to exit through a 5% float.

Reliance Industries Ltd. (RIL) is proposing to sell just 5% of its Jio telecommunications unit in a potential initial public offering (IPO) that may raise more than $6 billion. The company has begun informal talks with the Securities and Exchange Board of India (SEBI) to seek approval for a smaller public float, citing market limitations [2].

The IPO, which could take place as soon as next year, would be India's biggest-ever, even at a 5% listing. The company is conveying to regulators that the market doesn't have the depth to absorb a bigger listing [2]. An IPO of the unit could take place as soon as next year, the people said. It would likely be India’s biggest-ever — even a float of 5% at the current valuation would raise more than Chinese battery giant Contemporary Amperex Technology Co. Ltd.’s $5.3 billion offering in Hong Kong, the largest listing globally this year [2].

Deliberations are ongoing and details of the offering such as size and timeline may change, the people added. Representatives for Reliance and SEBI didn’t respond to requests seeking comment [2].

The proposed IPO would give an exit option to marquee global investors including Meta Platforms Inc. and Alphabet Inc.’s Google, which invested more than $20 billion in Reliance’s digital venture in 2020. The holding company of Reliance’s digital and telecom assets, Jio Platforms Ltd., was then valued at $58 billion [2].

A float of 5% would limit the ability of early investors to exit, something that has raised frustration among some of them, other people familiar with the matter said [2].

After a record 2024, India’s IPO market slowed in the first half of this year but is swiftly rebounding as investor confidence returns. Over $7 billion has been raised through first-time share sales in 2025, data compiled by Bloomberg show. One bank expects more than $30 billion in IPOs over the next 12 months [2].

References:
[1] https://www.business-standard.com/companies/news/ambani-family-may-infuse-up-to-rs-10000-cr-in-jio-financial-125072901443_1.html
[2] https://www.bloomberg.com/news/articles/2025-07-30/mukesh-ambani-s-reliance-said-to-seek-small-float-in-jio-ipo-raising-6-billion