Summary:
Delays in the Indian government’s approval of revised listing regulations may push back the planned IPO of Jio Platforms Ltd., the digital arm of Reliance Industries Ltd. led by Mukesh Ambani. Reliance is waiting for the government to formalize the rule changes before appointing bankers and filing its draft prospectus, which it now hopes to submit before April. The listing, potentially valued at up to $170 billion, could become India’s largest IPO and the first major Reliance unit listing in nearly 20 years. Meanwhile, regulatory amendments approved by the Securities and Exchange Board of India—allowing large companies to sell a smaller stake in IPOs—are still awaiting final government notification, creating uncertainty around the timeline.
Delays by the Indian government in finalizing amendments to listing regulations could disrupt the planned timeline for Mukesh Ambani—Asia’s richest individual—to launch an initial public offering for Jio Platforms Ltd., the digital business of his flagship firm Reliance Industries Ltd..
According to people familiar with the situation, Reliance is waiting for the government to officially implement regulatory changes before it can formally appoint investment bankers and submit a draft IPO prospectus. These sources, who requested anonymity due to the confidential nature of the discussions, said the company is now targeting a draft filing before April, depending on when the government issues the required notification.
Jio, which operates India’s largest wireless telecom service, is considered one of the most valuable assets within Ambani’s business empire. Its public listing—expected to be the first major Reliance subsidiary IPO in nearly two decades—could become the largest share sale ever in India. Investment bankers have suggested the company could be valued at up to $170 billion, presenting investors with a rare chance to participate in one of the fastest-growing digital businesses of the past decade.
In August, Ambani indicated that Reliance aimed to list Jio during the first half of 2026. The listing plan was initially signaled in 2019 with a five-year timeframe. If priced at the higher end, selling the minimum required stake could raise around $4.3 billion and place Jio among the most valuable listed companies in India. In 2020, both Meta Platforms Inc. and Alphabet Inc. collectively invested over $10 billion in the company.
Sources noted that discussions are still ongoing and that key aspects of the offering—including its size and timing—could still change. Reliance Industries Ltd. did not immediately comment on the matter, while representatives of the finance ministry also did not respond to requests for clarification.
SEBI Regulatory Changes
In September, Securities and Exchange Board of India approved amendments allowing companies with a post-issue market capitalization above ₹5 trillion (about $55 billion) to sell as little as 2.5% of their equity in an IPO, instead of the current minimum requirement of 5%. This proposed adjustment could encourage large listings such as Jio and National Stock Exchange of India, though the rule still awaits formal approval from the government.
The exact reason behind the delay remains unclear, and there is no indication that the holdup specifically targets the Jio listing.
According to Sonam Chandwani, managing partner at KS Legal & Associates, the next stage typically involves the finance ministry incorporating the changes and publishing them in the Official Gazette—a process that can take several months depending on government deliberations.
Meanwhile, National Stock Exchange of India is moving ahead with its own plans to raise as much as $2.5 billion through an IPO and recently invited banks to bid for roles in the offering. The share sales from both companies could provide a significant boost to India’s capital markets, which have had a slower start to 2026 following two consecutive years of record fundraising through public listings.
