Biggest Ever IPO Alert: Mukesh Ambani's Reliance JIO IPO May Skip OFS Route, Full Fresh Issue Likely

Reliance Jio IPO Update: Nearly a year after announcing the initial public offering (IPO) of Reliance Jio Platforms, Reliance Industries is reportedly revisiting the issue structure. Mukesh Ambani-led Jio may skip the Offer for Sale (OFS) route and instead opt for a fully fresh share issue, a move that could help the telecom and digital platform giant raise fresh capital directly for future growth plans, as per Economic Times report

The restructuring in Jio IPO structure came after disagreements with existing investors over valuation levels. As primary market investors are keenly tracking details about one of India's biggest ever IPOs, here's how the recent development will impact Jio IPO.

Reliance JIo IPO May Skip OFS Route: What It Means For Investors?

For primary market investors considering to go for Jio IPO, the recent change is likely to alter the earlier indicative valuation range of $133-154 billion for India's largest telecom operator by market share, as per ET report. The revised structure would reduce pressure to set an aggressive IPO price band.

What Will Happen With Fresh Issue Route?

Jio IPO via completely fresh issue would mean that the fund raised would mean that the money would go directly to the company for expansion, debt repayment or business growth.

Out of the total capital proposed to be raised from the Jio IPO, Rs 25,000 crore might go towards debt reduction, while the remaining capital could support other corporate needs, as per ET report. Reliance Industries, which currently owns 67% of Jio, is prepared for its stake to fall under this approach.

Reliance Jio IPO Launch Timeline

As many as 17 bankers were appointed to handle the Reliance Jio IPO. As per a Bloomberg report, Morgan Stanley, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. are among nine global banks that have been selected for advisory roles. Kotak Mahindra Capital, Axis Capital Ltd, JM Financial, and SBI Capital Markets are among the domestic advisers for the Jio IPO.

As per Bloomberg report, Reliance Jio IPO DRHP was scheduled to be filed by March end. However, there was no official confirmation regarding the same. Earlier, Jio IPO was scheduled to be brought in the first half of the year 2026. RIL Chairman Mukesh Ambani, in August 2025, formally announced that Jio is making all arrangements to file for an IPO. He had also mentioned that the company is aiming to bring Jio IPO in the first half of the year 2026.