India’s Biggest IPO Incoming? Mukesh Ambani's Reliance Jio IPO Set for March DRHP | Listing Timeline in Focus

Reliance Jio IPO: Mukesh Ambani's Reliance Industries Limited (RIL) will reportedly file a draft red herring prospectus (DRHP) for its telecom unit Jio Platforms Limited by the end of March. Touted as India's biggest ever IPO, the Reliance Jio IPO is expected to be listed in the first half of the year 2026.

RIL will file DRHP for Jio Platforms with the December-end financials, reported Bloomberg, citing people familiar with the matter. The development has come after the company formally kicked off the preparations for the IPO earlier this week.

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.

India's Largest Ever IPO

Touted as India's biggest ever IPO by a private company, Reliance Jio IPO will consist of selling around 2.5% of stake in a public offer for sale. Jio IPO is likely to be valued between $100 billion and $120 billion, reported Mint, citing sources.

Reliance Jio IPO preparations gained steam after the central government brought new rules to allow large firms to list with a smaller public float.

The central government has approved companies with a post-issue valuation above Rs 5 trillion or about $54 billion to list with only 2.5% equity dilution through public offers.

Jio IPO Timeline In Focus

While there is no official confirmation by Reliance Industries Limited about Jio IPO, Bloomberg reports that the company is expected to file Jio IPO papers by March end. The Jio IPO prospectus is nearly finalised and teams have been given a target of 15-20 days to file the DRHP, reported Mint citing sources.

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.

The DRHP for the Jio IPO will set out detailed financial statements, business segments, risk factors and operational metrics for investors. Sebi will review this draft document, seek clarifications if required and then clear the company to launch the offer, which will be followed by final pricing and the publication of the red herring prospectus.