Reliance is said to start work on draft prospectus for Jio’s likely record IPO

Bankers are proposing a valuation of as much as $170 billion for Jio.

Reliance Industries Ltd. has started work on an initial draft prospectus for a listing of Jio Platforms Ltd., people familiar with the matter said, in what is expected to be India’s biggest-ever initial public offering.

The company is informally speaking with banks to prepare a prospectus that they plan to file with the regulator as soon as possible, the people said, asking not to be identified because the process is private.

The draft prospectus filing and formal appointment of bankers will happen after new rules on Indian IPOs come into effect, the people said. The Securities and Exchange Board of India has approved reducing the minimum dilution in IPOs to as low as 2.5% for companies with a post-issue market capitalization above 5 trillion rupees ($55 billion), but the change hasn’t been implemented yet.

Bankers are proposing a valuation of as much as $170 billion for Jio, people familiar with the deliberations have said previously. That’s more than rival telecom firm Bharti Airtel Ltd., which is valued at about $140 billion. Under the new listing rules, Jio could raise about $4.3 billion if it achieves the top end of that valuation and decides to go for the minimum dilution.

Deliberations are ongoing and details may change, the people said.

A representative for Reliance didn’t respond to a request for comment.

Mukesh Ambani, who controls Reliance and is Asia’s wealthiest person, said in August the Jio listing could happen in the first half of 2026.

India’s biggest IPO to date was by Hyundai Motor India Ltd., which raised $3.3 billion last year.