Overview
- Reliance has started preparing a draft red herring prospectus for a potential Jio Platforms listing, with informal talks under way with banks, according to Bloomberg.
- The company is expected to formally appoint bankers and file the draft only after SEBI’s newly approved IPO rules take effect.
- SEBI has cleared a change permitting minimum dilution as low as 2.5% for issuers with post-issue market capitalisations above ₹5 lakh crore, though the change is not yet implemented.
- Bankers have discussed valuations of up to $170 billion for Jio Platforms, which at the minimum dilution could translate to roughly $4.3 billion in primary proceeds.
- Reliance has not commented on the reports, discussions remain fluid, and Mukesh Ambani has previously indicated a potential window in the first half of 2026 for a listing that could top Hyundai Motor India’s $3.3 billion record.