Overview

• Reliance plans to sell 5% of Jio Infocomm in an IPO that could raise over $6 billion, according to people familiar with the matter.
• The company has held informal talks with the Securities and Exchange Board of India to seek an exemption from the 25% minimum public shareholding requirement.
• A 5% float at Jio’s current valuation would surpass the $5.3 billion IPO of Contemporary Amperex Technology in Hong Kong and become this year’s largest global listing.
• The IPO would offer an exit path for early investors such as Meta and Google but has raised concerns that a 5% float could constrain liquidity.
• India’s IPO market has rebounded in the first half of 2025, raising over $7 billion so far and setting the stage for activity to top $30 billion over the next 12 months.