Reliance Jio IPO: RIL Reportedly Plans $6 Billion Offering With 5% Float

Reliance Industries Ltd is planning to list 5% of its Jio telecommunications unit in an initial public offering that could raise over $6 billion, Bloomberg reported on Wednesday, citing people familiar with the matter.

According to Bloomberg, Reliance has begun informal discussions with the Securities and Exchange Board of India to seek approval for a public float below the standard 25%. The report said Reliance told the regulator that the Indian market lacks the depth to absorb a larger offering. The IPO could take place as early as 2026, Bloomberg said.

Bloomberg reported that a 5% float at current valuations would surpass the $5.3 billion Hong Kong listing of Contemporary Amperex Technology Co. Ltd., the world's largest IPO so far this year. The details of the offer, including size and timeline, remain under discussion and could change, Bloomberg said, citing people familiar with the talks.

Reliance and SEBI did not respond to Bloomberg's requests for comment.

The oil-to-telecom conglomerate has explored listing its telecom and retail units in the past. Jio, launched in 2016, is now one of India's largest wireless carriers with around 50 crore subscribers.

An IPO would provide an exit route for global investors including Meta Platforms Inc and Alphabet Inc's Google, which invested over $20 billion in Reliance's digital operations in 2020, valuing Jio Platforms Ltd at $58 billion according to the report.

The report added that some early investors have expressed concerns about limited exit opportunities due to the proposed 5% float.

India's IPO market, which slowed after a strong 2024, has recovered in the first half of 2025. Companies have raised more than $7 billion through IPOs so far this year, according to Bloomberg data. One bank estimates IPO activity could exceed $30 billion over the next 12 months, Bloomberg reported.