The Indian government on Friday announced changes to listing rules, clearing the way for billionaire Mukesh Ambani to go for an initial public offering of Jio Platforms Ltd., the digital arm of his conglomerate Reliance Industries Ltd.
The government, via a gazette notification, allowed companies with a post-issue market value exceeding 5 trillion rupees ($54 billion) to dilute as little as 2.5% in an IPO, down from the current minimum of 5%. The change was approved by the Securities and Exchange Board of India in September and subsequently sent to the government.
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Jio, which owns India's largest wireless operator, is one of the crown jewels of Ambani's empire and its IPO — the first listing of a major Reliance unit in almost 20 years — could be the country's biggest ever. Investment bankers have proposed a valuation of as much as $170 billion for the company, which would offer a rare opportunity for investors to buy into one of world's biggest growth stories of the past decade.
The relaxation in the listing rules comes at a time when India's IPO market is witnessing a weak start to the year after a bumper 2025.
Friday's tweak may help reignite first-time share sales in what has been one of the world's busiest destinations for capital raising in recent years. Companies raised about $22 billion through IPOs in the South Asian nation in 2025, according to data compiled by Bloomberg.
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