Months after chairman Mukesh Ambani revealed Jio Infocomm’s plans for an IPO, Reliance Industries (RIL) is said to have started preparing the draft prospectus for the listing.

As reported by Bloomberg, RIL has begun informal talks with investment banks as it aims to submit the draft red herring prospectus (DRHP) to the markets regulator “as soon as possible”. 

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According to the report, the IPO could value Jio at approximately $170 billion, which would make it by far the largest public offering in India’s history.

It is probable that the company will submit its documentation following SEBI’s implementation of the new IPO rules approved in September.  The regulator sanctioned a reduction of the minimum dilution in IPOs to 2.5% for companies whose market capitalisation after issuance exceeds INR 50,000 Cr.  The changes have not been implemented yet.

Currently, companies with a post-issue market capitalization exceeding INR 1 Lakh Cr are required to provide a minimum of INR 5,000 Cr and 5% of their post-issue share capital in their IPO, and they must achieve a public shareholding of 25% within five years after listing.

With the new regulations in place, Jio might aim to secure around $4.3 billion, which would still position it as the largest IPO in India’s public markets.

At RIL’s 48th annual general meeting in August, Ambani announced that Jio aims to go public on the stock exchanges by the first half of 2026.

With the company preparing for the listing, its financial situation is becoming increasingly robust.  For FY25, Jio’s net profit increased by 22% year-on-year to INR 26,120 Cr, and its operating revenue rose by 16% year-on-year to INR 1.28 Lakh Cr.

Momentum continued into FY26, with profits and revenues increasing in the first half of the fiscal year.  In the second quarter of fiscal year 2026, Jio Platforms reported a consolidated net profit of INR 7,379 crore, reflecting a year-on-year growth of 13%.  Operating revenue increased by 15% year-on-year to INR 36,332 Cr, compared to INR 31,709 Cr in Q2 FY25.