Reliance starts unofficial negotiations with banks for the historic Jio IPO

Reliance Industries Ltd. has begun informal discussions with banks over the Jio IPO in preparation for a possible listing in the first half of 2026, according to people with knowledge of the situation. Reliance may start formally hiring investment bankers in November, according to persons who asked not to be named since the talks are confidential, and a formal procedure might start by the end of this month.

In July, Reliance was selling only 5% of Jio Platforms, which may raise over $6 billion in the IPO. It's a lot more than the record $3.3 billion that Hyundai Motor India Ltd. raised in 2024. According to the people, discussions are still going on, and specifics like the Jio IPO's size and timing may change. There was no quick response from a Reliance spokesperson.

In August, Reliance Industries chairman Mukesh Ambani hinted that the Jio IPO would occur in the first half of 2026. "We intend to list Jio by the first half of 2026, pending all required approvals," Ambani stated on August 29, 2025, at the 48th annual general meeting of Reliance Industries. "I promise that this will show that Jio can produce an equivalent amount of value to our international competitors. I have no doubt that all investors will find it to be a very alluring proposition.