Mukesh Ambani, Asia’s richest person, is preparing to take his digital empire public in what could become the largest IPO in Indian history. Jio Platforms Ltd., the technology and telecommunications arm of Reliance Industries, is targeting a regulatory filing by mid-2026, with an estimated offering size of up to $4B.
Global investors have been pulling capital out of Indian markets amid geopolitical tensions, particularly in the Middle East.
The IPO structure and what it signals
Reliance has shifted from an offer-for-sale model, where existing investors like Google and Meta would sell their stakes, to a fresh issue approach. That means the company itself will raise new capital by issuing shares equivalent to roughly 2.5% of the company.
The shift was confirmed at Reliance’s August 2025 annual general meeting, where the IPO timeline was formally acknowledged. Indian regulators reportedly modified IPO rules in March 2026 specifically to facilitate the listing.
