Jio Platforms IPO: RIL's record issue likely to hit regulatory roadblock, says Bloomberg

Reliance Jio IPO: The initial public offering (IPO) of Jio Platforms, the digital arm of Mukesh Ambani's Reliance Industries Ltd (RIL) is reported to be in limbo, suggest some media reports. The Indian government’s delays in formalizing changes to listing rules are threatening to force Mukesh Ambani to miss the targeted timeline for an initial public offering of shares in Jio Platforms, report Bloomberg.

"Reliance is waiting for the government to formalize the changes backed by the regulator to appoint bankers formally and file a draft IPO prospectus," reported Bloomberg, citing according to people familiar with the matter who asked not to be identified because the discussions are private.

Reliance Jio is now aiming to file the draft prospectus before April, depending on the government notification. Jio platforms owns India’s largest wireless operator and its IPO is said to be the listing of a major Reliance unit in almost 20 years. Reliance Jio may launch India's largest ever IPO.

To recall, the capital markets regulator,  the Securities and Exchange Board of India (Sebi) had approved amendments to listing regulations, allowing companies with a post-issue market capitalization exceeding Rs 5 lakh crore ($55 billion) to dilute as little as 2.5 per cent in an IPO, rather than the current minimum of 5 per cent in September 2025.

However, the government is yet to notify the lower public float norms for the mega IPOs. The framework aims to avoid extremely large IPOs for mega companies and the proposal has been sent to the department of economic affairs for approval. The government is said to be examining the proposal before issuing the gazette notification.

The rule change is a possible catalyst for mega listings such as Jio and National Stock Exchange of India (NSE), but doesn’t yet have final government approval. Some other reports suggest that Mukesh Amabani led digital entity invited banks to pitch for roles in the offering last month.

Reliance Jio Platforms was preparing for an IPO in early-to-mid 2026 with a projected valuation between $130 billion-$170 billion,  with some estimates citing a $180 billion valuation as well. However, the company has remained tight lipped on the valuation front. Global tech giants like Meta Platforms and Google-parent Alphabet had investored nearly $10 billion in Jio Platforms in 2020.