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Reliance files for Jio's stock market debut

Reliance files for Jio's stock market debut

Money Moves

India's largest phone company starts the paperwork for what could be the country's biggest-ever listing

Today: Jio files its draft prospectus

Overview

India's largest phone company is moving toward the stock market. On June 19, Reliance filed the opening paperwork for a Jio Platforms share sale that bankers value as high as $170 billion.

That would be the biggest stock listing in India's history. The filing starts a regulated process that sets a price and a date over the coming months.

Why it matters

If Jio lists near these valuations, it becomes one of India's most valuable public companies, and ordinary Indian investors get their first chance to buy in.

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Key Indicators

$120–154B
Estimated valuation
Analyst range for Jio Platforms ahead of the listing; some bankers go higher.
~$3B
Fresh issue size
Roughly ₹25,000 crore of new shares, with proceeds going into the business.
500M+
Jio subscribers
About 50 crore users make Jio India's biggest mobile operator.
~2.5%
Stake on offer
Reports suggest Reliance plans to float only a small slice of Jio.

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People Involved

Organizations Involved

Timeline

September 2016 June 2026

5 events Latest: Today
Tap a bar to jump to that date
  1. Jio files its draft prospectus

    Today Regulatory

    Reliance confirms Jio's board approved the DRHP and is filing it with SEBI, starting the formal IPO process.

  2. IPO timeline set for 2026

    Statement

    At the 2025 AGM, Ambani says Jio is preparing to list in the first half of 2026.

  3. Global money pours into Jio

    Investment

    Meta buys a 9.99% stake for $5.7 billion. Google, KKR, and others follow, valuing Jio near $60 billion.

  4. Ambani promises a listing

    Statement

    At the annual meeting, Ambani says Jio and Reliance Retail will list within five years.

  5. Jio launches and rewrites Indian telecom

    Origin

    Reliance launches Jio with free data and cheap calls. Rivals collapse or merge as users flood in.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

May 2022

LIC IPO (2022)

The Indian government floated about 3.5% of Life Insurance Corporation, raising roughly ₹21,000 crore. It was the largest IPO in the country's history and drew huge retail interest.

Then

LIC shares listed at a discount and fell below the issue price within days.

Now

It set the record Jio now aims to break, and stands as a warning that a giant name does not guarantee a strong debut.

Why this matters now

Jio would dethrone LIC as India's biggest listing. The LIC experience shows that size and demand do not always translate into a good first-day price.

December 2019

Saudi Aramco IPO (2019)

Saudi Arabia listed about 1.5% of its state oil company, raising $25.6 billion at a near $1.9 trillion valuation. It was the largest IPO ever, sold mostly to domestic and regional investors.

Then

Shares rose on debut, then the company became the world's most valuable listed firm.

Now

It proved a national champion can list a tiny slice at an enormous valuation and still set records.

Why this matters now

Like Aramco, Jio plans to float only a small stake at a vast valuation, leaning on home-market investors rather than a full sale.

November 2010

Coal India IPO (2010)

The state miner raised about ₹15,200 crore in an offering that was oversubscribed many times over. It held India's IPO record for more than a decade.

Then

Coal India shares jumped on listing day, rewarding retail buyers.

Now

It showed the depth of India's retail appetite for a marquee public-sector name.

Why this matters now

Coal India is the benchmark for India's hunger for big-name listings, the demand Jio is counting on to absorb its share sale.

Sources

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