Reliance Jio Platforms, the digital and telecom arm of Reliance Industries, is reportedly considering an initial public offering (IPO) in 2026, potentially involving the sale of a 2.5% stake. This move could position it as India's largest-ever IPO, aiming to raise over $4 billion based on current valuations. The plan hinges on a proposal from India's market regulator to reduce the minimum public shareholding requirement for large companies seeking IPOs from 5% to 2.5%, which is currently awaiting approval from the finance ministry. Chairman Mukesh Ambani had previously indicated in August (of 2025) that Jio intends to list in the first half of 2026, subject to necessary regulatory approvals and favorable market conditions. Investment bank Jefferies valued Reliance Jio at approximately $180 billion in November (of 2025), suggesting that a 2.5% stake sale could fetch around $4.5 billion. This would comfortably surpass Hyundai Motor India's $3.3 billion IPO in 2024, which currently holds the record for India's largest public offering. Some bankers are even pitching valuations as high as $200 billion to $240 billion for the business. The structure of the offering – whether it will be solely an offer-for-sale by existing shareholders or include a fresh issue of shares – remains undecided. Reliance is reportedly collaborating with investment banks like Morgan Stanley and Kotak to prepare the IPO documentation, a process that can be lengthy. Over the past six years, Jio has significantly diversified its portfolio beyond telecommunications, venturing into artificial intelligence (AI) and securing substantial investments from global players such as KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority. The company has also partnered with Nvidia to develop AI infrastructure. This anticipated listing underscores the robust momentum in India's IPO market, which ranked as the world's second-largest for primary equity issuances in 2025. The potential IPO is a critical event for the Indian financial markets and global investors alike.