Reliance Jio Platforms, the digital and telecom arm of Reliance Industries, is actively preparing for its much-anticipated Initial Public Offering (IPO), targeting a listing in the first half of 2026. Chairman Mukesh Ambani formally announced these plans at Reliance Industries' 48th Annual General Meeting in August 2025. The company is reportedly considering selling a 2.5% stake through the IPO, a strategy that could raise approximately $4.5 billion. This estimated fundraising is based on an indicative valuation of around $180 billion for Jio Platforms by investment banks like Jefferies. Some bankers have even pitched valuations as high as $200 billion to $240 billion. This proposed 2.5% stake sale is contingent on a crucial regulatory change, where India's finance ministry would need to approve a proposal to reduce the minimum public shareholding requirement for large companies from 5% to 2.5%. Such a smaller float is believed to generate stronger pricing tension and avoid flooding the market with shares. If successful, this IPO is widely expected to become the largest primary equity offering in India's capital markets history, surpassing previous records such as Hyundai Motor India's $3.3 billion IPO in 2024. Reliance Jio is currently working with investment banks, including Morgan Stanley and Kotak Mahindra Capital, to prepare the draft red herring prospectus (DRHP), with filing expected in the coming months. The company, with over 500 million users, has diversified into various digital services, including AI, and has partnerships with companies like Nvidia. Global investors, including KKR, General Atlantic, Silver Lake, and Abu Dhabi Investment Authority, are also among Jio's backers, and the IPO presents a natural exit window for them.