Jio IPO timeline nears as $4 billion listing looms

Reliance Industries shareholders bracing for potential value erosion from the impending Jio Platforms initial public offering (IPO), set to be India’s largest ever at $4-4.5 billion, may be worrying unnecessarily, according to leading brokerages that argue the telecom unit’s limited free float could actually push its stock to trade at a premium.

The mother of all IPOs, expected in the first half of 2026, has sparked concerns that billionaire Mukesh Ambani’s conglomerate could face a holding company discount once investors gain the option to buy Jio separately. Reliance shares have already tumbled 12% so far in calendar year 2026 as the listing nears, with the company awaiting final government notification on revised IPO norms before filing its draft red herring prospectus (DRHP).