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Reliance Industries is reportedly restructuring the planned initial public offering (IPO) of Jio Platforms, its telecom and digital services subsidiary, by shifting to a fully fresh share sale model instead of the previously considered offer-for-sale (OFS) structure. According to a report by the Economic Times, the move follows ongoing discussions between Reliance Industries and major Jio investors regarding the company’s valuation and IPO pricing strategy.
The report stated that negotiations have been taking place for over a month with key stakeholders, including global technology companies, sovereign wealth funds, and private equity investors. While investors were reportedly seeking a higher valuation to maximize returns from the Jio IPO, Reliance chairman Mukesh Ambani is said to favor a more balanced pricing approach aimed at ensuring stable post-listing performance for retail investors.
Under the revised IPO structure, the funds raised would go directly to Jio Platforms rather than existing shareholders selling their stakes. Reports suggest that nearly 250 billion rupees (around $2.64 billion) from the offering may be allocated toward debt reduction, while the remaining capital could support business expansion, infrastructure growth, and other corporate initiatives.
The restructuring could potentially lower Jio Platforms’ previously estimated valuation range of $133 billion to $154 billion. It may also dilute Reliance Industries’ current 67% ownership stake in the company.
Jio Platforms, one of India’s leading telecom and digital service providers, is expected to file draft IPO documents with the Securities and Exchange Board of India (SEBI) within the coming weeks. If the timeline proceeds as expected, the highly anticipated Jio IPO could launch as early as July 2026.
The upcoming listing is expected to be one of the largest IPOs in India’s technology and telecom sector, drawing significant attention from both domestic and international investors.
