Reliance Jio IPO GMP, Date, Size, Expected Valuation – Here’s What We Know So Far

Reliance Jio Platforms is preparing for what could be India’s biggest-ever initial public offering (IPO). The telecom-to-digital services giant is likely to hit the market later this year or in early 2026.

Bankers from Morgan Stanley and Kotak Mahindra Capital are already working with Reliance Industries on drafting the IPO papers, a process that typically takes several months, according to a Reuters report.

The report added, citing sources, that several foreign investors who backed Jio in recent years are expected to seek partial exits through the public issue.

Reliance Jio IPO Valuation

According to Reuters, Reliance Industries is considering selling just 2.50 per cent of Jio Platforms in the IPO.

"The preference is to list 2.5% at this point if the law gets changed as a smaller amount creates more pricing tension," sources told Reuters.

In November, Jefferies pegged Jio’s valuation at about $180 billion. At that valuation, a 2.50 per cent stake sale would raise roughly $4.5 billion, or around Rs 40,600 crore (as per current exchange rate), comfortably surpassing Hyundai Motor India’s Rs 27,858.75-crore IPO, currently the largest in the Indian market.

Some bankers are pitching an even higher valuation of $200–240 billion, sources told Reuters, although Reliance has not yet settled on a final number.

Reliance Waiting For Sebi’s Minimum Public Offer Proposal

The plan, however, depends on a regulatory approval. In August 2025, the Securities and Exchange Board of India (Sebi) proposed relaxations in minimum public offer (MPO) requirements for large companies.

As per the existing rules, companies with a post-issue market capitalisation of more than Rs 1 lakh crore are required to offer at least 5 per cent of their equity or Rs 5,000 crore, whichever is higher.

Under Sebi’s proposal, companies valued between Rs 1 lakh crore and Rs 5 lakh crore would be required to make a minimum public offer of Rs 6,250 crore and at least 2.75 per cent of post-issue capital. For the largest firms, with a market capitalisation exceeding Rs 5 lakh crore, Sebi has proposed a minimum public offer of Rs 15,000 crore and at least 1 per cent of post-issue capital, subject to a minimum dilution of 2.50 per cent.

The proposal is currently awaiting approval from the Ministry of Finance. Reliance is waiting for the Ministry of Finance to clear the 2.50 per cent public float provision before moving ahead with the Jio Platforms IPO, the Reuters report said.

Reliance Jio IPO Date

At Reliance Industries’ 48th annual general meeting, chairman and managing director Mukesh Ambani said the group is targeting a Jio Platforms listing in the first half of calendar year 2026, subject to regulatory approvals.

"We are aiming to list Jio by the first half of 2026, subject to all necessary approvals. I assure you this IPO will demonstrate Jio’s capability to create the same quantum of value as our global counterparts. I am confident it will be a very attractive opportunity for all investors,” Ambani had said.

Reliance Jio IPO GMP

Since the Reliance Jio IPO is still at a preliminary stage, there is no active grey market premium (GMP) data available.

Grey market trading is unofficial, unregulated, and often driven by speculation. It is worth noting that GMP is not a reliable indicator of how an IPO will perform on listing.

Reliance Jio Market Share

According to the Telecom Regulatory Authority of India’s annual report for 2025, Jio commands a market share of around 40.60 per cent, ahead of Bharti Airtel’s 33.70 per cent and Vodafone Idea’s 17.80 per cent.

Reliance Jio: Company Profile

Launched in 2016, Reliance Jio transformed India’s telecom sector by offering low-cost data and voice services. Its entry triggered intense price competition and reshaped the industry. Today, Jio is one of India’s largest telecom operators, and what the company says is the world’s fastest 5G rollout.

Jio has also expanded beyond telecom. It offers broadband and fibre services, runs digital platforms such as JioCinema and JioTV, and integrates e-commerce through JioMart with Reliance Retail’s network.

Reliance Jio's Big Ambitions

Jio’s 5G wireless subscriber base has crossed 220 million as of the September quarter, as against 210 million at the end of the June quarter. The company’s overall subscriber base, including both wireless and broadband users, has increased to over 500 million from 498.1 million in the previous quarter. Jio’s broadband subscriber base stood at 20.7 million at the end of June.

The company’s management at the latest AGM reiterated that its proprietary UBR broadband technology is helping JioAirFiber add more than 1 million homes every month.

The management also outlined Jio’s broader ambitions, including connecting every Indian through mobile and home broadband, equipping households with digital services, digitising businesses, driving the artificial intelligence (AI) revolution in India, and eventually taking its home-grown technologies to global markets.