Reliance Jio Platforms, the digital arm of Reliance Industries led by billionaire Mukesh Ambani, has initiated discussions with key global investors such as Meta and Google to pare their holdings ahead of its planned initial public offering, according to a Reuters report.
The proposed share sale is part of the offer-for-sale (OFS) component of the IPO, where existing investors dilute a portion of their stake rather than the company issuing fresh equity.
The report, citing sources, said that Jio has approached around 13 large foreign investors to explore whether they are willing to sell up to 8 per cent of their stakes as part of the IPO. This means each investor would sell about 8 per cent of their stake.
The IPO, for which the company plans to file draft papers as early as the end of this month, is widely expected to be the largest public offering in India’s history.
According to the report, the total stake sale will be around 2.5 per cent to 3 per cent of the company.
Key investors in Reliance Jio Platforms include Meta, the social media giant, which holds about 9.99 per cent, and Google, the global tech major, with roughly 7.73 per cent. Large global private equity investors such as Vista Equity Partners and KKR (formerly Kohlberg Kravis Roberts & Co), and sovereign-backed funds such as Public Investment Fund, Mubadala and Abu Dhabi Investment Authority also have a significant stake in the company.
Reliance Industries holds 66.43 per cent stake in Jio Platforms.
In November, investment bank Jefferies estimated Reliance Jio Platforms at around $180 billion.
Several reports suggest that the IPO itself could raise as much as $4 billion. However, the final size of the issue will depend on factors such as market conditions and valuation discussions, which are yet to be finalised.
Reliance Jio Platforms has brought on board 17 banks to oversee its public offering.
Reliance Jio Platforms’ much-awaited IPO has been delayed against earlier expectations. In 2019, Mukesh Ambani had said the company would move towards a listing within five years, but those plans were later deferred in 2025.
Reliance Jio Platforms is popularly known for its telecom business, Reliance Jio Infocomm, which has become the largest mobile operator in India with over 500 million users.
When Jio was launched in 2016, it changed the market almost overnight. It offered free voice calls and very cheap data, forcing rivals like Bharti Airtel and Vodafone Idea to slash prices and rethink their strategies.
In the past few years, Jio has started to move beyond telecom. It is now building businesses in areas like artificial intelligence (AI), cloud services, enterprise networks, and apps, as it looks to position itself as a broader technology and digital services company rather than just a telecom operator.
