Mukesh Ambani's Reliance Jio in talks to offload individual investor stakes by 8% in upcoming IPO: Report

Billionaire Mukesh Ambani’s Reliance Jio Platforms has held discussions with 13 prominent foreign investors to pare about 8% of their individual stakes as part of its upcoming Mumbai listing, according to a Reuters report.

The news agency reported that Jio Platforms, home to the world’s second-largest telecom operator by subscribers after China Mobile, is likely to file its IPO papers as early as this week.

The investor base includes major global names such as Meta, which holds a 9.99% stake, and Google with 7.73%, along with Vista Equity Partners and KKR. Sovereign wealth funds from the Gulf, including the Public Investment Fund, Mubadala and the Abu Dhabi Investment Authority, are also among the shareholders.


The report added that each investor is expected to sell around 8% of their holdings, although discussions are still ongoing and subject to change. Reuters calculations suggest that if each investor sells 8% of their stake, it would translate into roughly 2.5% of Jio Platforms’ total outstanding shares being offered in the IPO. For instance, an 8% sale of Meta’s 9.99% holding would amount to a 0.8% stake sale in the company.

The IPO is being structured as an offer-for-sale, a common approach in India where existing shareholders sell part of their holdings without the company raising fresh capital. The report also added that the total stake sale could be in the range of 2.5% to 3%, with the company aiming to leave sufficient upside for retail investors. The final valuation is yet to be decided.

In 2020, Jio Platforms had raised over $20.5 billion through stake sales to global investors. In November, Jefferies estimated the company’s valuation at $180 billion, while sources told Reuters in January that the IPO could be worth up to $4 billion, although final figures are still under discussion.

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Reliance Jio Platforms has appointed 17 banks to manage its proposed listing in Mumbai. The bankers onboarded for the issue include global heavyweights such as Goldman Sachs, Morgan Stanley, Citigroup and JPMorgan, alongside domestic players like Kotak Mahindra Capital, Axis Capital, JM Financial and SBI Capital Markets. Other international banks, such as HSBC, have also been roped in, reflecting the scale and global investor interest expected in the offering.

Jio Platforms, majority owned by Reliance Industries, has evolved into a diversified digital ecosystem spanning telecom, broadband, enterprise services and digital applications. The IPO is widely seen as a key milestone in Reliance's broader strategy to unlock value from its digital and technology verticals.

Investment banks have pegged Jio Platforms' valuation at around $180 billion. At that level, offloading just 2.5%, the minimum threshold under the Securities and Exchange Board of India's new framework for companies valued above Rs 5 lakh crore, would raise about $4.5 billion, according to Jefferies estimates from November.

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