Mukesh Ambani’s Jio may file for $4 billion IPO before Friday AGM: Report

Reliance Jio Infocomm may be days away from filing draft papers for its much-awaited $4 billion initial public offering, according to a Financial Times report on Wednesday citing people familiar with the matter. The filing could come just ahead of Reliance Industries Chairman Mukesh Ambani’s annual address to shareholders at the company’s AGM on Friday.

The proposed IPO is expected to rank among the biggest public offerings in India’s history. At $4 billion, it would surpass Hyundai Motor India’s $3.3 billion IPO and potentially become the largest stock market listing in the country’s history.

Earlier this year, The Economic Times reported that Reliance had opted to move away from an offer-for-sale structure and instead pursue a largely fresh issue. The decision reportedly followed discussions with existing investors over valuation.


Under the revised structure, the funds raised through the IPO would go to Jio rather than existing shareholders selling their stakes. The approach is also aimed at preventing excessive valuation expectations and leaving room for value creation after listing.


The offering is expected to come at a significant time for India’s primary market. IPO fundraising activity has slowed this year after two record years, making a transaction of Jio’s size a closely watched event for both domestic and global investors.

In 2020, Jio Platforms raised more than Rs 1.5 lakh crore ($20 billion) from 13 global investors, including Google, Meta, Saudi Arabia's Public Investment Fund, Vista Equity, KKR, Silver Lake, General Atlantic, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital and Qualcomm Ventures. The fundraising was among the largest corporate capital raises in India and helped Jio Platforms become net debt-free. Since then, the company has expanded its presence across 5G services, broadband, digital platforms and enterprise solutions.

Reliance Industries AGM
Reliance Industries will hold its 49th Annual General Meeting on June 19, 2026, at 2:00 PM IST. The meeting will take place through video conferencing and other audio-visual modes, continuing the virtual format adopted by the company in recent years.

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Market participants are likely to watch for updates on the timing of the draft filing, valuation expectations and Jio’s long-term strategy across its digital businesses. Jio remains one of the world’s largest telecom and digital services platforms. Its operations span mobile services, broadband, cloud computing, enterprise solutions and artificial intelligence initiatives.

The AGM is widely regarded as one of India’s most closely followed corporate events and often serves as the platform for major announcements related to Reliance Industries and its group companies.

Reliance Industries shares have fallen about 15% in 2026 so far. The company’s net profit for the quarter ended March also declined 13% year-on-year, impacted by disruptions in its core refining business amid volatility in the Gulf region.

At the 2025 AGM, Ambani said Jio would be listed in the first half of 2026. The expected filing would therefore mark an important step in that plan, although the telecom operator now appears set to miss that timeline after a difficult year for parent Reliance Industries.

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