Morgan Stanley and Goldman Sachs are set to lead the initial public offering of Jio Platforms, which could become India’s biggest IPO with an estimated valuation of $133–182 billion. The digital arm of Reliance Industries Ltd. is preparing to file IPO papers after the finance ministry clears a SEBI proposal allowing a 2.5% public float for large listings, according to media reports.
The IPO is expected to include a mix of fresh shares and stake sales by private equity investors such as KKR, Silver Lake and Vista. Strategic partners Google and Meta are likely to retain their holdings of 7.75% and 9.99%, respectively.
Mukesh Ambani first announced Jio Platforms’ listing plans in September 2025. The IPO could raise over $6 billion, surpassing India’s previous record set by Hyundai Motor India in 2024.
