Jio Platforms taps Morgan Stanley, Goldman for mega IPO push

MUMBAI: Jio Platforms Ltd. has picked Morgan Stanley and Goldman Sachs to steer its long-awaited public listing, setting the stage for one of India’s biggest IPOs and a valuation estimated between $133 billion and $182 billion. The digital arm of Reliance Industries Ltd. is expected to file draft papers once India’s finance ministry clears a SEBI proposal allowing a 2.5 per cent public float for large IPOs, according to media reports.

The offering is likely to comprise an even split between fresh shares and stock sold by existing private equity investors, including KKR & Co, Silver Lake and Vista Partners. Strategic shareholders such as Google LLC and Meta Platforms Inc. are expected to retain their stakes of 7.75 per cent and 9.99 per cent, respectively. Reliance chairman Mukesh Ambani first announced plans for the listing at the group’s annual meeting in September 2025.

Banker talks began in October for a potential first-half 2026 listing, with early proposals pegging Jio Platforms’ valuation as high as $170 billion: above Bharti Airtel Ltd.’s market capitalisation. Analysts estimate that a 2.5 per cent stake sale at around $180 billion could raise $4.5 billion, comfortably eclipsing Hyundai Motor India Ltd.’s $3.3 billion IPO in 2024.