Jio Platforms Begins Mega Public Float IPO Process

Synopsis Jio Platforms has reportedly shortlisted Morgan Stanley and Goldman Sachs as lead bankers for its upcoming IPO, with an expected valuation between $133-$182 billion. The company awaits finance ministry clearance for a 2.5% public float for mega IPOs, with a potential split between primary and secondary share sales. Strategic investors like Google and Meta are expected to retain their stakes. Mumbai: Jio Platforms has narrowed down to Morgan Stanley and Goldman Sachs as lead bankers for its upcoming initial public offering (IPO), said people familiar with the matter. The listing is expected to value India's largest telecom operator at $133-$182 billion, according to estimates by market analysts. The company, the telecom and digital business unit of Reliance Industries (RIL), is ready to file its draft red herring prospectus once the finance ministry clears a proposal by the Securities and Exchange Board of India (Sebi) to allow a 2.5% public float for mega IPOs. The offering is likely to be split evenly between primary issuance and secondary share sales, with private equity investors including KKR, TPG, Silver Lake and Vista Partners preparing to trim their holdings. Strategic shareholders Google (7.75%) and Meta (9.99%) are expected to retain their stakes, while Intel, which owns a modest 0.7%, may consider a partial sell-down, said industry executives and analysts in the know. Shortlists lead bankers for IPO; PE investors may pare stake, strategic shareholders could hold on RIL and Morgan Stanley did not respond to ET's queries till press time while Goldman Sachs declined to comment. In 2020, Jio Platforms raised more than ₹1.5 lakh crore (about $20 billion) from 13 global investors in a rapid fundraising round that saw the company sell a combined 33% stake. The deals were among the largest in Indian corporate history and helped make Jio Platforms net debt-free. Live Events Google (Alphabet) and Meta Platforms (then Facebook) were the largest strategic investors and acquired 7.73% stake for about $4.5 billion and 9.99% for roughly $5.7 billion, respectively. Since then, both technology firms have deepened their partnerships with Reliance beyond equity investments to long-term collaboration across digital services, cloud, devices and, more recently, artificial intelligence initiatives housed under Reliance Intelligence. Investment banks have pegged Jio Platforms' valuation following the "mother of all IPOs" at about $180 billion (nearly ₹15 lakh crore). At the company's most recent earnings call, Anshuman Thakur, head of strategy at Reliance Jio Infocomm, said internal work on the IPO was underway but execution would begin only after regulatory clarity. "We are working on the assumption that it is in line with whatever Sebi has recommended, but we will still have to wait for that before we finalise and then start the process," he said, adding that the listing could take place in the next few months. The spectrum of Jio Platforms' valuation is notably wide among brokerages. On Friday, Jefferies upgraded its bullish estimates of Jio's enterprise valuation to $180 billion, after third-quarter earnings. Motilal Oswal Financial Services pegged the valuation at $148 billion, while IIFL stuck to its previous estimate at $133 billion. Kotak Institutional Equities valued it at ₹11.59 lakh crore. (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price ...moreless Why IndiGo got away with peanuts penalty after causing misery Can this IPO-bound company step out of Flipkart’s shadow? For a future, Hindustan Copper is reviving what it junked in past RBI is easing, but India’s long-term rates tell a different story Stock Radar: SBI hits fresh record high in January 2026; time to buy or book profits? Stock picks of the week: 5 stocks with consistent score improvement and upside potential up to 35% 1 2 3