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Amid growing anticipation for Jio’s IPO, parent Reliance Industries Limited (RIL) has shared that the public offering is likely to materialise in the coming months once regulatory checks and balances are in place.
Speaking during RIL’s Q3 earnings call, Anshuman Thakur, RIL’s SVP — Strategy & Planning said the company is internally preparing for IPO but is awaiting the final notification from the government. He added it is currently working on an assumption that the rules will be in line with SEBI’s recommendations.
“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,” Thakur said, adding that “it is imminent now, so we are just awaiting the final notification, so it should happen in the next few months for sure”.
In September 2025, the markets regulator had recommended reducing the minimum dilution in IPOs to as low as 2.5% for companies with a post issue market capitalisation above INR 50,000 Cr.
Under the recommendations, companies with market capitalisation of over INR 5 Lakh Cr would be required to have a minimum public offer (MPO) of INR 15,000 Cr and at least 1% of their post-issue m-cap, subject to a minimum dilution of 2.5%. These companies would need to achieve 15% MPS within 5 years of listing and 25% within 10 years.
Citing its rationale for the changes, SEBI said that diluting substantial stake through an IPO can pose challenges for large issuers as the market may not be able to absorb such a large supply of shares, which in turn may discourage such issuers from pursuing listing in India. The regulator said that the revised MPO sizes are still large enough to provide sufficient stock to the market, including retail investors, and facilitate liquidity.
In the case of Jio Platforms, the potential market cap has been estimated to be as high as $170 Bn (around INR 14 Lakh Cr), making it one of the largest unlisted companies in the company. Given the size of the public offering, RIL was erstwhile reported to be in informal discussions with SEBI to seek approval for selling a 5% stake in the telecom major’s IPO.
The conglomerate was said to be seeking the relaxations because it believes that the Indian market does not have the depth to absorb such a large listing. While the rules haven’t come into effect as of now, the central government has approved a cut to the minimum proportion of shares, SEBI Chair Tuhin Kanta Pandey informed a few days back.
Important to highlight that Jio’s public offering has long been in the making with reports dating back to a few years ascertaining a potential listing for the telecom giant. RIL chairman Mukesh Ambani first officially announced plans for the Jio IPO at the 48th RIL annual general meeting in August 2025, stating that Jio was preparing to file for an IPO with a target listing in the first half of 2026, subject to regulatory approvals.
On the financial front, Jio Platforms’ Q3 FY26 net profit increased by 11% YoY to INR 7,629 Cr while operating revenue jumped 13% YoY to INR 37,262 Cr. Meanwhile, its EBITDA grew 16% YoY to INR 19,303 Cr, while EBITDA margin expanded by 170 basis points to 51.8%.
During the quarter, Jio Platforms added 8.9 Mn net subscribers, taking its total user base to over 51.5 Cr. Its 5G user base grew by 1.9 Cr to more than 25.3 Cr users. Fixed broadband connections also increased, with 25 Lakh new additions, taking the total past 2.5 Cr.
At the group level, RIL reported consolidated revenue of INR 2.93 Lakh Cr in Q3 FY26, up 10% year-on-year. Net profit rose marginally by 1.6% to INR 22,290 Cr, led mainly by growth in its digital services and retail businesses.
Shares of Reliance Industries ended 3.04% lower at INR 1,413.25 on the BSE.
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