India's telecom major Reliance Jio is reportedly in the process of filing draft papers for its much-anticipated initial public offering (IPO) valued at approximately USD 4 billion, making it one of the biggest public listings in recent years.
Key Highlights
- Reliance Jio reportedly plans to file draft IPO papers within days ahead.
- Proposed $4 billion offering could become one of India's biggest public listings.
The company led by Mukesh Ambani is expected to file its draft red herring prospectus (DRHP) within the next few days, which may be earlier than the annual general meeting (AGM) of Reliance Industries on June 19.
The filing, if it goes ahead as planned, will be a significant development in the country's biggest telecom firm's push for an IPO after speculation for several years regarding a public listing.
Last year, Mukesh Ambani had said that the public listing of Jio is planned to happen in the first half of 2026. That didn't happen, but the newest development indicates that the listing process may continue on this year. Reliance Industries has yet to comment on the report.
Market Volatility Delayed Listing Plans
The highly volatile market environment and the geopolitical tension may have been responsible for some of the delays in big IPO plans, including Jio's, industry observers believe.
Uncertainties in global financial markets, including from the ongoing conflict in West Asia with tensions between the United States, Iran and Israel, affected investor sentiment. Indian markets were also affected by rising crude oil prices and worry about supply disruptions, due to the nation's reliance on imported energy.
Reliance Industries has been impacted by the volatility in the global energy markets as well. The company's shares have fallen around 15% so far in 2026, and the net profit for its Q1 (January-March) dropped 13% year-on-year, mainly because of the pressure on its refining business in the Middle East region due to its oil supply challenges.
India's IPO Market Faces Slowdown
The overall IPO market also has been sluggish this year with companies rethinking their plans for going public due to the market's overall uncertainty. Multiple big deals such as the much-anticipated public offering of PhonePe have been reportedly stalled as issuers look to get a better market and valuation.
The overall value of IPOs in India has dropped 39% year-on-year to about $2.1 billion thus far in 2026, suggesting weaker issuance activity than in past years, the report said.
Also Read: Reliance Jio Appoints 17 Investment Banks for its Much-anticipated IPO
Experts Cite Geopolitical Risks and Valuation Concerns
Market experts say geopolitical tensions have played a significant role in dampening IPO activity globally.
“The war basically sent the volatility indices across the globe in a tizzy, including in India. Whenever such events come, there is always a slowdown in the IPO markets, which require liquidity as well as a positive outlook to flourish,” said Anurag Byas, India Head of Global Markets Solutions at Rothschild.
Industry participants also point to valuation expectations as a key challenge for prospective issuers.
Nilesh Shah, Managing Director of Kotak Mahindra Asset Management, noted that many companies continue to seek valuations similar to those achieved during the strong market environment of 2024.
“Those were the heady days. There is a big mismatch between the valuation expected by investors vis-à-vis valuation expected by the promoters or the issuer,” Nilesh Shah said.
Hopes Rise for IPO Revival in Second Half of 2026
Market sentiment could improve in the coming months following recent diplomatic developments in West Asia.
With an interim agreement reportedly reached between the United States and Iran and discussions underway regarding the reopening of the strategically important Strait of Hormuz, investors are expecting some easing of geopolitical uncertainty.
Byas believes that a reduction in market volatility could help revive IPO activity during the second half of the year, creating a more favourable environment for large listings such as Jio.
If completed, Reliance Jio's proposed IPO is expected to be among the biggest listings in India's capital markets, attracting significant interest from domestic and international investors while marking another milestone in Reliance Industries' digital and telecom growth journey.
