Jio Platforms plans to kick off investor outreach for its IPO next week

Billionaire Mukesh Ambani’s Jio Platforms Ltd. plans to formally kick off investor outreach for its initial public offering as early as next week, according to people familiar with the matter, advancing plans for what could be one of India’s largest-ever listings.

The digital and telecommunications arm of oil-to-retail conglomerate Reliance Industries Ltd. is set to hold meetings across the US, Singapore, Hong Kong, London and the West Asia, the people said, asking not to be identified because the information is private. Jio is targeting a November IPO in its discussions with banks, they said.

Deliberations are ongoing and details of the offering, including its size, valuation and timing, could change, the people said. A representative for Jio Platforms didn’t immediately respond to a request for comment.

Jio Platforms filed draft documents for the offering on June 19 and received approval from the Securities and Exchange Board of India on Aug. 28. The IPO comprises issuance of as many as 270 million new shares. That is equivalent to a dilution of about 2.9% of the company’s equity, according to Bloomberg News calculations.

The company plans to use part of the proceeds to repay debt.

Jio Platforms, which owns India’s largest wireless carrier, could raise as much as $4 billion in the offering, people familiar with the matter said earlier.

A listing of that scale would add momentum to India’s busy equity capital market, which is preparing for several large offerings. National Stock Exchange of India Ltd., the operator of the world’s busiest derivatives market by volume, received SEBI’s approval earlier this month for an IPO, which is expected to launch in September to raise about $3 billion.

IPOs in India have raised almost $10 billion so far in 2026, compared with more than $20 billion in each of the previous two years that both set records, according to data compiled by Bloomberg. The market has been picking up recently, with third-quarter proceeds at roughly $5.8 billion, already exceeding the first-half total.