Reliance Industries Limited is reportedly in early discussions with the Securities and Exchange Board of India (SEBI) to launch a massive $6 billion (₹52,000+ crore) initial public offering (IPO) of Jio Infocomm. If it goes ahead, this would become the largest IPO in Indian history, overtaking all previous fundraising milestones in the country’s capital markets.
The current IPO record is held by Hyundai Motor India Ltd., which raised $3.3 billion in October 2024, surpassing the previous high set by Life Insurance Corporation of India (LIC) in 2022, which brought in ₹21,000 crore. Hyundai’s offering, however, was entirely an Offer-for-Sale (OFS), meaning the proceeds went back to its South Korean parent company rather than into business expansion.
Reliance’s potential Jio IPO, in contrast, is likely to have broader strategic significance. If approved, it would not only set a new fundraising benchmark but also underscore Reliance’s continued dominance in India’s telecom and digital services landscape. The offering could unlock further growth opportunities, enhance transparency, and allow investors to participate directly in Jio’s telecom success story.
Jio Infocomm currently boasts a user base of nearly 500 million (50 crore) subscribers, backed by strong financial fundamentals. In the first quarter of FY26, the company reported a robust 25% year-on-year profit growth, adding further weight to its IPO readiness.
If this IPO materializes, it could reshape the Indian capital markets, attract strong institutional and retail interest, and reaffirm Reliance’s strategy of monetizing high-growth verticals through market listings.
Industry watchers are now closely monitoring SEBI’s response, which will determine the timeline and structure of what could become a historic moment in India’s IPO landscape.
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