The planned initial public offering of Jio Platforms has been delayed as regulatory changes stall the listing process. The IPO would mark the first public offering by Reliance Industries in nearly two decades.
The company is waiting for the government to notify revised listing rules before starting the formal process. Without that notification, it cannot appoint investment bankers or file its draft red herring prospectus with the Securities and Exchange Board of India.
People aware of the discussions said the delay places the offering in regulatory limbo. Reliance plans to move quickly once the rules become official.
Bankers expect the Jio IPO to rank among the biggest listings in India’s market history. Estimates place the company’s valuation between $130 billion and $170 billion. At that level, Jio could enter the market as one of the country’s most valuable listed companies.
The platform includes telecom operator Reliance Jio Infocomm along with digital services across broadband, streaming, cloud platforms, and enterprise connectivity.
Jio has built the country’s largest mobile data network since launching telecom services in 2016. The company continues to expand its nationwide 5G infrastructure and digital ecosystem.
Mukesh Ambani secured billions of dollars through global investor support for Jio Platforms in 2020. Meta and Google serve as major backers of the company.
The company used its funding to decrease debt while supporting its digital growth initiatives. Jio expanded its service offerings through new developments in enterprise connectivity solutions, cloud infrastructure, and artificial intelligence platforms.
The government needs to finish its notification work for the updated listing rules before Reliance can begin its initial public offering process. Reliance will start its public offering process after completing regulatory document submission following that event.
Market participants still expect the offering to move ahead after regulatory clearance. The Jio IPO remains one of the most anticipated listings in India’s capital markets.