New Delhi: Jio Platforms, the digital and telecom arm of Reliance Industries, is expected to file its Draft Red Herring Prospectus (DRHP) with Sebi in the next few days, paving the way for what could become India’s largest-ever initial public offering (IPO).

Market sources indicate that the upcoming offering will be structured as an offer for sale, with several existing foreign investors planning to sell part of their stakes. Discussions are reportedly ongoing with more than a dozen foreign investors for participation in the public issue.

Valuation estimates for Jio Platforms have been substantial. Last year, Jefferies pegged the company at USD 180 billion, while JP Morgan estimated it at USD 136 billion.

The IPO is expected to take place in the first half of 2026. Speaking at Reliance Industries’ annual shareholder meeting in August 2025, Chairman Mukesh Ambani said, “I am sure that it will be a very attractive opportunity for all investors,” adding that Jio’s future plans are “even more ambitious.” He also noted that the IPO will highlight Jio’s ability to generate value on par with global peers.

Jio Platforms has previously raised approximately ₹1,52,056 crore from more than a dozen high-profile investors, including Meta (Facebook), Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital, and Qualcomm Ventures, collectively holding a 32.9% stake. Of this, Meta owns 10% and Google 7.7%.

The DRHP could be filed as early as the end of March, setting the stage for the IPO, which is anticipated to be the largest public offering in India’s history.