Jio Platforms files draft prospectus for India's biggest IPO under secret Project Jupiter
Reliance targets an H1 2026 listing to raise ~$4 billion via an all-primary issuance, with backers KKR, Meta and Alphabet diluting roughly 8% pro-rata. The deal, valuing Jio around Rs 5 lakh crore, has enlisted 19 advisers including Kotak Mahindra Capital and Morgan Stanley.
What happened
Reliance filed a draft prospectus for Jio Platforms' IPO under secret Project Jupiter, targeting India's biggest listing to raise ~$4 billion via all-primary
Key facts
- H1 2026 target
- 8% dilution
- 2.8% original OFS
- 2.5% min dilution
- Rs 5 lakh crore
- $4 billion
- 19 advisers
Why this matters
The 19-adviser syndicate led by Kotak Mahindra Capital and Morgan Stanley signals a heavily orchestrated marquee listing, setting a benchmark valuation and process template for future Indian telecom-digital deals.
What to watch
- SEBI approval timeline and any disclosure queries
- Anchor investor commitments and valuation guidance leaks
- EM equity/IPO market conditions and India primary-market pipeline congestion
- Jio ARPU trends and subscriber additions in quarterly RIL results
- Meta/Alphabet/KKR public statements on dilution intent (partial vs full lock-up)
- RIL formalizes DRHP filing with SEBI and confirms bookrunner roles/allocation
- Anchor book roadshows targeting sovereign and long-only global funds
- Segment financials disclosed splitting connectivity vs digital/AI revenue to justify valuation
- Bharti Airtel and Vodafone Idea investor-relations positioning ahead of the listing window
- Parent RIL communicates use-of-proceeds and holding structure post-dilution