Reliance Jio hires 17 Banks for Initial Public Offering (IPO)

• 19 Mar 2026
• 45 Views

Indian billionaire Mukesh Ambani-led telecom and digital giant Reliance Jio Platforms is heading closer to its much-awaited stock market debut. According to sources, the company has appointed a total of 17 banks for managing its proposed listing. Notably, the initial public offering (IPO) will not raise any new funds for the company. Instead, it will allow some shareholders to exit.

The IPO is expected to be executed as an "offer for sale" in India, where only existing shareholders sell their shares to the public. The company has not made any official comment regarding this development so far. 

Over the past six years, Jio has diversified into artificial intelligence and has attracted various investments from some of the most well-known investors, including KKR, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.

The involvement of the banks brings the parent company of India’s largest telecom operator, Reliance Jio, which boasts over 500 million users, closer to what could be the country’s largest ever IPO in history. This IPO is estimated to be worth more than $4 billion. 

Jio's list of 17 advisors includes big names like Wall Street giants Citigroup and JPMorgan as well as Indian investment banks Axis Capital, ICICI Securities, IIFL and Kotak Mahindra Capital. Sources indicated that the plan is to file for regulatory approval within this month. 

Other banks on the list include Goldman Sachs, Morgan Stanley and Bank of America. Goldman Sachs and Bank of America declined to comment and the other investment banks did not respond to requests for comment.

Source: Moneycontrol