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Mumbai: Reliance Industries is likely to file draft papers for the initial public offering (IPO) of Jio Platforms in May, according to reports, after earlier plans were delayed due to volatile market conditions.

The proposed IPO, expected to be one of the largest in India’s history, was initially planned for March-end. However, global market jitters, particularly linked to geopolitical tensions involving Iran, prompted the company to reassess its timeline.

Delay linked to market volatility

Sources indicate that Reliance chose to postpone the filing to avoid launching the IPO during a period of uncertainty in global and domestic markets. Investor sentiment had weakened amid geopolitical concerns, making it less favourable for a major public offering.

By shifting the timeline to May, the company aims to capitalise on improved market conditions and stronger investor confidence.

Full-year financials to strengthen IPO case

A key reason behind the delay is Reliance’s plan to include full financial results for the fiscal year ending March 31. This will provide a more comprehensive picture of Jio Platforms’ performance, including crucial metrics such as subscriber growth and average revenue per user (ARPU).

These indicators are closely monitored by investors and could play a significant role in determining the company’s valuation and demand for the IPO.

Additionally, Reliance is currently in a “quiet period” ahead of its earnings announcement, limiting its ability to make immediate disclosures to the offering.

Potential for India’s biggest IPO

If executed as expected, the Jio Platforms IPO could become the largest ever in India, marking a significant milestone for the telecom and digital services sector.

It would also be the first major public listing from a Reliance subsidiary in nearly two decades, underscoring the scale and importance of the offering.

Strong global investor backing

Jio Platforms is backed by several prominent global investors, including Meta and Google, along with private equity giants such as KKR and Vista Equity Partners.

The company has also attracted investments from major sovereign wealth funds, including Saudi Arabia’s Public Investment Fund, Mubadala and the Abu Dhabi Investment Authority.

Reports suggest that some of these investors may offload a small portion of their holdings as part of the IPO, although details are yet to be finalised.

Advisory team and ongoing preparations

Reliance has already begun groundwork for the IPO by appointing a strong lineup of financial advisors. These include Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, HSBC, Bank of America and Citigroup, among others.

While preparations are underway, the final structure, size and timing of the IPO are still being discussed and could evolve based on market conditions.

Conclusion

Reliance’s decision to delay the Jio IPO filing reflects a strategic approach aimed at maximising investor interest and valuation. By waiting for full-year financial data and more stable market conditions, the company is positioning the offering for stronger demand. As anticipation builds, the Jio Platforms IPO is expected to be a landmark event in India’s capital markets.