Reliance Industries' Project Jupiter drives Jio Platforms' planned 2026 IPO

Reliance Industries has been running a secret initiative called Project Jupiter to prepare Jio Platforms Ltd. for an initial public offering. Chairman Mukesh Ambani first said the listing would target the first half of 2026, and the company has worked with Kotak Mahindra Capital, Morgan Stanley and eventually a syndicate of 19 banks to structure what is expected to be the largest Indian IPO.

The Securities and Exchange Board of India relaxed dilution rules for firms valued above ₹5 trillion, allowing Jio to meet public‑float requirements. After negotiations, major investors such as Alphabet reduced their stakes, and the plan shifted to a 100 % primary issue, aiming to keep roughly $4 billion of proceeds in India. A draft prospectus was filed on 19 June 2026.

The IPO is intended to fund the expansion of Reliance’s telecom network and digital services platform, positioning Jio as a growth engine beyond traditional telecom and competing with rivals like Bharti Airtel and Vodafone Idea.