Jio to call banks for IPO pitches in Sep

Jio Platforms Ltd will set the ball rolling this month for what's expected to be India's biggest initial public offering (IPO) so far, three people aware of the plans said.

- Devina Sengupta & Sneha Shah

The digital and telecom arm of Reliance Industries Ltd (RIL) will invite presentations from bankers in the third week of September for an IPO of $8-10 billion, the people said on the condition of anonymity.

The company, which provides wireless, entertainment and cloud services, is targeting a valuation of $120-125 billion, the people said.

"The formal process is yet to start. Banker pitches will be called later this month," one of the three people cited above said.

More than a dozen investment banks, both global and domestic, are likely to make pitches, the person added.

At the Reliance Industries annual general meeting on Friday, chairman Mukesh Ambani said the company is making "all arrangements" to file for an IPO, targeting a public listing in the first half of 2026.

Morgan Stanley India is in pole position to be the IPO's lead banker, the second person said, since it has previously helped Jio bring in large global investors over 2020 and 2010.