Reliance Jio to file $4 billion IPO draft within days

Reliance Jio Infocomm, India's largest telecom operator, is preparing to file draft papers for a massive initial public offering that could raise around $4 billion, according to a report published Wednesday. The filing is anticipated within days, potentially ahead of Reliance Industries Chairman Mukesh Ambani's annual address to shareholders scheduled for Friday, June 19.

If completed at that size, the IPO would rank as the largest stock market debut in India's history, surpassing Hyundai Motor India's recent $3.3 billion listing. The move represents a significant step toward fulfilling Ambani's pledge, made at the company's August 2025 annual general meeting, to list Jio in the first half of 2026, though the company now appears likely to miss that exact timeline.

The listing comes at a challenging time for its parent company, Reliance Industries, which has seen its shares decline roughly 15% so far this year. The conglomerate also reported a 13% year-on-year drop in net profit for the quarter ended March, attributed to disruptions in its core refining business amid geopolitical instability in the Gulf region. Broader market volatility, linked to international conflicts and a...