Reliance Collaborates with Six Banks for Potential $4 Billion Jio IPO

Reliance Industries Ltd. is preparing for a potential initial public offering (IPO) of its telecom unit, Jio Platforms Ltd., working with six major investment banks including BofA Securities, Citigroup, Goldman Sachs, JM Financial, Kotak Mahindra Capital, and Morgan Stanley. The IPO could raise over $4 billion, possibly becoming India's largest-ever public listing. Jio plans to sell a minimum 2.5% stake following recent government approval of reduced public shareholding norms. The draft red herring prospectus is expected to be filed with the Securities and Exchange Board of India within weeks, though terms and timelines may change.