Reliance's Project Jupiter readies Jio Platforms' ~$4B IPO, set to be India's biggest listing
Reliance Industries ran a confidential effort dubbed Project Jupiter to prepare an all-primary ~$4 billion IPO for Jio Platforms, targeting H1 2026 as India's largest listing. The plan secured eased regulatory dilution rules and sign-off from backers KKR, Meta and Alphabet, with 19 advisers including Kotak and Morgan Stanley before the June 19 prospectus filing.
Reliance Industries' confidential Project Jupiter prepared Jio Platforms' ~$4 billion all-primary IPO, India's biggest listing, securing eased regulatory dilution rules and shareholder agreement from KKR, Meta and Alphabet before filing the prospectus.
Why this matters
The Jio IPO filing has driven brokerage optimism, with analysts issuing Buy calls citing up to 28% upside for Reliance on the listing and retail expansion momentum.
Retail-company signals are accelerating, up +430800% QoQ.