The much-anticipated initial public offering (IPO) of Jio Platforms Ltd., the digital arm of Reliance Industries Ltd., faces delays due to pending government approvals, threatening the timeline set by Mukesh Ambani, Asia’s richest person. Reliance had initially aimed to list Jio in the first half of 2026, a plan first signalled in 2019 with a five-year horizon.

The hold-up stems from the government yet to formalise changes to listing rules that would allow Reliance to appoint bankers formally and file the draft IPO prospectus. Sources familiar with the matter, who requested anonymity, said Reliance is now targeting to file the draft prospectus before April, contingent on the government notification. Deliberations over the final rules could take several months.

Jio, India’s largest wireless operator, is considered a crown jewel of Ambani’s business empire. The IPO could become the country’s largest-ever public listing, with investment bankers valuing the company at up to $170 billion. Even a minimal stake sale at the top-end valuation could raise around $4.3 billion, placing Jio among India’s most valuable companies by market capitalisation. Notably, global tech giants Meta Platforms Inc. and Alphabet Inc. invested more than $10 billion in Jio in 2020.

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In September, the Securities and Exchange Board of India (SEBI) approved regulatory amendments allowing companies with post-issue market capitalisation above 5 trillion rupees ($55 billion) to dilute as little as 2.5% in an IPO, down from the current minimum of 5%. While the rule change paves the way for mega-listings like Jio and the National Stock Exchange of India (NSE), the finance ministry has yet to issue the official gazette notification to formalise the changes.

Industry experts say the delay is procedural rather than targeted at Jio. Sonam Chandwani, managing partner at KS Legal & Associates, noted that incorporation of the changes in the Official Gazette can take a few months. Ankita Singh, founder of Sarvaank Associates, added that the industry expects the notification to materialise in the first half of 2026.

Meanwhile, NSE is moving forward with plans for its IPO, seeking to raise up to $2.5 billion and inviting banks to pitch for roles in the offering. Both share sales are seen as critical for boosting the Indian market, which has experienced a slow start to 2026 after two consecutive years of record fundraising. Reliance Industries and the finance ministry did not immediately comment on the delay.

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