By BullScreen Editorial Team 
Reliance Jio Platforms, backed by billionaire Mukesh Ambani, has appointed 17 investment banks to manage its upcoming Mumbai listing, signaling progress toward what could become one of India’s largest initial public offerings, according to sources familiar with the matter.
The IPO will be structured entirely as an offer for sale (OFS), meaning the company will not raise fresh capital. Instead, existing investors will sell a portion of their holdings to the public. One source said the decision reflects Jio’s strong financial position, adding, “We don’t need new money.”
Over the past few years, Reliance Jio Platforms has attracted significant global investment from firms such as KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority. The company has also expanded beyond telecom into artificial intelligence and digital services, strengthening its growth profile.
The advisory roster includes global banks such as Citigroup and JPMorgan, along with domestic players like Axis Capital, ICICI Securities, IIFL, and Kotak Mahindra Capital. Securities arms of Goldman Sachs, Morgan Stanley, and Bank of America are also part of the mandate.
With over 500 million users, Jio is India’s largest telecom operator and was valued at around $180 billion by Jefferies last year. The IPO could exceed $4 billion, potentially making it one of the biggest listings in the country.
The move comes amid volatile global markets, but India’s IPO pipeline remains strong, with large OFS-driven listings increasingly offering exit routes for early investors while maintaining capital efficiency for issuers.