Reliance Jio files for $4 billion IPO, raising questions over a potential holding company discount for Reliance Industries

Reliance Industries said Jio Platforms has filed its draft red herring prospectus (DRHP) with SEBI for a planned $4 billion IPO, which could rank among India’s largest offerings. Before the IPO, Reliance Industries holds 66.43% of Jio, with the remaining stake held by Meta Platforms, Google and other institutional investors. The report said Indian insurers, pension funds, domestic mutual funds and foreign institutional investors may cut positions in existing holdings to free up cash for the Jio allocation. It added that such moves would reflect institutional rebalancing rather than any change in fundamentals.