It’s another busy day for Indian capital markets as firms race to beat the year-end IPO buzzer, but the biggest story of the morning has to be the suggestion that Reliance is looking to take the nation’s biggest-ever IPO to market.

Here’s your Friday morning rundown:

Reliance’s Jio looks to set IPO size record

Gulf-backed Reliance is planning a blockbuster IPO: Reliance Industries has begun work on the draft prospectus for the listing of telecom and technology arm Jio Platforms in what could become India’s biggest-ever IPO, Bloomberg reports, citing sources it says have knowledge of the potential transaction.

The Gulf connection: Jio Platforms’ shareholder base already includes some of the GCC’s largest sovereign heavyweights. Saudi Arabia’s Public Investment Fund, the Abu Dhabi Investment Authority, and Mubadala Investment Company in 2020 invested bns of USD in Jio Platforms and its associated fiber infrastructure entity.

Reliance is informally engaging banks ahead of a formal mandate, which will be issued once new Securities and Exchange Board of India rules — allowing dilution as low as 2.5% for companies valued above INR 5 tn (USD 55 bn) — come into force.

Bankers have proposed a valuation of up to USD 170 bn, exceeding Bharti Airtel’s roughly USD 140 bn. At the top end, Jio could raise about USD 4.3 bn with minimum dilution. Reliance has indicated the listing could take place in the first half of 2026.

BACKGROUND- Mumbai-based brokerage ICICI Securities thinks Jio Platforms could be worthas much as INR 12.3 tn (USD 148 bn) by FY 2027.

Manipal Health eyes USD 13 bn valuation

Manipal Health Enterprises is preparing to file for an INR 89.24 bn (USD 1 bn) IPO in January in what could become India’s largest hospital listing, Bloomberg reports, citing sources it says have knowledge of the transaction. The Bengaluru-based hospital chain is seeking a valuation of up to USD 13 bn. The issue is expected to both raise fresh capital and provide an exit window for some existing shareholders.

Backed by Singapore’s Temasek Holdings, Manipal has expanded aggressively through acquisitions, the latest including Sahyadri Hospitals in Maharashtra. It recently secured USD 600 mn in financing from KKR to support its growth pipeline. If the valuation holds, Manipal could surpass Max Healthcare — currently valued at around USD 12 bn — as India’s most valuable hospital chain.

The IPO rides a strong rerating in Indian hospital stocks, with Max Healthcare and Apollo trading at premium multiples on the back of higher occupancies, case-mix upgrades, and rising medical tourism.

Sify looks to become India’s first listed data centre operator

Chennai-based SifyInfinitSpaces has filed for an IPO of INR 37 bn (USD 410.8 mn), setting it up to be India’s first listed data center operator, according to an exchange filing. The company filed its draft prospectus pending regulatory approval. The final timelines for the issue’s opening, closing, and listing will be disclosed following regulatory approval.

Proceeds: The issue includes fresh equity shares of INR 25 bn (USD 277.7 mn) and an offer for sale of INR 12 bn (USD 133 mn). The draft filing suggests the capital raise will likely fund new data center builds, including edge-center expansion and long-lead, AI-ready infrastructure.

Big picture: India’s data center capacity is expected to more than triple to 4.7 GW by 2030 (from 1.3 GW in April 2025), and Sify is entering the market as AI workloads spur unprecedented computing demand, Reuters reports. The expansion will remain “responsible and calculated,” CEO Sharad Agarwal told the newswire, noting that past cycles are cautionary markers against herd-driven overbuild.

ADVISORS- JM Financial, CLSA India, Kotak Mahindra Capital, and the India units of JP Morgan and Morgan Stanley are on the transaction. Kfin Technologies is the registrar for the issue.

Pharma firm Corona Remedies shareholders looking to raise USD 70 mn

Ahmedabad-based pharma firm Corona Remedieshas set a price band of a little over INR 1k per share for its INR 6.55 bn (USD 70 mn) IPO, valuing the firm at INR 65 bn (USD 730 mn), as per an exchange filing (pdf).

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Details: The sale will see promoters and investors exit, including Sepia Investments, Anchor Partners, and Sage Investment Trust. The offer size has been trimmed from the initially planned USD 89.11 mn, and all proceeds set to go to selling shareholders. The issue opens 8-10 December, with anchor allocations set for 5 December and listing for 15 December.

What does Corona do? Corona Remedies manufactures and markets pharma formulations in women’s health, pain management, urology, and other therapies, with 67 brands as of December last year. It’s the second-fastest growing firm among India’s top 30 pharma companies, posting a 16.7% domestic sales CAGR between 2022 and 2025, versus 9.21% for the broader market.

ADVISORS-JM Financial, IIFL Capital, and Kotak Mahindra Capital are bookrunners. Bigshare Services is the registrar for the issue.

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