Gulf SWF-backed Jio inches toward blockbuster IPO filing

Gulf SWF-backed Reliance Jio Infocomm is expected to file for its long-awaited IPO within days, kick-starting India’s closely watched listing this year. The telecom operator is reportedly targeting a USD 4 bn offering and could submit its prospectus ahead of Reliance Industries Chairman Mukesh Ambani’s annual shareholder address this Friday, the Financial Times reports.

Better late than never: Ambani had pledged to list India’s largest telecom operator in 1H 2026. However, the company is set to miss that timeline after a bruising year for parent firm Reliance Industries, which saw its shares slide 15% this year and quarterly income decline 13% amid energy shocks to its refining business caused by the Gulf war.

Why it matters for MENA: Reliance previously abandoned plans for an offer-for-sale structure that would have provided a lucrative exit for its early Gulf backers, including PIF, Adia, and Mubadala, collectively holding a stake worth bns of USD in the telecom giant. The Gulf SWFs are now staring down a forced, long-term hold in a volatile macroeconomic environment.

Why it matters for India: The filing arrives as the Nifty index has shed roughly 8% this year, and India’s IPO market faces one of its weakest stretches on record. This year, total IPO proceeds fell 39% y-o-y to INR 198 bn (USD 2.1 bn). Foreign investors have pulled a record USD 30.7 bn from Indian equities YTD, and the worsening selloff may not fetch an adequate valuation for Jio.

What comes next: A successful, well-priced debut would indicate that the market is beginning to normalize, potentially reopening the door for other high-profile, stalled listings like Walmart-backed PhonePe.