Jio IPO: Project Jupiter Makes It India's Biggest Listing

Jio IPO Confirmed as Primary Issue: What That Means [Reliance Industries](/stock/RELIANCE) (NSE: RELIANCE) is moving forward with 'Project Jupiter,' its internal codename for taking Jio Financial and telecom operations public through a fresh equity issue rather than an offer-for-sale. This is a critical structural distinction worth understanding clearly. In an OFS, existing shareholders pocket the proceeds. In a primary issue, every rupee raised goes directly to the company's balance sheet. For Jio, that money is earmarked for 5G spectrum densification, AI data centre infrastructure, and scaling its enterprise B2B services arm, a unit that's been growing quietly while analysts stayed fixated on consumer ARPU. If completed at anticipated valuations, and internal estimates cited by people familiar with the matter have placed Jio's enterprise value north of ₹8 to 9 lakh crore, this listing would surpass LIC's May 2022 IPO (₹21,000 crore raised, ₹6 lakh crore market cap at listing) to become the largest stock market debut in Indian history. The BSE and NSE would be required to rebalance major indices post-listing, a mechanical process that forces passive funds to buy shares regardless of valuation. That alone could generate ₹15,000 to 20,000 crore in index-driven inflows on day one. Reliance hasn't issued a formal DRHP filing with SEBI as of this writing. But the shift in deal structure, confirmed through sourcing close to the transaction, signals that management is building this for the long term rather than engineering a near-term liquidity event for promoters. How RELIANCE Stock Reacts and Why Sector Math Changes [Reliance Industries](/stock/RELIANCE) shares carry a FairStock Score of 74, reflecting its diversified cash flows, net-debt reduction trajectory, and Jio's subscriber base of approximately 478 million as of Q4 FY25. The stock has underperformed the Nifty 50 over the trailing 12 months, up roughly 4% versus the index's 12%. That gap exists partly becaus...