War-Induced Uncertainty May Again Delay Jio’s $4 Billion Public Listing

After accelerating the listing plan in March, the initial public offering (IPO) of Reliance’s telecom arm Jio has again run into trouble due to the market uncertainty created by the war in West Asia.

Preparations for what could potentially be the largest public listing in the Indian stock market have slowed down as the company is planning to review the deal structure due to war-induced volatility in the market, according to a report by Bloomberg.

While Jio is expected to file draft papers with the Securities and Exchange Board of India (Sebi), there is no deadline to do so.

The war in West Asia has triggered a sell-off in the domestic market. Benchmark indices Sensex and Nifty are trading at a discount of about 9 percent compared to their pre-war levels. Foreign portfolio investors have sold Indian equities this year worth more than the total sell-off during the full year in 2025.

Weak market conditions have led to slower decision-making among some of Jio’s investors, who are concerned about the diminished valuation potential of the company.

This has led to Jio shelving the plan for an offer for sale through the IPO and turning to selling new shares. Earlier, the company had sought a partial stake sale from its investors.

As investors wanted high returns while the company was concerned about losses to retail investors post-listing if an unusually high valuation was reached amid weak market conditions, Jio has now shifted to offering entirely new shares.

Meta, Google, Mubadala Investment, Abu Dhabi Investment Authority, and General Atlantic are some of the major investors in Jio.

Moreover, investors from West Asia, such as the Abu Dhabi Investment Authority, are finding it difficult to proceed with discussions and formalities related to the public listing due to the hostile conditions created after the war.

Jio has roped in global and domestic advisors like Bank of America, Citigroup, and JM Financial.