Reliance Jio Infocomm, the telecom arm of billionaire Mukesh Ambani’s business empire, is preparing to file India’s biggest initial public offering (IPO), according to a Financial Times report. As per FT, market turbulence had earlier delayed the much-awaited listing.

The report quoted sources as saying that Jio may submit its draft red herring prospectus (DRHP) to market regulator Securities and Exchange Board of India (SEBI) within a few days. The filing is largely anticipated to come ahead of Ambani’s annual address to shareholders of Reliance Industries scheduled on June 19. The proposed offering is expected to raise around $4 billion.

During his annual speech in August last year, Ambani had indicated that Jio’s public listing would take place in the first half of 2026.

Reliance shares have declined roughly 15 per cent so far in 2026. The company also reported a 13% year-on-year drop in net profit for the March quarter, largely due to disruptions affecting its core refining operations amid instability in the Gulf region.

Jio’s delayed market debut comes at a time when India’s IPO market has lost momentum. The conflict involving the US, Israel and Iran has unsettled investors and interrupted what many expected would be another record-breaking year for new listings. However, with a peace deal in sight on June 19, the market may gain some momentum.

Several high-profile listings were put on hold as geopolitical tensions in the Middle East escalated. Among them was Walmart-backed PhonePe. India has been particularly exposed to the fallout because the country imports close to 90 per cent of its oil requirements.