Reliance Industries shares in focus as Jio files DRHP for India’s largest IPO

Reliance Industries' subsidiary Jio filed a DRHP for what is set to be India's largest IPO, comprising a fresh issue of up to 27 crore shares with no offer-for-sale component, meaning all proceeds will go to the company. Up to 50% of the offer is reserved for QIBs and at least 35% for retail investors. At the 49th AGM, Ambani said the IPO will unlock value for RIL shareholders, with additional announcements covering Reliance Intelligence's AI hub (120MW target by FY26E), New Energy commissioning solar and a 40GWh battery gigafactory, and plans for Reliance Retail and RCPL expansion. RIL shares are currently about 17% below their 52-week high, with Gulf volatility weighing on sentiment around the refining business.