Mukesh Ambani's Jio IPO faces regulatory delays. India's government has not yet formalized listing rule changes approved by securities regulators, threatening the timeline for what could be the country's biggest initial public offering ever. Reliance now targets filing its draft prospectus before April, pending government notification. Jio, the digital arm of Reliance Industries and owner of India's largest wireless operator, carries a proposed valuation of up to $170 billion. The IPO could raise approximately $4.3 billion by selling minimum stake requirements under new rules allowing mega-cap companies to dilute just 2.5% instead of 5%. Ambani originally announced the listing plan for the first half of 2026.