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To script the largest IPO in the history of the Indian market, Reliance Industries had undertaken a highly secret and strategic mission, which was carried out only within the company. ‘Project Jupiter’ Codename given. Under the leadership of Mukesh Ambani, this mission was not just a means of raising capital, but it was a complex chessboard in which stringent standards of regulatory changes, consent of global investors and strict confidentiality were followed. Let us know what is the inside story of this biggest corporate mission of India.
What was ‘Project Jupiter’ and why was it confidential?
‘Project Jupiter’ was named because of its immense size and importance. The biggest challenge of Reliance was that the IPO should not be heard in the market, so that rumors do not affect the valuation. For this, Reliance took an unprecedented step—almost eliminating digital communication. Important documents, presentations and draft prospectuses related to this mission were mostly shared in physical print copies so that no digital leaks could occur. Only selected senior officials of Reliance and selected investment banks were aware of this entire scheme.
Major hurdles and changes in SEBI rules
There were three main hurdles facing this IPO: bringing changes in the rules of the market regulator (SEBI), convincing old foreign investors (like KKR, Meta, Google) for exit and keeping the entire process confidential. Reliance’s strategy paid off when SEBI reduced the ‘minimum public shareholding’ rule for large IPOs from 5% to 2.5% in September 2025. After this, Reliance played another big masterstroke – the scheme, which was initially going to come through OFS (Offer for Sale), was changed to ‘Primary Issue’. The entire amount of around Rs 33,000 crore raised from this can now be invested in the company’s expansion and future technology.
Syndicate of 19 banks and mission of 2026
The mission, which began in October 2025, was led by top Reliance executives, such as CFO V. Srikant and Anshuman Thakur. Initially Kotak Mahindra Capital and Morgan Stanley were made advisors, but gradually the scope expanded and eventually a huge syndicate was formed with 19 investment banks. On June 19, 2026, Jio Platforms filed its draft prospectus, which created a stir in the market. Experts believe that ‘Project Jupiter’ is not just the story of a successful IPO, but it is a demonstration of Reliance’s strategic art in which the perfect balance of money, technology and regulatory understanding has been created.
