Reliance Jio Infocomm could file draft papers for its expected $4 billion initial public offering (IPO) within days and just before Reliance Industries Ltd (RIL) chairman Mukesh Ambani’s annual speech to shareholders on Friday, the Financial Times (FT) reported on Wednesday, citing sources.

The FT said Ambani had told shareholders last year that the telecom company’s IPO would come in the first half of 2026, but that timeline was missed. The annual general meeting (AGM) of Reliance is scheduled on Friday, June 19.

The report added that the process could still begin this year, with the delay possibly linked to tepid equity markets in India amid the war between the United States and Israel. According to the report, Jio’s listing is not the only one to have been delayed from earlier plans. Jio has ventured into 5G, JioFiber, JioAirFiber and AI and cloud services.

The timing is significant because Reliance annual general meetings have often been used to announce major consumer, digital and investment plans. A possible Jio IPO would be more than a telecom listing, as it would also serve as a public market test of Reliance’s wider digital ecosystem, including connectivity, devices, apps, payments, cloud services and entertainment distribution.

Jio reshaped India’s telecom market after its commercial launch in 2016 through low-priced data plans and an aggressive 4G rollout that helped it scale quickly. It later became a key part of Reliance Industries’ consumer strategy, with operations spanning mobile data, broadband, enterprise connectivity and digital content access.