KKR, Silver Lake, and General Atlantic are set to pursue partial exits as Reliance Jio prepares an IPO that could exceed $4bn, positioning it as one of the largest listings in India, Reuters reported.

Apollo telecoms platform has appointed 17 banks to manage the transaction, including major global and domestic institutions, as it moves closer to filing for regulatory approval.

The offering will be structured as an offer for sale, meaning no new capital will be raised. Instead, existing shareholders will sell shares to public investors.

Private equity investors, including KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority, are among those expected to benefit from the transaction.

Reliance Jio has expanded rapidly over the past six years, including investments in artificial intelligence and digital services. The company was valued at about $180bn in a recent estimate, underscoring the scale of the potential listing.

The deal comes amid continued momentum in India’s IPO market, where large public offerings are increasingly used as liquidity events for private equity investors.

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