Mukesh Ambani’s mega IPO Reliance Jio is said to set bank fees in line with NSE.

Reliance Industries Ltd has set an investment banking advisory fee for its telecom unit’s planned initial public offering of about 0.65% of the issue size, broadly in line with the fees paid by the National Stock Exchange of India Ltd, according to people familiar with the matter.

Jio Platforms Ltd. Based on a potential offering size of up to $4 billion, the total fee pool could be as high as $26 million, with Kotak Mahindra Capital Co. And leads like Morgan Stanley are likely to be shared among banks, the people said, asking not to be identified because the information is private.

The distribution of fees may ultimately depend on the banks’ client coverage and the company’s own discretion, the two people said.

A Reliance representative did not immediately respond to requests for comment.

Jio’s IPO could be India’s largest ever listing and the first in nearly two decades by a major unit of billionaire Mukesh Ambani’s flagship company, Reliance.

Jio’s banking fees are broadly in line with those set by the NSE, which is considering an IPO that could raise about $2.5 billion, people familiar with the matter said.

The fee structure proposed by both Jio and NSE is significantly lower than the broader market average. Indian companies paid an average of 1.86% to investment banks in 417 IPOs last year and 1.67% in 350 issues in 2024, according to data compiled by LSEG.

Reliance aims to file draft paperwork for Jio later this month, people familiar with the matter said. Other banks selected for advisory roles on the listing include HSBC Holdings Plc, JPMorgan Chase & Co., Goldman Sachs Group Inc., JM Financial Ltd., Axis Bank Ltd. and include SBI Capital Markets Ltd.