Winning Bizness Desk
Mumbai. Mukesh Ambani-led Reliance Industries is preparing to bring its telecom arm, Reliance Jio Platforms, to the stock market, potentially as early as June this year. According to a Reuters report, the company is considering selling around 2.5 percent stake through an initial public offering. If the plan materialises, it could turn into the largest IPO in India’s history, raising more than $4 billion, or about Rs 37,000 crore. With over 500 million users, Jio has long been seen as one of the most awaited listings in the Indian market.
Valuation race puts Jio ahead of peers
Investment bank Jefferies had valued Jio at around $180 billion, or nearly Rs 16 lakh crore, in November last year. However, bankers involved in recent discussions believe the valuation could rise further to $200–240 billion, taking it close to Rs 20 lakh crore. At this level, even a small 2.5 percent stake sale would surpass last year’s Hyundai Motor India IPO of Rs 27,000 crore, making Jio the biggest public issue ever in the country.
Mukesh Ambani signals timeline, market watches closely
Reliance Industries chairman and managing director Mukesh Ambani had hinted in August last year that Jio’s listing could take place in the first half of 2026. Market sources now say the company may advance the timeline, subject to favourable conditions. The final call will depend on investor sentiment, global cues and regulatory approvals.
Key numbers driving the proposed jio IPO
- Proposed stake sale size: around 2.5 percent
- Expected fund raise: over Rs 37,000 crore
- Estimated valuation range: Rs 16–20 lakh crore
- User base: more than 50 crore subscribers
SEBI rule change awaited for smaller stake sale
The IPO structure depends heavily on a proposed change by market regulator SEBI. The regulator has suggested easing norms for large companies by allowing a minimum public float of 2.5 percent instead of the current 5 percent at the time of listing. Reliance is waiting for this proposal to get approval from the finance ministry. Sources say the company prefers a smaller stake sale to maintain strong demand for Jio shares after listing.
Banks prepare draft papers, investors eye exit
Although no formal appointments have been announced, Morgan Stanley and Kotak Mahindra Bank are said to be working with Reliance on the draft red herring prospectus. Over the past six years, Jio has raised funds from global investors such as KKR, Silver Lake and Google. The IPO could offer these investors an opportunity to partially exit and book profits.
Competition, AI push shape jio’s future story
Jio has expanded beyond telecom into artificial intelligence and digital services. It has partnered with Nvidia to build AI infrastructure, signalling its long-term technology focus. At the same time, the company is preparing for competition from Elon Musk’s Starlink, which is expected to roll out satellite internet services in India soon.
What lies ahead for jio post-listing
- Strong focus on AI-led digital growth
- Intensifying competition in broadband and satellite internet
- Potential re-rating as a tech-driven platform company
- Continued investor interest due to scale and reach
