The potential IPO by Jio could raise over $4 billion at current valuations, according to a previous estimate
In sum – what to know:
India’s biggest IPO in sight – Jio is weighing a 2.5% listing that could raise over $4 billion at current valuations.
Smaller float, higher tension – Reliance favors a limited stake sale to support pricing, pending regulatory changes.
Telecom still dominates revenue – Despite AI expansion, telecoms generate up to 80% of Jio Platforms’ income.
Reliance Jio Platforms is considering launching an initial public offering in 2026 that would float around 2.5% of the company, according to a Reuters report, which cited people familiar with the matter. The report noted that the potential move could result in India’s largest-ever IPO, raising more than $4 billion.
Jio Platforms is the parent company of Reliance Jio Infocomm, India’s largest telecom operator with over 500 million users.
In November, Jefferies estimated Jio’s valuation at $180 billion. At that level, a 2.5% stake sale would raise roughly $4.5 billion, exceeding Hyundai Motor India’s $3.3 billion IPO in 2024, according to the report.
Reliance is said to prefer listing a smaller 2.5% stake due to Jio’s scale, even as a proposal from India’s market regulator to lower the minimum public float requirement for large IPOs from 5% to 2.5% awaits approval from the finance ministry, the report added.
“The preference is to list 2.5% at this point if the law gets changed as a smaller amount creates more pricing tension,” said one source with knowledge of the matter.
Over the past six years, Jio has expanded beyond telecoms into areas such as artificial intelligence, while raising capital from investors including KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority. Telecoms still account for around 75% to 80% of Jio Platforms’ annual revenue.
It remains unclear whether the IPO would be structured purely as an offer-for-sale or include the issuance of new shares.
The report added that two banks are currently working on Jio’s prospectus. The listing timeline will depend on market conditions, though Reliance’s chairman, Mukesh Ambani, said in August that Jio would list in the first half of 2026.
In July 2025, reports suggested Jio had delayed its IPO beyond 2025 to bolster revenue and user growth before going public.
In October 2024, the company admitted it was taking a measured approach to 5G investments due to low utilization and delayed monetization, instead focusing on upgrading its 4G users to 5G.
A Jio spokesperson confirmed that future 5G investments will be tied to demand, underscoring the company’s cautious stance. Despite questions over utilization, Jio said it had achieved nationwide 5G coverage in September 2024, less than two years after launching services.
