The potential IPO by Jio might increase over $4 billion at present valuations, in keeping with a earlier estimate
In sum – what to know:
India’s greatest IPO in sight – Jio is weighing a 2.5% itemizing that might increase over $4 billion at present valuations.
Smaller float, greater rigidity – Reliance favors a restricted stake sale to assist pricing, pending regulatory modifications.
Telecom nonetheless dominates income – Regardless of AI enlargement, telecoms generate as much as 80% of Jio Platforms’ revenue.
Reliance Jio Platforms is contemplating launching an preliminary public providing in 2026 that may float round 2.5% of the corporate, in keeping with a Reuters report, which cited individuals accustomed to the matter. The report famous that the potential transfer might lead to India’s largest-ever IPO, elevating greater than $4 billion.
Jio Platforms is the mum or dad firm of Reliance Jio Infocomm, India’s largest telecom operator with over 500 million customers.
In November, Jefferies estimated Jio’s valuation at $180 billion. At that degree, a 2.5% stake sale would increase roughly $4.5 billion, exceeding Hyundai Motor India’s $3.3 billion IPO in 2024, in keeping with the report.
Reliance is alleged to choose itemizing a smaller 2.5% stake as a result of Jio’s scale, whilst a proposal from India’s market regulator to decrease the minimal public float requirement for giant IPOs from 5% to 2.5% awaits approval from the finance ministry, the report added.
“The desire is to record 2.5% at this level if the legislation will get modified as a smaller quantity creates extra pricing rigidity,” stated one supply with data of the matter.
Over the previous six years, Jio has expanded past telecoms into areas akin to synthetic intelligence, whereas elevating capital from traders together with KKR, Common Atlantic, Silver Lake, and the Abu Dhabi Funding Authority. Telecoms nonetheless account for round 75% to 80% of Jio Platforms’ annual income.
It stays unclear whether or not the IPO can be structured purely as an offer-for-sale or embrace the issuance of recent shares.
The report added that two banks are presently engaged on Jio’s prospectus. The itemizing timeline will rely upon market situations, although Reliance’s chairman, Mukesh Ambani, stated in August that Jio would record within the first half of 2026.
In July 2025, experiences prompt Jio had delayed its IPO past 2025 to bolster income and consumer development earlier than going public.
In October 2024, the corporate admitted it was taking a measured strategy to 5G investments as a result of low utilization and delayed monetization, as a substitute specializing in upgrading its 4G customers to 5G.
A Jio spokesperson confirmed that future 5G investments might be tied to demand, underscoring the corporate’s cautious stance. Regardless of questions over utilization, Jio stated it had achieved nationwide 5G protection in September 2024, lower than two years after launching providers.
