Reliance Jio IPO: India's Biggest Listing at $154 Billion Valuation

Reliance Jio, India's largest telecom operator, is gearing up for its IPO, which could value the company at up to $154 billion. The listing could raise between Rs 58,000 crore and Rs 67,500 crore, more than double Hyundai Motor India's record-setting IPO. Analysts estimate Jio's enterprise value at $134-146 billion, placing it among India's top five listed companies. The IPO is expected to take place in the first half of 2026.

India's largest telecom operator, Reliance Jio, is gearing up for its long-awaited initial public offering (IPO) in the first half of 2026. The listing could value the company at up to $154 billion and raise between Rs 58,000 crore and Rs 67,500 crore, more than double Hyundai Motor India's record-setting IPO [1]. Analysts estimate Jio's enterprise value at $134-146 billion, placing it among India's top five listed companies [2].

The IPO announcement comes after months of speculation. In July, reports suggested Jio had delayed its IPO beyond 2025 to bolster revenue and user growth before going public [1]. Mukesh Ambani, Chairman of Reliance Industries, confirmed the IPO plans during the annual shareholders meeting, aiming to list by June 2026 [2]. The IPO is expected to be the biggest in India's history, surpassing the Rs 27,870 crore offering by Hyundai Motor India in October 2024 [2].

Jio has grown into India's largest mobile operator with over 500 million subscribers since its launch in 2016, backed by investments from Alphabet, Meta, KKR, General Atlantic, and sovereign wealth funds [1]. The company's 5G utilization remains low, with expansion tied to demand and competition from Bharti Airtel's 90 million 5G subscribers [1]. Jio is prioritizing upgrades from 4G, expanding its digital services, and positioning for global-scale value creation before going public [1].

The IPO will showcase Jio's ability to generate global-scale value while advancing its strategy to expand mobile and broadband coverage, enhance digital services, accelerate AI adoption, and pursue international growth [1]. The delay reflects Jio's ambition to strengthen its subscriber base and broaden its portfolio, ensuring the company enters public markets with maximum momentum [1].

Reliance Jio's 5G infrastructure is supported by Nokia and Ericsson, with 130 million 5G subscribers as of mid-2025 [1]. The company maintains that it achieved nationwide 5G coverage in September 2024, less than two years after launching services, but faces questions over its 5G network utilization [1]. Future 5G investments will be tied to demand, underscoring Jio's cautious stance [1].

The IPO is expected to be a significant event in India's financial markets, attracting both issuers and investors across various sectors [2]. So far this year, 50 companies have been listed on the bourses, with a dozen firms making their debut in August alone [2].

References:
[1] https://www.rcrwireless.com/20250829/business/reliance-jio-ipo-3
[2] https://m.economictimes.com/markets/ipos/fpos/proposed-reliance-jio-ipo-in-2026-billed-as-biggest-public-issue-in-indian-history/articleshow/123586367.cms