Reliance's Jio Platforms to Launch IPO in First Half of 2026, Seeks Valuation of Rs 10-12 lakh crore

Reliance Industries' digital business, Jio Platforms, will launch its initial public offering (IPO) in the first half of 2026, according to chairman Mukesh Ambani. Jio has crossed 500 million subscribers with an average revenue per user of Rs 209, buoyed by increasing data consumption and a growing home internet base. The company is expected to be valued at Rs 10 lakh crore to Rs 12 lakh crore, translating into an IPO size of Rs 50,000-Rs 60,000 crore.

Mukesh Ambani, chairman of Reliance Industries, has announced that the company's digital business, Jio Platforms, will launch its initial public offering (IPO) in the first half of 2026. This move marks a significant milestone in India's telecom industry, as Jio Platforms is set to become one of the largest publicly traded companies in the country.

Jio Platforms, which includes Reliance Jio Infocomm, has seen remarkable growth since its inception in 2016. As of June 30, 2025, the company has crossed 500 million subscribers, with an average revenue per user (ARPU) of Rs 209. This growth has been driven by increasing data consumption and a growing home internet base [3].

The company is expected to be valued at Rs 10 lakh crore to Rs 12 lakh crore, translating into an IPO size of Rs 50,000-Rs 60,000 crore [3]. However, the Securities and Exchange Board of India has proposed that companies with post-issue market capitalisation can opt for lower dilution of 2.5% or 2.75%, which could potentially reduce the IPO size to Rs 25,000 crore – Rs 30,000 crore [3].

Ambani's announcement comes at a time when the primary market in India is experiencing strong interest from both issuers and investors across various sectors. So far this year, 50 companies have got listed on the bourses, with a dozen firms making debuts in August itself [2].

Jio Platforms has also been making significant strides in the realm of artificial intelligence (AI). The company has entered into a $100-million joint venture with Meta to build and scale AI solutions for enterprises, as well as a separate AI partnership with Google [1]. These partnerships are part of Jio's broader ambition to lead the AI revolution in India.

The IPO of Jio Platforms is expected to be the biggest share-sale in the country's history, surpassing the Rs 27,870 crore IPO of Hyundai Motor India in October 2024 [2]. This could potentially raise $6 billion, making it the biggest IPO in India since Hyundai Motors India's $3.3 billion debut in October 2024 [1].

The IPO of Jio Platforms is expected to attract significant interest from both institutional and retail investors. However, the company's large size may pose a challenge for the Indian market to absorb, as seen in the case of Hyundai Motors India's public offering, which was oversubscribed more than two times by institutional investors, while retail demand was unimpressive [1].

In conclusion, the IPO of Jio Platforms is a landmark event in India's telecom history. It marks the culmination of Jio's remarkable journey from a digital underdog to a market leader. The IPO is expected to unlock significant value for shareholders and investors, while also providing a platform for Jio to pursue its global ambitions.

References:
[1] https://www.cnbc.com/2025/08/29/indias-richest-man-mukesh-ambani-to-list-jio-in-biggest-ever-ipo.html
[2] https://economictimes.indiatimes.com/markets/ipos/fpos/proposed-reliance-jio-ipo-in-2026-billed-as-biggest-public-issue-in-indian-history/articleshow/123586367.cms
[3] https://www.financialexpress.com/market/jio-to-launch-ipo-in-first-half-of-2026-3961551/