Reliance Jio Platforms, the telecom unit of Mukesh Ambani’s Reliance Industries, is reportedly planning an initial public offering (IPO) in 2026 that could float 2.5% of the company, according to people familiar with the matter. This IPO is poised to become India’s most anticipated and potentially largest-ever public offering, raising more than $4 billion.
The move highlights Reliance Jio’s growth trajectory in telecom, digital services, and emerging technologies like artificial intelligence (AI), and underscores the booming momentum of India’s IPO market.
Background: Reliance Jio and Its Market Dominance
Reliance Jio, India’s largest telecom operator, serves over 500 million users, making it one of the most influential tech and telecom platforms globally. Since its inception, Jio has rapidly transformed India’s digital ecosystem, expanding beyond traditional telecom services into AI, digital infrastructure, and other technology-driven ventures.
The company has attracted investment from prominent global investors including KKR, General Atlantic, Silver Lake, and the Abu Dhabi Investment Authority, highlighting strong international confidence in Jio’s growth potential.
Valuation and Expected IPO Size
In November 2025, investment bank Jefferies estimated Reliance Jio’s valuation at $180 billion. Based on this valuation, a 2.5% stake sale could raise roughly $4.5 billion, surpassing Hyundai Motor India’s $3.3 billion IPO in 2024 and potentially becoming India’s largest public listing to date.
Some analysts have suggested even higher valuations between $200 billion and $240 billion, reflecting Jio’s expansion into niche digital businesses beyond its core telecom operations.
Regulatory Considerations: The 2.5% Public Float
Reliance plans to list only 2.5% of its shares, awaiting approval from India’s finance ministry for a regulatory change that would allow large companies to float a smaller portion of equity than the standard 5% minimum.
One insider noted:
“The preference is to list 2.5% at this point if the law gets changed, as a smaller float creates more pricing tension.”
The IPO could take the form of an offer-for-sale, allowing existing investors to sell shares to the public, or it could involve new share issuance, depending on market conditions and regulatory approvals.
Strategic Timing and Market Impact
Mukesh Ambani has previously indicated that the Jio IPO would occur in the first half of 2026, although formal plans are still being finalized. Reliance is carefully timing the listing to maximize valuation, following the company’s strategy of diversifying into high-growth sectors like AI and digital services.
The Jio IPO is expected to attract strong foreign investment, with many global investors who entered the company over recent years seeking an exit through the public listing.
Banking and IPO Preparations
Reliance Jio is currently working with leading financial institutions, including Morgan Stanley and India’s Kotak, to prepare the IPO prospectus. While formal appointments are pending, the process is expected to be extensive, involving regulatory filings and market readiness evaluations.
India’s IPO Market Momentum
India has emerged as a leading global IPO market, ranking as the world’s second-largest primary equity issuance market in 2025, raising $21.6 billion as of December 18, 2025, according to LSEG data. The Jio IPO will further cement India’s position in global equity markets and provide momentum for upcoming listings, including Reliance’s retail unit, which may go public after 2027.
Competition and Future Outlook
Jio also faces competition from Elon Musk’s Starlink internet service, which is expected to launch in India soon. Additionally, the company is partnering with Nvidia to develop AI infrastructure, signaling its strategic focus on next-generation technologies.
Analysts suggest that the IPO, if successfully executed, will not only raise capital for shareholders but also position Reliance Jio as a global technology and telecom leader, leveraging India’s growing digital economy.
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