Reliance Jio IPO: Will It Be India’s Biggest Public Issue? Here’s What We Know So Far

Mukesh Ambani, chairman and managing director of Reliance Industries (RIL), announced at the company’s 48th annual general meeting (AGM), that the company is planning to launch Jio Platforms’ initial public offering (IPO) by the first half year of calendar year 2026 (H1CY26).

Ambani told the shareholders in his address at AGM: “Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals. I assure you this IPO will demonstrate Jio’s capability to create the same quantum of value as our global counterparts. I am confident it will be a very attractive opportunity for all investors.”

Reliance Jio IPO Valuation

Brokerage estimates place the company’s valuation between $112 billion and $154 billion.

Jefferies has valued the company at about $112 billion, while Macquarie and Emkay see the valuation in the range of $121–123 billion.

Goldman Sachs has pegged the highest valuation, valuing Reliance Jio at up to $154 billion in a bull-case scenario.

If successful, Reliance Jio IPO could be the biggest public issue India has ever seen. According to a Bloomberg report, Reliance Jio is likely to raise about Rs 52,200 crore through its proposed IPO via a 5 per cent stake sale.

As of now, Hyundai Motor India’s Rs 27,858.75 crore-IPO is the biggest issue so far in India.

Reliance Jio’s Expansion Plans

Ambani further said at the AGM that Jio’s 5G wireless subscriber base has crossed 220 million as of the September quarter, as against 210 million at the end of the June quarter. The company’s overall subscriber base, including both wireless and broadband users, has increased to over 500 million from 498.1 million in the previous quarter. Jio’s broadband subscriber base stood at 20.7 million at the end of June.

The company reiterated that its proprietary UBR broadband technology is helping JioAirFiber add more than 1 million homes every month. The company’s management also said that the next leg of growth will come from the enterprise and micro small and medium enterprise (MSME) segments.

The company also outlined Jio’s broader ambitions, including connecting every Indian through mobile and home broadband, equipping households with digital services, digitising businesses, driving the artificial intelligence (AI) revolution in India, and eventually taking its home-grown technologies to global markets.

The company also unveiled its next-generation offerings, such as Jio AI Cloud, Jio-PC and an upcoming device called JioFrames, an AI-powered wearable platform with its own ecosystem.