Billionaire Mukesh Ambani-led Reliance Jio Platforms has opted to postpone its highly anticipated initial public offering (IPO), shelving plans for a 2025 listing.
According to people close to the matter, the company has hit pause on what many had anticipated would be India’s biggest-ever stock market debut, a surprising turn in its much-watched journey to go public.
The leadership believes that giving its telecom and digital ventures more time to grow could help secure a significantly higher valuation when the IPO eventually takes shape.
It is to be noted that Jio Platforms is already valued by analysts at well over $100 billion and the number goes higher if we add the ongoing momentum in India’s IPO space.
The investors didn’t like the delay as the shares of parent Reliance Industries slipped by 1.11% to Rs 1,520.50 at press time.
Telecom crown jewel but Reliance wants to play big
Roughly 80% of Jio Platforms’ $17.6 billion in annual revenue still comes from its core telecom business, Reliance Jio Infocomm which holds the crown as India’s largest mobile operator with over 488 million users.
But Jio isn’t just sticking to the telecom lane.
The company has been aggressively pushing into the broader digital space, rolling out everything from apps and smart devices to enterprise-grade AI solutions.
And it’s gearing up for a big showdown in a new frontier: satellite internet.
With Elon Musk’s Starlink expected to enter the Indian market soon, Jio is preparing to go head-to-head.
Backing its ambitions are heavyweight global partners like Google, Meta, and Nvidia, clear signs that Jio is betting big on becoming a key player in India’s digital future.
Financially, the company seems to be in a calm place but there is still room for caution.
Indian brokerage IIFL Capital recently trimmed its core profit estimate for Jio for 2025-26 by 3%, citing higher costs and subdued benefits from anticipated tariff hikes.
That adjustment trimmed Jio’s valuation from $117 billion down to $111 billion.
Still, not everyone agrees as analysts at Jefferies peg the company’s worth as high as $136 billion.
Even with the shifting numbers, people familiar with the matter say Jio is still aiming for an IPO valuation well north of $100 billion.
So far, the company hasn’t brought on investment bankers for the deal, suggesting the listing is still in its early planning phase.
India’s IPO boom
India’s IPO market has been on a tear, raising $20.5 billion in 2024, second only to the US, and by mid-2025, it had already pulled in another $5.86 billion, making up 12% of global IPO proceeds.
But the mood has recently turned more cautious, with geopolitical uncertainty and market swings prompting companies to rethink their timing.
For heavyweight listings like Jio’s, that timing could make all the difference.
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