Billionaire Mukesh Ambani, chairman of Reliance Industries Ltd (RIL), on Friday confirmed that Reliance Jio will debut on Indian stock exchanges in the first half of 2026.
Speaking at the conglomerate’s 48th annual general meeting, attended virtually by more than 4.4 million shareholders, Ambani said that preparations for the much-anticipated IPO are already underway.
“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,” Ambani said.
“I assure you that this will demonstrate that Jio is capable of creating the same quantum of value as our global counterparts. I am sure that it will be a very attractive opportunity for all investors,” he added.
The announcement ended years of speculation about Jio’s market debut, first hinted at by Ambani back in 2019 when he said both Jio and Reliance Retail would list within five years.
Jio’s valued at $115 B
Reliance Jio has rapidly expanded its business since its 2016 launch, transforming India’s telecom sector with low-cost data and aggressive pricing.
In FY25, the company posted revenues of Rs 1,28,218 crore ($15 billion), up 17% year-on-year, while EBITDA rose to Rs 64,170 crore ($7.5 billion).
Ambani highlighted these figures as proof of Jio’s “enormous value already created” and suggested even greater value creation lies ahead.
Reliance Industries owns a 66.5% stake in Jio Platforms Ltd, which controls Reliance Jio Infocomm.
Investment bank BofA Global Research recently valued Jio at $115 billion, close to rival Bharti Airtel’s $124 billion India business, according to LSEG data.
Airtel, with a market capitalisation of $128.7 billion, trades at a price-to-earnings multiple of 31.92.
Stake sale could raise around $6 B, largest in Indian history
While Indian IPO rules mandate that companies must float at least 25% of their equity, Reliance is reportedly exploring a smaller public offering.
Bloomberg reported recently that RIL has approached the Securities and Exchange Board of India (SEBI) to allow a reduced float, citing limited market depth to absorb a massive deal.
Discussions have centred on a possible 5% stake sale, which could raise around $6 billion at current valuations.
Such a listing would surpass Hyundai Motors India’s $3.3 billion IPO in 2024, making it the largest in Indian history.
It would also exceed this year’s biggest global listing, the $5.3 billion Hong Kong debut of Contemporary Amperex Technology.
India’s regulator appears to be moving in that direction.
On August 21, SEBI proposed easing norms for mega listings, allowing companies valued above 1 trillion rupees to sell as little as 2.75% in an IPO, and those valued above 5 trillion rupees to offer just 2.5%.
Investor exits and market appetite
The IPO will also provide an exit route for Jio’s global investors.
In 2020, Meta Platforms and Alphabet’s Google invested over $20 billion in Reliance’s digital arm, valuing Jio Platforms at $58 billion at the time.
Analysts believe the listing will crystallise gains for these investors, while also offering retail and institutional buyers a stake in India’s biggest digital services provider.
However, questions remain over whether India’s domestic markets can fully absorb an IPO of such scale.
Hyundai Motors India’s public float, despite being oversubscribed more than twice, saw weak retail participation, with most demand coming from institutional investors.
Ambani outlines Jio’s five-point vision
Beyond the IPO, Ambani laid out an ambitious roadmap for Jio’s growth. He pledged that the company would:
Connect every Indian through mobile and home broadband.
Equip households with digital services including Jio Smart Home, JioTV+, and Jio OS.
Digitise businesses of all sizes with scalable platforms.
Drive India’s AI revolution under the banner “AI Everywhere for Everyone.”
Expand operations globally, exporting Jio’s homegrown technology abroad.
“I am extremely confident that the path ahead for Jio is even brighter than its journey so far,” Ambani told shareholders.
Market reaction mixed
Despite the long-awaited announcement, Reliance Industries’ shares fell by nearly 1.5% on Friday.
Analysts said investors may have been hoping for an earlier timeline or greater clarity on the IPO structure.
Still, with Jio poised to stage India’s largest-ever listing, attention now turns to SEBI’s decision on whether to ease public float rules and how global investors respond to the offering.
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