Reliance Jio Eyes $100 Bn IPO In 202, Retail Arm Listing To Follow

Mukesh Ambani's Reliance Industries is gearing up for what is expected to be one of India’s largest initial public offerings (IPO) in 2025. Market analysts estimate the telecom arm, Reliance Jio, could be valued at over USD 100 billion upon listing, making it a record-setting IPO for the Indian market.

A retail IPO for Reliance’s expansive retail division is expected to follow, though with a slight delay due to operational challenges, according to a Reuters report.

According to reports, anticipation surrounding Jio’s IPO has been brewing since 2019 when Ambani hinted at a potential listing within five years. Sources now suggest that the timing is ripe, as the company has established a stable revenue stream and cemented its position as India's leading telecom provider, boasting 479 million subscribers.

While the retail arm is likely to enter the market later, Jio’s IPO marks a significant step in Ambani's strategy to unlock value across Reliance’s digital and retail portfolios. The company has raised USD 25 billion in funding for its digital, telecom, and retail businesses from global investors like KKR, General Atlantic, and the Abu Dhabi Investment Authority, elevating these segments’ combined valuation above USD 100 billion.

The timing of the IPO aligns with Jio’s move into high-stakes competition with Elon Musk's Starlink, which plans to launch satellite-based internet services in India. Further, Reliance recently partnered with Nvidia to build an AI computing infrastructure, adding another layer of strategic growth to its digital ambitions.

The Indian IPO market has already witnessed significant listings in recent months, including Hyundai and Waree Energy, showing the market’s resilience despite volatility in the secondary market. Analysts anticipate that Jio’s IPO could bolster primary market sentiment even further, attracting significant investor interest.

As Reliance prepares to list its telecom giant, industry experts view it as a landmark moment for India’s tech and telecom sectors, underscoring Ambani’s continued vision for digital transformation in India.