North India Statesman
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Jio IPO: Investment bankers are valuing Jio Platforms Ltd at about $170 billion, according to people familiar with the matter, in what could be a record-breaking IPO for Reliance Industries Ltd’s wireless services provider. Such a high valuation would put Reliance Jio among the top two or three companies in India by market capitalization, leaving behind telco rival Bharti Airtel Ltd. Bharti Airtel has a market cap of approximately ₹12.7 lakh crore ($143 billion). However, Mukesh Ambani-owned Reliance Industries is way ahead with a valuation of around ₹20 lakh crore.
Sources, on the condition of anonymity, said that talks are going on with bankers for the valuation of Jio with an offer of $ 130 billion to $ 170 billion.
Meta Platforms Inc and Alphabet Inc will make big investments in Jio Platforms
Ambani, Asia’s richest man, had said in August that Jio’s listing could happen in the first half of 2026. Jio’s IPO was discussed in early 2019. Meanwhile, Meta Platforms Inc and Alphabet Inc have announced investments of more than $10 billion in Jio next year.
Jio’s share sale will be the first IPO offered by a major Reliance business unit since the launch of Reliance Petroleum Limited in 2006. Initially, it was expected that Jio could raise more than $6 billion through the IPO, breaking the record of $3.3 billion set by Hyundai Motor India Ltd in 2024. However, this amount is likely to reduce following changes in Indian listing rules.
The size of the IPO will be around $4.3 billion
Under the revised IPO rules, companies with a post-listing market cap of more than ₹5 lakh crore will have to offer at least ₹15,000 crore and sell only 2.5% of their equity. If Jio achieves this high valuation, its IPO size will be around $4.3 billion. Sources say that the details of Jio’s IPO proposal are still under discussion. No Reliance representative immediately commented on the report.
