Jio Platforms Ltd., the digital and telecom subsidiary of Reliance Industries, is being valued at up to $170 billion by investment bankers, with discussions placing the range between $130 billion and $170 billion.
If realised, the higher-end valuation would make Jio one of India’s top three listed companies by market capitalization, overtaking Bharti Airtel, currently valued at around $143 billion. Parent company Reliance Industries, led by Mukesh Ambani, holds a market cap of about Rs 20 lakh crore.
Ambani had earlier indicated that Jio’s IPO could take place in the first half of 2026, marking the first major listing of a Reliance business since Reliance Petroleum’s debut in 2006. The move, long anticipated since 2019, follows substantial global investments from Meta Platforms and Alphabet Inc., which together infused over $10 billion into Jio in 2020.
Under current regulations, companies valued above Rs 5 lakh crore must sell shares worth at least Rs 15,000 crore in their IPOs. For Jio, that would translate to an offering of around $4.3 billion, assuming the company achieves the top-end valuation.
Jio’s strong financial performance continues to bolster investor confidence. For the September quarter, it reported a 13% rise in net profit to Rs 7,379 crore, driven by higher data consumption and a growing subscriber base. Revenue from operations grew 15% to Rs 36,332 crore, compared to Rs 31,709 crore in the same period last year.
The company’s average revenue per user rose 8.4% year-on-year to Rs 211.4, while its 5G subscriber base surged to 234 million. It now has 22.7 million home connections and nearly 9.5 million JioAirFiber users, highlighting its expanding digital footprint.
The anticipated IPO is expected to be one of the largest in India’s history, underscoring Jio’s pivotal role in advancing the country’s telecom and digital transformation.
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