Reliance Industries (RIL) digital arm, Jio Platforms, could soon emerge as one of India’s most valuable listed companies, with investment bankers proposing a valuation as high as USD 170 billion (~INR 14 lakh crore) ahead of a highly anticipated IPO scheduled for the first half of 2026.
If realised, Jio Platforms IPO could mark India’s biggest-ever public listing, potentially reshaping the country’s equity landscape and placing Jio among the top two or three firms by market capitalization — ahead of Bharti Airtel and just behind its parent, Reliance Industries.
Jio Platforms IPO: A Giant in the Making
According to reports, bankers involved in the discussions have proposed a valuation range of USD 130 to 170 billion, with final figures contingent on market conditions and regulatory frameworks. For context, Bharti Airtel currently commands a market cap of around INR 12.7 lakh crore ($143 billion), while Reliance Industries stands at roughly INR 20 lakh crore.
At the top end of the proposed range, Jio’s listing would firmly establish it as a telecom and digital behemoth, underscoring the success of Mukesh Ambani’s ambitious push to transform India’s digital economy over the past decade.
Jio Platforms IPO Details
Originally expected to raise over USD 6 billion (~INR 53,200 crore), Jio’s IPO proceeds are now projected to be lower due to India’s revised listing regulations. Under the new rules, companies with a post-listing market capitalisation exceeding INR 5 lakh crore are required to offer shares worth at least INR 15,000 crore while diluting only 2.5% of equity. At a USD 170 billion valuation, this translates to roughly USD 4.3 billion (INR 36,000 crore) in potential proceeds.
If successful, this would still surpass most previous Indian IPOs, though it may fall short of earlier expectations. For comparison, Hyundai Motor India set a national record in 2024 with its INR 27,870 crore listing.
Jio Platforms IPO: Ambani’s Long-Awaited Move
The Jio IPO marks Reliance’s first major unit listing since Reliance Petroleum’s debut in 2006, and it’s been years in the making. Chairman Mukesh Ambani — Asia’s wealthiest individual — first floated the idea in 2019, following which Meta Platforms (Facebook) and Alphabet (Google) invested over USD 10 billion (~INR 88,000 crore) in Jio in 2020, cementing its global stature.
Ambani reaffirmed in August that the listing is planned for the first half of 2026, signalling that the company is now entering its final preparatory phase. “The listing of Jio will be a milestone event for India’s digital story,” noted a senior market strategist.
Operational Strengths: Numbers That Impress
Jio’s subscriber base reached 50.6 crore by the end of September 2025, compared with Bharti Airtel’s 45 crore. Its Average Revenue Per User (ARPU) stood at INR 211.4, reflecting an 8.4% year-on-year growth, while Airtel reported INR 256. In the September quarter, Jio’s net profit rose 13% year-on-year to INR 7,379 crore, and revenue from operations climbed 15% to INR 36,332 crore, driven by higher data consumption and the rapid adoption of 5G services.
The company’s 5G subscriber base has now surpassed 23.4 crore, while home connections reached 2.27 crore, with the JioAirFiber service adding nearly 10 lakh new users each month.
Strategic Implications
Analysts view Reliance Jio’s valuation as a reflection of its dominance across multiple verticals — telecom, broadband, entertainment, and digital services — all under the broader Reliance ecosystem. “Jio isn’t just a telecom operator anymore; it’s the backbone of India’s digital infrastructure,” said a Mumbai-based investment banker. “The IPO will be a landmark event, potentially opening Indian markets to a new wave of global tech investors.”
The Road Ahead
While discussions with bankers continue, Jio Platforms valuation and offer size will depend on market sentiment, regulatory approvals, and macroeconomic conditions in early 2026. Given the scale and timing, analysts expect the IPO to attract significant interest from global institutional investors, particularly those focused on emerging-market technology and telecom plays.
As Reliance Jio prepares for what could be India’s largest-ever listing, one thing is clear — the company’s trajectory mirrors India’s digital rise, and its upcoming IPO could mark a new era for the country’s capital markets.
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