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Reliance Jio is preparing for what is likely to be India’s largest-ever IPO, with a potential valuation of $154 billion (approximately Rs 13.5 lakh crore). The IPO is anticipated to be offered in the first half of 2026 and could raise Rs 67,500 crore, breaking the previous record set by Hyundai Motor India’s 2024 IPO of Rs 27,870 crore. Investors are eagerly awaiting the launch of the Reliance Jio IPO in the market.
Reliance Jio is India's largest telecom operator with over 500 million subscribers, making it the second-largest telecom operator globally, behind China Mobile. Jio is in the early stages of its global expansion, with 25% YoY profit growth in Q1 FY26, leveraging its homegrown technology to tap into international markets.
Reliance Industries Ltd. (RIL) is a 66.3% shareholder of Jio Platforms, which owns Jio’s telecom and digital businesses. Global giants like Meta (10%) and Google (7.7%) hold stakes, alongside other private equity investors.
The Reliance Jio Share Price reflects the company’s strong telecom presence. While Jio's growth has been significant, analysts warn that RIL shareholders may face valuation challenges due to a holding company discount.
Global brokerages are bullish on Jio’s valuation. Goldman Sachs projects Jio's valuation at $154 billion, and Jefferies and Macquarie estimate valuations in the range of $121 billion to $146 billion. If successful, Jio's IPO could place it among India’s top five listed companies by market capitalization, possibly surpassing Bharti Airtel's Rs 10.77 lakh crore market cap.
As a global conglomerate, Reliance has diversified interests across multiple sectors. A 5% stake dilution could raise between Rs 58,000 crore and Rs 67,500 crore, making it the largest IPO recorded in India. The offer will enable Reliance to tap into global capital markets and provide an exit option to several marquee investors.
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Mukesh Ambani, chairman of Reliance Industries, has confirmed that Jio's IPO will be filed by H1 2026, setting the stage for a significant market event. Analysts believe it will be a game-changer in the Indian capital markets, setting a new benchmark for future IPOs.
SEBI’s relaxed rules for mega IPOs permit companies with a market capitalization of over Rs 5 lakh crore to dilute only 2.5% of their stake, compared to 5%. This regulation change, along with strong investor interest, could facilitate fast-track approval and high demand for Jio’s IPO.
Investors will be watching Jio's ARPU (Average Revenue Per User) growth and free cash flow generation closely as it goes public. While Jio's size and global scale justify its high valuation, maintaining this growth amid increasing competition will be necessary for long-term success.
Analysts predict that this could be India’s biggest Telecom IPO in recent years. Reliance Jio’s IPO is shaping up to be one of the most significant market events. As it prepares for global expansion, the IPO could present a substantial opportunity for investors, but analysts are cautious about the high valuation.
