Reliance Jio IPO

Reliance Jio (Jio Platforms Limited) is gearing up for the biggest IPO in India. As of late January 2026, the company is finalizing internal preparations to hit the market soon. As per media reports, the company is targeting the first half of 2026 to launch its mega IPO. Reliance Jio is awaiting final guidelines from the government on recommendations made by the market regulator, the Securities and Exchange Board of India (SEBI) with regards to minimum public shareholding norms.

Jio Platforms Limited, a subsidiary of Reliance Industries, has become India's biggest digital and connectivity platform, serving 51.53 crore customers by the end of December 2025. With the quick uptake of 5G, the company is solidifying its leading position even more. Today, there are 25.3 crore 5G subscribers, who make up approximately 53% of the total wireless data traffic.

Jio’s financials continue to be solid as evidenced by the gross revenue of ₹43,683 crore recorded in 3QFY26 and the EBITDA margin of 51.8%. ARPU of ₹213.7, which is a measure of the average revenue per user, keeps rising alongside customer engagement, which is very high and evident by the record industry data usage of 40.7 GB per user per month.

Besides the telecom sector, Jio is growing its digital ecosystem through several avenues such as entertainment, commerce, payments, and cloud services. The company’s fixed wireless broadband service, JioAirFiber customer base has seen rapid upward of over 115 lakhs subscribers, which makes it one of the largest fixed wireless global platforms. Jio is aggressively venturing into AI and cloud services through collaborations with global tech giants such as Google and Nvidia. The Jio-Gemini scheme, Jio AICloud with Indian language voice search, and a range of premium content flowers are some of the ways that Jio is moving beyond being a mere telco and turning itself into a complete digital, life platform.

Jio, with major strategic investors such as Meta, Google, and various worldwide sovereign wealth funds, is leveraging both the solidity of a telecom utility and the growth potential of a technology platform. Its vision for the future is geared towards creating a digital and AI ecosystem that is scalable, rooted in India, and globally relevant.

Analysts and investment bankers peg the company's valuation between $130 billion and $180 billion (approx. ₹11–15 lakh crore). At the higher end, it could become one of India's top 3 most valuable listed companies. Reports suggest a dilution of around 2.5% of the company. While the exact price band is yet to be announced, this could raise roughly $4 billion to $4.5 billion. Top investment banks such as Morgan Stanley, Goldman Sachs, and Kotak Mahindra Capital are said to be facilitating the public listing. It is anticipated that the current investors Meta (9.99%) and Google (7.73%) will continue to hold their shares, whereas some private equity funds like KKR and Silver Lake might sell out their stakes partly.