Reliance Jio IPO could raise ₹40,000 crore, likely to debut in H2 2025: Report

The gigantic public offer could debut in the latter half of 2025, the sources told the daily. If successful, Jio IPO could be India's largest ever.

The company has begun talks for pre-IPO placement, the size of which will depend on the fresh issue component.

Reliance Jio OFS update

Reliance Jio operates under Jio Platforms, a subsidiary of RIL. The OFS size is likely to be considerable as foreign investors, who hold 33% stake in Jio Platforms, would look for a partial or full exit, the report said.

Reliance Jio is India's largest telecom operator, with 146 crore wireless subscribers as of October 2024, according to monthly data released by telecom regulator Telecom Regulatory Authority of India (TRAI) last month.

The report, citing sources, stated that Reliance Jio's valuation could be around ₹120 billion due to Jio Platforms' investments in next-generation technologies, including a partnership with tech mammoth Nvidia to develop AI language models.

Jio Platforms reported a 17.7% year-on-year (YoY) increase in revenue to ₹37,119 crore in the second quarter of the financial year 2024-25.

The hike in tariffs resulted in a 7.4% YoY increase in average revenue per user (ARPU) to ₹195.1. "The full impact of traffic hike to flow through in the next 2-3 quarters," RIL had said.

The per capita data consumption increased to 31GB per month with a greater mix of 5G and home users.

"Engagement levels continued to remain strong with total data and voice traffic increasing by 24% and 6.4% Y-o-Y, respectively," the company had said in an exchange filing.