Reliance Jio IPO: Seven years after first listing buzz, will 2026 finally be the year?

It was RIL's 42nd annual general meeting (AGM) on August 12, 2019, that the company's chairman Mukesh Ambani announced that Jio and Reliance Retail would move towards listing within the next five years - the original public commitment that set the IPO clock ticking.

Since then, market participants have been closely tracking the company’s earnings announcements, management commentaries, annual reports, AGMs, and exclusive interviews, as the much-awaited IPO is expected to unlock significant shareholder value.

During this period, several major developments, including the COVID-19 pandemic and multiple geopolitical and global macroeconomic events, have also shaped the company’s business environment and listing roadmap.

What happened at the 48th AGM

In August 2025, Mukesh Ambani, while addressing shareholders at the company's 48th AGM (post-IPO), said that Reliance Jio will launch its IPO in the first half of 2026. Ambani announced that "Jio will now expand its operations overseas and develop its own artificial intelligence technology."

"...Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals. This will demonstrate that Jio is capable of creating the same quantum of value as our global counterparts," he said. Ambani said that Jio has now surpassed the 500 million subscriber mark, Ambani said.

"Advancing steadily towards listing"

On April 24, 2026, Reliance Industries’ (RIL) chairman, Mukesh D. Ambani, while commenting on the oil-to-telecom conglomerate’s March quarter (Q4 FY26) and FY26 results, shared an update on the IPO of Jio Platforms.

Ambani said that Jio continues to transform India’s digital landscape.

“I am happy to note that we are advancing steadily towards the listing of Jio Platforms. This will mark a defining milestone in its journey as it continues to scale new heights and contribute to India’s digital future.”

“Robust full-year EBITDA growth of 19% was driven by continuing traction in mobility, home broadband, and enterprise services. As we work to democratise access to AI tools and next-generation technology platforms, Jio is well placed to shape how India communicates, computes, and consumes content in the years ahead,” the chairman added.

Annual Report 2026

In its latest annual report that was released on Thursday, May 28, RIL said it was taking “deliberate steps” to strengthen Jio Platforms Ltd.’s governance as it readies for a planned listing of the digital unit that is expected to fetch as much as $4 billion.

Jio represents “one of the most significant transformations in India’s corporate history,” RIL Chairman Mukesh Ambani wrote in the company’s annual report released.

“As Jio evolves into a global technology leader, we are taking deliberate steps to strengthen its institutional framework, enhance transparency, and prepare it for the opportunities ahead,” Ambani wrote.

“We will continue to evaluate strategic pathways that can broaden stakeholder participation and support Jio’s long-term growth,” Ambani wrote in the annual report. However, he didn’t provide any further update on the IPO, Bloomberg reported.

Jio IPO: What analysts have said so far

Many analysts estimate that the Reliance Jio IPO could be the biggest share sale in the country's history.

Till now, Hyundai Motor India's ₹27,870 crore (about $3.3 billion) IPO in October 2024 is the biggest initial share-sale. This had surpassed the ₹21,000 crore offering by Life Insurance Corporation of India (LIC) in May 2022.

Besides, other big IPOs are One97 Communications (Paytm), which mobilised ₹18,300 crore in November 2021, Coal India's ₹15,199 crore IPO in October 2010, Reliance Power's ₹11,563 crore in January 2008, and General Insurance Corporation of India's ₹11,176 crore in October 2017.

Recent updates

In May 2026, Jio Platforms said it had appointed Akash Ambani as managing director of the company ahead of its initial public offering, according to a regulatory filing.

Anticipated IPO and leadership role

Jio Platforms is expected to file draft papers for its IPO by the end of May or in June. "Akash M Ambani...appointed as managing director of the company, for a period of 5 years with effect from April 9, 2026," the filing dated May 7 said.

Geopolitical risks: A major headwind

In late April 2026, CreditSights, a leading provider of independent credit research, said Reliance Industries' planned listing of its digital arm Jio Platforms could be delayed to the second half of fiscal 2027 due to geopolitical tensions in the Middle East.

In its commentary on FY26 earnings of India's most valuable company, CreditSights said the management in the earnings call shared that "the Jio IPO was imminent."

Earlier market rumours reported that the IPO could come as early as May, with Reliance looking to shed 2.5-3% stake from its existing 67% stake in Jio for close to $4 billion (₹37,500 crore).

"We believe the Mideast conflict may delay Jio's IPO towards the second half of the year," CreditSights, part of the Fitch Group, said. "A Jio IPO will raise cash for debt repayment and capex, and improve Jio's competitiveness against rivals Bharti and Vodafone Idea."

Jio Platforms financials

Jio Platforms posted a 13% increase in profit after tax (PAT) to ₹7,935 crore in the March quarter of FY26 (Q4 FY26), RIL said in a company filing on Friday.

The company had posted a PAT of ₹7,022 crore in the year-ago period.

The revenue from operations during the quarter increased 12.5% to ₹38,259 crore from ₹39,853 crore seen in the year-ago period.

The average revenue per user (ARPU) of the company, which houses telecom firm Reliance Jio, increased 3.8% to ₹214 during the reported quarter from ₹206.2 a year ago.