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The valuation of Reliance’s Jio Platforms can reach $170 billion, which will make it among the top three companies of India. The IPO may come in the first half of 2026 and under the new listing rules the company can raise about $ 4.3 billion. Jio has more than 50 crore subscribers and is strengthening its hold in the Indian telecom market, leaving Airtel behind.
New Delhi. Reliance Industries, one of India’s largest companies, is preparing for the IPO of its telecom unit Jio Platforms and according to investment bankers, its valuation is being estimated at $ 130 billion to $ 170 billion. If Jio gets upper level valuation then it will be included in the top three companies of India. That means it will leave Airtel behind. The current valuation of Airtel is around Rs 12.7 lakh crore i.e. 143 billion dollars. Let us tell you that currently the most valuable company of the country is Reliance Industries whose market cap is around Rs 20 lakh crore.
Asia’s richest man Mukesh Ambani had said in August that Jio’s IPO could come in the first half of 2026. However, the discussion about Jio’s listing has been going on since 2019. After this, in 2020, Meta Platforms and Alphabet together invested more than $10 billion in Jio.
Preparation to break the record of largest listing
Jio’s IPO will be the first public offer of a major unit of Reliance, which is coming after Reliance Petroleum in 2006. Earlier it was believed that this offering could be worth more than $6 billion, which would break the record of Hyundai Motor India’s listing of $3.3 billion in 2024. But after the implementation of the new listing guidelines, the size of the offer may now be slightly smaller.
Circumstances changed due to new rules
According to Indian rules, companies with post-listing market capitalization of more than Rs 5 lakh crore will have to sell shares worth at least Rs 15,000 crore and dilute only 2.5 percent equity. If Jio gets a valuation of $170 billion, then on this basis it can raise about $4.3 billion.
Strength in subscriber base and revenue
By September 2025, Jio has about 506 million i.e. 50.6 crore subscribers. Average revenue per user (ARPU) in that quarter stood at Rs 211.4, while Airtel’s ARPU was Rs 256 and subscriber base was around 45 crore. It is clear from this that Jio has the largest user base and it has huge potential in terms of valuation. At present, all the preparations related to the IPO and the details of the share offering are under discussion. No formal statement has been given by Reliance on this.
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