Jio Platforms May Be Valued Up to US$170 Billion Ahead of IPO

Jio Platforms Ltd., the digital and telecom arm of Reliance Industries, is reportedly being valued at up to US$170 billion by investment bankers ahead of its much-awaited initial public offering (IPO). If the valuation is finalised at this level, Jio could become one of the largest listed companies in India, standing just behind its parent company, Reliance Industries Ltd, and ahead of telecom rival Bharti Airtel.

Valuation and Reliance Jio IPO Plans

As per reports, discussions with bankers are ongoing, and proposals for Jio’s valuation range between US$130 billion and US$170 billion. Reliance, led by Mukesh Ambani, had earlier indicated that the Jio IPO is likely to take place in the first half of 2026.

The upcoming share sale would mark Reliance’s first major public offering since the listing of Reliance Petroleum Ltd. in 2006. The IPO is expected to attract massive investor interest, given Jio’s scale, growth potential, and strong position in India’s digital ecosystem.

Impact of New Listing Rules

Initially, Jio’s IPO was expected to raise over US$6 billion, surpassing Hyundai Motor India’s record US$3.3 billion offering in 2024. However, this estimate may now be lower due to revised listing rules.

According to the new guidelines, companies with a post-listing market capitalisation of more than ₹5 lakh crore must offer at least ₹15,000 crore worth of shares, equal to 2.5% of their equity. If Jio achieves the proposed top-end valuation, the IPO could raise around US$4.3 billion.

Jio’s Market Position

Jio remains the largest telecom operator in India, with around 506 million subscribers as of September 2025. Its average revenue per user (ARPU) stood at ₹211.4 during the quarter. Bharti Airtel, its closest competitor, had 450 million subscribers with a higher ARPU of ₹256.

The company has also received strong global backing in recent years, with Meta Platforms and Alphabet investing over US$10 billion in 2020.

Read more: Ola Electric’s Auto Business Turns Profitable in Q2 FY26; Gross Margins Expand to 30.7%.

Conclusion

Jio Platforms’ upcoming IPO could be one of India’s biggest-ever listings, reflecting the company’s growing dominance in telecom and digital services. While the exact valuation and timeline are still being finalised, the offering is expected to strengthen Reliance’s leadership in India’s corporate landscape and further boost investor confidence in the country’s fast-expanding digital economy.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.