Jio Platforms Set to Become World’s Sixth-Largest Telecom Company After IPO

According to a news report, Jio Platforms, a digital services powerhouse under Reliance Industries, is reportedly preparing to initiate the process for its highly anticipated initial public offering (IPO). If realised, this move could catapult the company into the league of the world’s top 6 telecom firms by enterprise value (EV).

Industry analysts have projected Jio’s enterprise value to fall between $136 billion and $154 billion at its peak. Such a valuation would not only place Jio ahead of many global telecom giants but also make it the fastest telco to reach this stature, having commenced operations only in September 2016.

Benchmarking Global Telecom Giants

Should Jio reach its highest projected valuation of $154 billion, it would sit just behind 5 global telecom leaders in terms of market capitalisation:

• T-Mobile (USA) – $282.58 billion

• China Mobile – $232.09 billion

• AT&T – $198.67 billion

• Verizon – $184.41 billion

• Deutsche Telekom – $175.63 billion

This would position Jio Platforms above Bharti Airtel, currently holding the sixth spot globally with a market capitalisation of $131.34 billion. Additionally, Jio would overtake other prominent names like Comcast, China Telecom, NTT, Softbank, and Saudi Telecom.

Read More: India’s $26 Billion IPO Plans in FY26 Face Reality Check – Reliance Jio and NSE Brace for Impact. 

Understanding Market Cap vs Enterprise Value

While market capitalisation measures a company’s equity value based on its outstanding shares, enterprise value offers a more comprehensive financial snapshot. EV factors in debt, minority interests, preferred equity, and subtracts cash and cash equivalents, making it a more holistic metric for corporate valuation.

This distinction is particularly relevant in Jio’s case, as some analyst projections focus on EV rather than just equity market capitalisation.

The Power of Diversification: Jio’s Subsidiary Network

Jio Platforms is not just a telecom service provider—it’s a digital conglomerate. Its subsidiaries include:

• Reliance Jio – Mobile and broadband services

• Jio Satellite – Satellite broadband

• Saavn Media – Music streaming

• Jio Haptik Technologies – Conversational AI

• Asteria Aerospace – Drone technology

This vertical and horizontal diversification adds multiple revenue streams, bolstering its valuation prospects ahead of the IPO.

Strategic Investors Fuel Global Confidence

In a landmark fundraising exercise, Jio Platforms has secured ₹152,055 crore from a host of global giants, including:

• Facebook (Meta)

• Google

• Silver Lake

• KKR

• Mubadala

• General Atlantic

• Vista Equity Partners

• TPG

• ADIA (Abu Dhabi Investment Authority)

Together, these strategic investors hold a collective stake of over 32.9% in the company, underscoring international confidence in Jio’s long-term vision and business model.

Conclusion

Jio Platforms’ expected IPO could mark a significant chapter not only for the company but also for the Indian telecom and digital services landscape. With global benchmarks in sight and a history of disruptive growth, the world is watching as Jio positions itself for a possible top-tier global ranking in the telecom industry.

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