Reliance's Jio Platforms Could Seek Up to $170 Billion Valuation for Landmark 2026 IPO

Investment bankers are suggesting a valuation range of $130 billion to $170 billion for Jio Platforms Ltd. as Reliance Industries Limited explores a landmark Initial Public Offering (IPO). Mukesh Ambani, Asia’s wealthiest person, has indicated the listing could occur in the first half of 2026. A valuation at the higher end would make Jio one of India's top two or three most valuable companies, exceeding the market capitalization of telecom peer Bharti Airtel Ltd. This potential IPO is years in the making, with discussions about a public offering dating back to 2019. In 2020, Meta Platforms Inc. and Alphabet Inc. collectively invested over $10 billion in Jio.

The share sale is set to be Reliance Industries Limited's first public offering of a major business unit since Reliance Petroleum Ltd.'s debut in 2006. While earlier expectations pointed to raising over $6 billion, new Indian listing regulations may limit the fundraising amount. For instance, companies with a post-listing market capitalization exceeding Rs 5 lakh crore must offer shares worth at least Rs 15,000 crore and dilute a maximum of 2.5% equity. At a $170 billion valuation, this would mean approximately $4.3 billion raised.

Details of Jio's offering are still being discussed, and a Reliance Industries Limited representative declined to comment immediately. Jio had around 506 million subscribers by the end of September 2024, with an average revenue per user (ARPU) of Rs 211.4, compared to Bharti Airtel Ltd.'s approximately 450 million subscribers and Rs 256 ARPU.

**Impact** This news has a significant positive impact on Reliance Industries Limited and the broader Indian IPO market. A successful Jio IPO at this valuation would boost market capitalization, attract substantial investor interest, and potentially set new benchmarks for fundraising in India. It signifies strong growth prospects for the digital services sector. Impact Rating: 8/10

**Glossary** - Initial Public Offering (IPO): The process by which a private company sells shares to the public for the first time on a stock exchange, becoming a publicly-traded company. - Valuation: The estimated financial worth of a company. - Market Capitalization: The total value of a company's outstanding shares, calculated by multiplying the share price by the number of shares. - Average Revenue Per User (ARPU): A metric indicating the average revenue generated from each subscriber over a specific period. - Dilute Equity: To reduce the ownership stake of existing shareholders by issuing new shares.