Reliance Industries’ telecom powerhouse, Jio, may finally debut on the stock market in 2025, according to a recent report by Reuters, citing insider sources. Meanwhile, Reliance Retail, the company’s massive retail division, might see its own initial public offering (IPO) at a later stage, once certain operational challenges are addressed.
Since Mukesh Ambani, Chairman of Reliance Industries Ltd (RIL), first hinted in July 2019 about plans to publicly list both Reliance Jio and Reliance Retail, he has remained quiet on the exact timing of these anticipated IPOs. With no official announcement on the horizon, speculation around the timeline continues to grow.
Both divisions of Reliance Industries hold significant valuation. Reliance Jio and Reliance Retail are each estimated to be valued above $100 billion, following the conglomerate’s efforts in recent years to secure nearly $25 billion from high-profile global investors, including KKR, General Atlantic, Google, and the Abu Dhabi Investment Authority. This funding has bolstered the digital, telecom, and retail businesses of the conglomerate, fueling its expansion.
On Monday, shares of Reliance Industries fell by as much as 4%, reaching Rs 1,285.10 during trading hours, before stabilizing above Rs 1,300. As of the session’s end, Reliance’s total market capitalization hovered around Rs 17.6 lakh crore, following last week’s bonus share issuance.
According to the Reuters report, Reliance Jio’s decision to go public in 2025 will align with the company’s goal of establishing a stable revenue base and solidifying its market position. As for Reliance Retail, internal operations and restructuring are likely to postpone its IPO until after 2025.
Reliance Jio, which boasts an impressive subscriber base of 480 million, is also gearing up for competition with Elon Musk’s Starlink, which aims to enter the Indian market with satellite-based internet services. Further strengthening its position, Jio, with backing from Google and Meta, recently announced a partnership with Nvidia to build advanced AI infrastructure in India.
While no official valuation for Reliance Jio’s IPO has been decided, a July report by Jefferies estimated it could reach $112 billion, potentially marking it as India’s largest-ever IPO. Should this valuation hold, Jio would surpass the recent $3.3 billion IPO by Hyundai, underscoring the anticipation surrounding Jio’s market debut.
