Investment bankers are projecting a valuation of up to $170 billion for Jio Platforms Ltd as preparations advance for what could be a record-setting initial public offering (IPO) for Reliance Industries Ltd’s wireless service branch. Sources familiar with the discussions suggest that this valuation would position Jio among the top two or three companies in India by market capitalization, surpassing rival telecom operator Bharti Airtel Ltd, currently valued at approximately ₹12.7 lakh crore ($143 billion). In contrast, Reliance Industries, overseen by Mukesh Ambani, is valued at around ₹20 lakh crore.
Ongoing negotiations with bankers have yielded valuation proposals ranging from $130 billion to $170 billion, according to anonymous sources citing the confidentiality of the talks. Ambani, Asia’s richest individual, indicated in August that the Jio listing could take place in the first half of 2026, a move that has been in consideration since he first mentioned a potential IPO back in 2019. Significant investments from Meta Platforms Inc. and Alphabet Inc., exceeding $10 billion, followed soon after in 2020.
The upcoming Jio share sale marks the first major public offering by Reliance since the debut of Reliance Petroleum Ltd in 2006. Initially anticipated to generate over $6 billion—potentially breaking the record of $3.3 billion set by Hyundai Motor India Ltd in 2024—the raised amount may fall short due to modifications in Indian listing regulations.
According to revised guidelines, companies with a post-listing market capitalization exceeding ₹5 lakh crore are required to offer at least ₹15,000 crore in shares while only diluting 2.5 percent of their equity. For Jio, this would mean approximately $4.3 billion based on the high-end valuation estimates.
The specifics of Jio’s offering remain under consideration, as stated by sources. A representative for Reliance did not provide immediate comments.
As of September’s end, Jio reported approximately 506 million subscribers with an average revenue per user of ₹211.4 for the quarter, while Bharti Airtel recorded around 450 million subscribers with an average revenue per user of ₹256. Reliance’s digital services division demonstrated a 17 percent year-on-year increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) for the July-September quarter. This growth is attributed to Jio’s expanding 5G infrastructure and its rising subscriber base, reinforcing the momentum behind the proposed IPO valuation.
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Published on November 7, 2025.
