Investment bankers are suggesting a valuation of up to $170 billion for Jio Platforms Ltd., according to sources familiar with the discussions, in anticipation of what could be a record-setting initial public offering (IPO) for Reliance Industries Ltd.’s telecommunications branch.
If achieved, this valuation would position Jio among the top two or three companies in India by market capitalization, surpassing rival telecom operator Bharti Airtel Ltd., which is currently valued at around ₹12.7 lakh crore (approximately $143 billion). Reliance Industries itself is valued at about ₹20 lakh crore.
Negotiations with bankers are ongoing, with valuation proposals ranging significantly between $130 billion and $170 billion, as reported by anonymous sources. Mukesh Ambani, Asia’s wealthiest individual, indicated in August that the Jio listing could take place in the first half of 2026. The potential IPO has been discussed for years, with Ambani mentioning it as early as 2019. Subsequent investments from Meta Platforms Inc. and Alphabet Inc. totaled over $10 billion in Jio the following year.
The share offering is poised to be Reliance’s first public listing of a major business unit since Reliance Petroleum Ltd.’s IPO in 2006. Initially, the Jio IPO was expected to raise over $6 billion, which could have broken the record of $3.3 billion set by Hyundai Motor India Ltd. in 2024. However, this expected amount may decrease due to changes in Indian listing regulations.
Under the revised rules, companies with a post-listing market capitalization exceeding ₹5 lakh crore are required to offer shares worth at least ₹150 billion and can only dilute 2.5% of equity. Based on the maximum valuation discussed, this would amount to around $4.3 billion for Jio.
Details regarding Jio’s offering are still under consideration, and a representative from Reliance did not provide immediate comments. As of the end of September, Jio reported approximately 506 million subscribers and an average revenue per user of ₹211.4 in that quarter, while Bharti Airtel had about 450 million subscribers with an average revenue per user of ₹256.
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Published on November 6, 2025.
