Mukesh Ambani's Reliance Jio is set to make waves in the Indian stock market with plans for what could become the country's largest public listing. The telecom giant is preparing to file for an Initial Public Offering (IPO), aiming for a listing in the first half of 2026.

Potential Record-Breaking Valuation

The upcoming IPO has caught the attention of investors and market analysts alike, with projections suggesting it could raise between Rs 58,000 crore to Rs 67,500 crore. This estimate is based on the scenario where existing investors sell just 5% of their stake. If realized, this would far surpass the current record held by Hyundai Motor India's Rs 27,870 crore listing.

Valuation Estimates

Brokerage firms have provided varying valuations for Jio:

Goldman Sachs has provided the highest valuation at $154.00 billion, while other brokerages estimate the company's worth between $121.00 billion and $154.00 billion.

Shareholding Structure

Unlike the recent Jio Financial Services spin-off, Reliance Industries Limited's (RIL) 44 lakh shareholders will not receive direct Jio shares. Instead, they will benefit through RIL's 66.3% ownership in Jio. This structure allows RIL to maintain majority control but may result in holding company discounts.

Strong Financial Performance

Jio Platforms has demonstrated robust financial growth:

Market Position

Jio has solidified its position as a telecom powerhouse:

• Total subscribers: Over 500 million
• 5G subscriber base: Exceeding 220 million
• Global Ranking: World's second-largest telecom operator after China Mobile

Key Stakeholders

Apart from RIL's majority stake, other significant shareholders include:

• Meta (formerly Facebook): 10% stake
• Google: 7.7% stake
• Various private equity investors: 16% combined stake

The upcoming Reliance Jio IPO is poised to be a landmark event in India's capital markets, reflecting the company's strong market position and financial performance. As the first half of 2026 approaches, investors and market watchers will be keenly following developments in this potentially record-setting public offering.

Reliance Industries Limited (RIL) Chairman Mukesh Ambani announced plans to list Jio Platforms on the stock market by the first half of 2026, subject to regulatory approvals, at the company's 48th Annual General Meeting. The highly anticipated initial public offering (IPO) could potentially value Jio Platforms at $134-146 billion, positioning it among India's top five companies by market capitalization.

Jio's Growth and IPO Plans

Jio Platforms, which operates Reliance Jio, India's largest telecom operator with over 500 million subscribers, has seen remarkable growth since its inception. Mukesh Ambani stated, "I am sure that it will be a very attractive opportunity for all investors." The IPO is expected to provide exits for 14 global investors who invested Rs 1.52 lakh crore in 2020 at a $65 billion valuation, potentially doubling their returns.

Jio's financial performance has been impressive, with revenues reaching Rs 1,28,218 crore ($15.0 billion), a 17% year-on-year growth. The company's EBITDA stood at Rs 64,170 crore ($7.5 billion).

Strategic AI Partnerships

Reliance Industries also announced significant partnerships in the field of Artificial Intelligence (AI):

1. Google Cloud Partnership: RIL and Google Cloud are expanding their collaboration to accelerate India's AI adoption. Google Cloud will establish a state-of-the-art, AI-focused cloud region dedicated to Reliance in Jamnagar. This partnership aims to deliver cutting-edge, secure AI infrastructure powered by green energy and connected by Jio's advanced digital network.

2. Meta Joint Venture: Reliance and Meta (formerly Facebook) are forming a new AI-focused joint venture. The companies have jointly committed an initial investment of approximately Rs 855 crore ($100 million) to capitalize the venture, with RIL holding 70% and Meta 30%. This partnership will develop Llama-based enterprise AI solutions for Indian businesses.

New Energy and Retail Expansion

Ambani also highlighted Reliance's progress in the New Energy sector:

• Construction of the Dhirubhai Ambani Giga Energy Complex in Jamnagar is progressing rapidly.
• The company aims to scale up to 3 MMTPA of green hydrogen equivalent production capacity by 2032.
• Reliance is developing one of the world's largest single-site solar projects in Kutch, Gujarat, spanning 550,000 acres.

In the retail sector, Reliance Retail reported gross revenue growth of 8% to Rs 3,30,943 crore ($38.7 billion). The company aims to deliver 20%+ CAGR in retail revenues over the next three years.

Conclusion

The announcements made at Reliance's AGM underscore the company's commitment to leading India's digital transformation and clean energy transition. With the upcoming Jio Platforms IPO and strategic AI partnerships, Reliance is positioning itself at the forefront of technological innovation and sustainable growth in India.

Mukesh Ambani concluded, "Reliance will more than double its EBITDA by the end of its Golden Decade in 2027," reaffirming the company's ambitious growth targets across its diverse business portfolio.