Reliance Industries’ digital and telecom arm, Jio Platforms, is preparing for a major stock market debut that could value the company at up to $170 billion. Early estimates from leading investment banks suggest that the proposed valuation range being considered lies between $130 billion and $170 billion, reports Bloomberg. If it happens, it would become one of the largest IPOs in India’s history and place Jio among the most valuable digital companies globally. The proposed public listing, expected to take place in the first half of 2026, was first hinted at by Reliance chairman Mukesh Ambani during the company’s annual general meeting (AGM) in August 2025.
However, the report also suggests that while the valuation figures are ambitious, the actual fundraising size at the IPO is likely to be more modest due to regulatory requirements. Under India’s new listing norms, companies with a post-listing market capitalisation above ₹5 lakh crore (~ $60 billion) must offer at least 2.5% of their equity to the public. And based on Jio’s upper valuation estimate, that would translate into a share sale worth around $4.3 billion (smaller than earlier projections of a $6 billion issue).
At present, Jio Platforms stands as India’s largest telecom and digital services provider. As of September 2025, the company had around 506 million subscribers, maintaining its dominant market share in India’s telecom sector. Its average revenue per user (ARPU) increased to ₹211.4 for the September quarter. The company has also expanded its footprint beyond mobile connectivity into broadband, digital content, cloud services, enterprise solutions, and fixed wireless access using 5G and UBR-FWA technologies. This diversification is considered to be the reason for Jio’s massive valuation expectations.
Till now, Jio Platforms has attracted a series of high-profile global investors over the years. In 2020, Meta (then Facebook) invested about $5.7 billion for a 9.99% equity stake, while Google followed with a $4.5 billion investment for 7.73% equity. In total, the telecom giant has raised nearly $20 billion from a mix of global technology companies and private equity funds so far.
It is also worth noting that Jio’s main competitor in the country, Bharti Airtel, currently holds an estimated market capitalisation of around $139 billion. On the other hand, another competitor, Vodafone Idea, remains much smaller, with a market valuation of about $12–13 billion, as it continues to face financial challenges and network expansion hurdles.
Notably, the company has already delayed its IPO plan once, as it was first expected to take place earlier this year (2025). The company chose to postpone the plan to first build and strengthen its new digital capabilities and expand beyond its core telecom business. While the telecom arm remains the company’s biggest revenue driver (accounting for nearly 80% of total revenue), Jio is increasingly investing in AI, cloud services, and satellite internet. Recently, the company also partnered with Elon Musk’s Starlink to offer high-speed satellite broadband services. However, at the same time, Reliance Jio (along with Airtel) is reportedly opposing the Indian government’s proposal to charge satellite internet providers a lower fee for using spectrum bands, for which these telecom firms have paid billions over the years.
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