The proposed stake being considered by Reliance is far smaller than typical IPOs, which often float between 10% and 25% of equity
In sum – what you need to know:
Smaller-than-usual listing – Reliance is planning to float just 5% of Jio Platforms, aiming to raise over $6 billion—well below typical IPO norms of 10–25% equity.
Market caution drives timing – The move reflects caution over India’s market capacity; Reliance has yet to appoint bankers but is holding early talks with regulators.
IPO possibly delayed to 2026 – Chairman Mukesh Ambani is reportedly eyeing next year for the IPO, betting on continued growth in Jio’s subscriber base and revenue.
Indian conglomerate Reliance Industries is reportedly preparing a scaled-down initial public offering (IPO) for its telecom arm, Jio Platforms, aiming to raise more than $6 billion by listing just 5% of the company, according to Bloomberg.
The proposed stake is far smaller than typical IPOs, which often float between 10% and 25% of equity. Reliance has not yet appointed bankers to lead the offering but has started early discussions with stock market officials, according to the report.
Sources suggest that the company is proceeding cautiously due to concerns that India’s market may not be ready to absorb a larger offering at this time.
Earlier this month, Reliance Jio Platforms had reportedly delayed its highly anticipated IPO beyond 2025. According to a Reuters report, the company was considering to wait until it boosts revenue and user growth.
Analysts value Jio Platforms at more than $100 billion. The delay comes as the company, led by Indian billionaire Mukesh Ambani, seeks to expand its telecom subscriber base and further expand its broader portfolio of digital services — including apps, connected devices, and AI-based business solutions — before going public.
Jio Platforms is a digital services holding company and a subsidiary of Reliance Industries Limited (RIL). It owns and operates multiple digital businesses, with local telecommunications services firm Reliance Jio Infocomm being the largest and most well-known among them. Currently, about 80% of Jio Platforms’ $17.6 billion in annual revenue comes from its telecom arm.
In October last year, Reliance Jio Infocomm said it was taking a more measured approach to its 5G network expansion due to low capacity utilization and the delayed monetization of the technology. As a result, the Indian carrier is shifting its focus towards upgrading its existing 4G users to the more expensive 5G services, according to previous reports.
The current utilization of the telco’s 5G network stands at around 15%, according to sources familiar with Jio’s equipment suppliers. However, sources at Reliance Jio Infocomm had claimed that actual 5G usage is more than double that amount. Jio’s 5G infrastructure is supported by equipment from Nordic vendors Nokia and Ericsson.
Meanwhile, a Jio spokesperson said that the company’s future investments in the 5G field will be determined by demand. Industry analysts anticipate that Jio’s next phase of 5G expansion will likely occur once competition from Airtel intensifies. Jio’s 5G user base currently reaches approximately 130 million, while Airtel currently has nearly 90 million 5G customers.
In September of 2024, Mukesh Ambani, in charge of Reliance Industries, claimed Reliance Jio Infocomm had reached nationwide coverage with its 5G offering. During RIL’s 47th annual general meeting, Ambani said that more than 85% of the 5G radio cells in the country are operated by Jio.
