The listing for Reliance Jio, expected to be one of India’s largest ever, could raise around $6 billion
In sum – what to know:
IPO confirmed – Reliance Jio will launch its long-awaited IPO in early 2026, aiming to raise around $6 billion at a valuation near $112 billion.
5G challenges – Despite nationwide coverage, Jio’s 5G utilization remains low (~15%), with expansion tied to demand and competition from Airtel’s 90 million 5G subscribers.
Growth strategy – Jio is prioritizing upgrades from 4G, expanding its digital services, and positioning for global-scale value creation before going public.
Mukesh Ambani, Chairman of Reliance Industries, confirmed today that the long-anticipated initial public offering (IPO) of Reliance Jio Platforms will take place in the first half of 2026, with preparations already underway.
The listing, expected to be one of India’s largest ever, could raise around $6 billion at a valuation near $112 billion, unlocking significant shareholder value and elevating Jio’s position in global capital markets.
The announcement follows months of speculation. In July, reports suggested Jio had delayed its IPO beyond 2025 to bolster revenue and user growth before going public. Analysts currently value the digital and telecom giant at more than $100 billion.
Since launching in 2016, Jio has grown into India’s largest mobile operator with more than 500 million subscribers, backed by investments from Alphabet, Meta, KKR, General Atlantic, and sovereign wealth funds. Ambani emphasized that the IPO would showcase Jio’s ability to generate global-scale value while advancing its strategy to expand mobile and broadband coverage, enhance digital services, accelerate AI adoption, and pursue international growth.
The delay, analysts say, reflects Jio’s ambition to strengthen its subscriber base and broaden its portfolio — including apps, connected devices, and AI-powered business solutions — ensuring the company enters public markets with maximum momentum.
Reliance Jio’s 5G utilization under scrutiny
Jio Platforms, a subsidiary of Reliance Industries Limited, derives about 80% of its $17.6 billion annual revenue from its telecom arm, Reliance Jio Infocomm. Yet, the telco is facing questions about how effectively it is monetizing its 5G rollout.
In October 2024, the company admitted it was taking a measured approach to 5G investments due to low utilization and delayed monetization, instead focusing on upgrading its 4G users to 5G. Sources close to equipment suppliers estimate Jio’s 5G network utilization at just 15%, though company insiders insist usage is more than double that figure.
Jio’s 5G infrastructure is supported by Nokia and Ericsson, and as of mid-2025, the carrier counts 130 million 5G subscribers. Rival Bharti Airtel trails with around 90 million, but analysts expect Jio’s next investment push to coincide with more aggressive competition.
A Jio spokesperson confirmed that future 5G investments will be tied to demand, underscoring the company’s cautious stance. Despite questions over utilization, Jio maintains it achieved nationwide 5G coverage in September 2024, less than two years after launching services.
