By Obinna Uballa
Reliance Jio Infocomm, India’s largest telecom operator, is set to hit the stock market in the first half of 2026, in what could become the country’s biggest-ever initial public offering (IPO).
The announcement was made on Friday by Mukesh Ambani, chairman of Reliance Industries and India’s richest man, during a virtual address to shareholders.
Ambani highlighted Jio’s rapid growth since its launch in 2016, noting that the company’s user base has surpassed 500 million.
“Just a week from now, Jio will enter its 10th year of service to the nation. Looking back, these years have been the most glorious in India’s digital history,” he said.
Reliance Industries currently holds a 66.5% stake in Jio Platforms Ltd, which owns Reliance Jio Infocomm, CNBC reported.
Ambani also revealed plans to expand Jio’s operations beyond India, though he did not provide a timeline for the move.
According to a recent Bank of America Global Research report, Jio is valued at approximately $115 billion based on projected cash flows. Its closest rival, Bharti Airtel, carries a market capitalization of $128.7 billion and trades at a price-to-earnings ratio of 31.92, per LSEG data.
Reports last month had indicated that Reliance Industries may sell a 5% stake in Jio ahead of the IPO, potentially raising about $6 billion. This would surpass Hyundai Motor India’s $3.3 billion offering in October 2024 — currently the largest IPO in India’s history.
Recall that the Securities and Exchange Board of India (SEBI) recently proposed easing listing norms for large offerings, allowing companies with valuations between ₹1 trillion and ₹5 trillion to offer just 2.5% to 2.75% of shares to the public, compared to the existing 5% requirement.
However, analysts warn that an IPO of this magnitude could test the depth of India’s capital markets. Hyundai’s record deal was oversubscribed more than twice, primarily by institutional investors, while retail participation remained modest.
