Reliance Jio IPO: A Rs 50,000 crore issue loading? Here's what experts say
Global giants like Google and Meta had invested $20 billion in Jio Platforms in 2020, which houses Reliance’s digital and telecom assets, at a solid $58 billion valuation.
- Aug 30, 2025,
- Updated Aug 30, 2025 8:08 AM IST
Reliance Jio IPO announcement: Reliance Industries (RIL) Chairman Mukesh Ambani announced that his telecom and digital entity Reliance Jio is on the track to launch its long-awaited IPO in the first half of 2026. Ambani made this announcement on Friday, while addressing shareholders at its 48th annual general meeting (AGM).
The announcement of Reliance Jio IPO has left investors abuzz over the potential issue size of the offering by the Mukesh Ambani led conglomerate. However, the common notion agreed that Jio's forthcoming primary offering is set to become the largest ever IPO in the Indian stock market history, dwarfing the size of Hyundai Motor India.
At Reliance Industries' 48th AGM, there were several significant announcements. Mukesh Ambani announced Reliance Jio's plans to go public in the first half of 2026 as part of a proposal for a potential largest-ever Indian IPO, said Master Capital Services.
Sunny Agrawal, Head of Fundamental Research at SBI Securities believes that Reliance Jio is likely to be valued around $113-120 billion (Rs 10-10.50 lakh crore). Even at a 5 per cent dilution, the issue is likely to be around Rs 50,000-52,500 crore, making it the largest ever IPO in Indian history.
"The company has already crossed 500 million (50 crore) subscriber base in India," Agrawal said. "Going forward, ARPU growth trend and generation of free cash flow will be keenly tracked by the street."
Global giants like Google and Facebook-parent Meta had invested nearly $20 billion in Jio Platforms in 2020, which houses Reliance’s digital and telecom assets, at a solid $58 billion valuation. Market participants expect the valuation to at least double in the six years since, creating value for the investors.
Jio’s IPO has the potential to become India’s largest IPO, given its scale and the anticipation surrounding it. The offering is expected to raise around Rs 52,000 crore, backed by Jio’s current valuation of nearly $120 billion, said Arpit Jain, Joint MD at Arihant Capital Markets. Given its size, valuation, and investor interest, Jio’s IPO is very likely to set a new benchmark, he said.
"This is made possible due to SEBI’s relaxed rules for mega IPOs, where companies with a market capitalisation of over Rs 5 lakh crore are allowed to dilute only 2.5 per cent instead of the usual 5 per cent minimum reduction in promoter holding. This IPO will mark the first opportunity for global marquee investors, who have already invested in Jio, to partially dilute their stakes," Jain adds.
To give a context, India's biggest ever IPO so far has been Hyundai Motor India, which raised more than Rs 27,850 crore via its primary stake sale. Among the biggest IPOs, LIC of India (Rs 21,000 crore), Paytm-parent One97 Communication (Rs 18,300 crore) and Coal India (Rs 15,200 crore) follow Hyundai Motor India.
A significant announcement was the definitive timeline for the Jio IPO, with a target of the first half of 2026, said Santosh Meena, Head of Research at Swastika Investmart. "This is a major step toward unlocking value from RIL's high-growth digital business, providing a clear path for shareholders who have long awaited this event," he said.
The IPO would also give an exit option to marquee investors while allowing Reliance to tap global capital markets. With SEBI rules now permitting mega-IPOs to list with a 2.5 per cent minimum float, the Rs 10 lakh crore-plus listing is now feasible, paving the way for fast approvals, anchor demand, and ETF flows post-listing.
Reliance Jio IPO announcement: Reliance Industries (RIL) Chairman Mukesh Ambani announced that his telecom and digital entity Reliance Jio is on the track to launch its long-awaited IPO in the first half of 2026. Ambani made this announcement on Friday, while addressing shareholders at its 48th annual general meeting (AGM).
The announcement of Reliance Jio IPO has left investors abuzz over the potential issue size of the offering by the Mukesh Ambani led conglomerate. However, the common notion agreed that Jio's forthcoming primary offering is set to become the largest ever IPO in the Indian stock market history, dwarfing the size of Hyundai Motor India.
At Reliance Industries' 48th AGM, there were several significant announcements. Mukesh Ambani announced Reliance Jio's plans to go public in the first half of 2026 as part of a proposal for a potential largest-ever Indian IPO, said Master Capital Services.
Sunny Agrawal, Head of Fundamental Research at SBI Securities believes that Reliance Jio is likely to be valued around $113-120 billion (Rs 10-10.50 lakh crore). Even at a 5 per cent dilution, the issue is likely to be around Rs 50,000-52,500 crore, making it the largest ever IPO in Indian history.
"The company has already crossed 500 million (50 crore) subscriber base in India," Agrawal said. "Going forward, ARPU growth trend and generation of free cash flow will be keenly tracked by the street."
Global giants like Google and Facebook-parent Meta had invested nearly $20 billion in Jio Platforms in 2020, which houses Reliance’s digital and telecom assets, at a solid $58 billion valuation. Market participants expect the valuation to at least double in the six years since, creating value for the investors.
Jio’s IPO has the potential to become India’s largest IPO, given its scale and the anticipation surrounding it. The offering is expected to raise around Rs 52,000 crore, backed by Jio’s current valuation of nearly $120 billion, said Arpit Jain, Joint MD at Arihant Capital Markets. Given its size, valuation, and investor interest, Jio’s IPO is very likely to set a new benchmark, he said.
"This is made possible due to SEBI’s relaxed rules for mega IPOs, where companies with a market capitalisation of over Rs 5 lakh crore are allowed to dilute only 2.5 per cent instead of the usual 5 per cent minimum reduction in promoter holding. This IPO will mark the first opportunity for global marquee investors, who have already invested in Jio, to partially dilute their stakes," Jain adds.
To give a context, India's biggest ever IPO so far has been Hyundai Motor India, which raised more than Rs 27,850 crore via its primary stake sale. Among the biggest IPOs, LIC of India (Rs 21,000 crore), Paytm-parent One97 Communication (Rs 18,300 crore) and Coal India (Rs 15,200 crore) follow Hyundai Motor India.
A significant announcement was the definitive timeline for the Jio IPO, with a target of the first half of 2026, said Santosh Meena, Head of Research at Swastika Investmart. "This is a major step toward unlocking value from RIL's high-growth digital business, providing a clear path for shareholders who have long awaited this event," he said.
The IPO would also give an exit option to marquee investors while allowing Reliance to tap global capital markets. With SEBI rules now permitting mega-IPOs to list with a 2.5 per cent minimum float, the Rs 10 lakh crore-plus listing is now feasible, paving the way for fast approvals, anchor demand, and ETF flows post-listing.