RIL group to become India's largest conglomerate by m-cap after Jio IPO: Uday Kotak

Veteran banker Uday Kotak on Thursday said the Reliance Industries Ltd (RIL) group would become India's largest conglomerate by listed market capitalisation (m-cap) after the initial public offering (IPO) of Jio Platforms.

Speaking at the Jio Platforms IPO press conference, Kotak said, "The RIL group, after Jio's listing, will be India's largest conglomerate, based on listed market cap. This historic IPO from the group comes after nearly two decades. It will be India's largest IPO ever."

RIL has announced a price band of Rs 1,065 to Rs 1,119 per share for the IPO of its digital services subsidiary, Jio Platforms.

At the upper end of the price band, the Rs 30,213-crore public issue would surpass Hyundai Motor India's Rs 27,870-crore IPO in 2024 to become India's largest IPO by issue size. The Jio Platforms offering would exceed the previous record by Rs 2,343 crore.

Other major IPOs in India include the National Stock Exchange of India's (NSE's) Rs 22,562-crore issue in 2026, Life Insurance Corporation of India's (LIC's) Rs 20,557-crore offering in 2022, One 97 Communications (Paytm) at Rs 18,300 crore in 2021, and Tata Capital at Rs 15,512 crore in 2025.

Jio Platforms' business and infrastructure

Jio Platforms' strategy rests on three pillars: technology, its digital services platform and network infrastructure, according to the company's presentation.

Jio has filed 7,220 patents across its technology stack, the presentation said. Its infrastructure includes access to 360,537 towers and spectrum holdings of 26,800.8 MHz.

The presentation also cited 533.3 million connectivity customers and 333.6 million digital services subscriptions sold monthly, highlighting the scale of its existing customer base and services business.

Jio is also expanding its home broadband business, with 28.6 million fixed broadband customers, according to the presentation.