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Investment bankers are valuing Jio Platforms Ltd., the digital and telecom arm of Reliance Industries Ltd. (RIL), at as much as $170 billion, according to people familiar with the matter , a figure that could make it one of India’s largest-ever initial public offerings (IPOs). If realised, the listing would value Jio ahead of rival Bharti Airtel Ltd. ( Rs 12.7 trillion or $143 billion) and just behind HDFC Bank Ltd. ($185 billion), placing it among the top three companies by market capitalisation in India, second only to its parent, Reliance Industries, which stands at roughly Rs 20 trillion ($225 billion). According to a Hindustan Times report citing Bloomberg, investment bankers’ proposals range between $130 billion and $170 billion, with discussions ongoing. The final valuation could hinge on market conditions and investor appetite closer to the listing. Mukesh Ambani, Asia’s richest man and chairman of Reliance Industries, had earlier indicated that the Jio IPO could take place in the first half of 2026. The move would mark the conglomerate’s first public offering of a major business unit since Reliance Petroleum’s debut in 2006. The IPO has been long anticipated, with Ambani having floated the idea as far back as 2019. Jio attracted over $10 billion in strategic investments in 2020 from global tech giants including Meta Platforms Inc. and Alphabet Inc., further strengthening its digital ecosystem and investor credibility. While initial expectations suggested that the Jio IPO could raise more than $6 billion, updated Indian listing rules have altered the calculus. Under the revised norms, companies with a post-listing market capitalisation above Rs 5 trillion must offer shares worth at least Rs 150 billion while diluting only 2.5% of equity. For Jio, this means a potential raise of about $4.3 billion at the upper-end valuation estimate. As of the end of September 2025, Jio had 506 million subscribers, with an average revenue per user (ARPU) of Rs 211.4 per month , compared with Airtel’s 450 million subscribers and higher ARPU of Rs 256. Despite the gap, analysts say Jio’s broad user base, dominance in rural and semi-urban regions, and integration with Reliance’s digital and retail ventures position it strongly for sustained growth. A spokesperson for Reliance Industries declined to comment on the valuation discussions. If the listing goes ahead as planned, Jio’s IPO could redefine India’s corporate landscape, signalling a new era for the country’s rapidly expanding digital economy , and potentially setting a new benchmark for global investors eyeing the Indian market.
