Proposed Reliance Jio IPO billed as biggest public issue in Indian history

Hyundai Motor India's Rs 27,870-crore IPO in Oct 2024 is the biggest initial share-sale, surpassing the Rs 21,000-crore offering by LIC in May 2022

New Delhi: Reliance Jio, India’s largest telecom operator, is planning to launch its initial public offering (IPO) by the first half of 2026, which could be the biggest share-sale in the country’s history.

Addressing the annual shareholders meeting of Reliance Industries, Chairman Mukesh Ambani on Friday said Jio is aiming to list by June 2026. According to market analysts, the initial share-sale of Jio is expected to be the biggest IPO in India.

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Till now, Hyundai Motor India’s Rs 27,870 crore (about USD 3.3 billion) IPO in October 2024 is the biggest initial share-sale. This had surpassed the Rs 21,000 crore offering by Life Insurance Corporation of India (LIC) in May 2022.

Besides, other big IPOs are One97 Communications (Paytm), which mobilised Rs 18,300 crore in November 2021, Coal India’s Rs 15,199 crore IPO in October 2010, Reliance Power’s Rs 11,563 crore in January 2008, and General Insurance Corporation of India’s Rs 11,176 crore in October 2017.

Addressing the AGM, Ambani said, “Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals.”

While Ambani did not disclose the quantum of shares to be listed, markets are speculating a 10 per cent share sale. Jio Platforms — the holding company of all digital properties, including the telecom arm — is currently 66.3 per cent owned by Reliance Industries Ltd.

Meta holds a 10 per cent stake in Jio Platforms, while Google has another 7.7 per cent. PE investors have the remaining 16 per cent.

Analysts have pegged Jio’s enterprise valuation at USD 136-154 billion. In April this year, Jeferries had in a note said: “We raise our EV (enterprise value) for Jio to USD 136 billion as we roll-forward valuations to Mar-26”.

Jio, in its 10th year of operation, has crossed 500-million (50 crore) user mark. The IPO announcement comes at a time when the primary market is experiencing strong interest from both issuers and investors across various sectors.

So far this year, 50 companies got listed on the bourses with a dozen firms making debut in August itself. The companies that are making a beeline for primary markets include Tata Capital, Groww, BoAt, PhysicsWallah, Zepto and OYO.