Jio likely to hit stock markets in 2025 with largest-ever IPO

Indian billionaire Mukesh Ambani is set to launch the initial public offering (IPO) of his telecom giant, Jio, in 2025, with a projected valuation potentially surpassing USD 100 billion. The group’s other IPO, Reliance Retail, however, has been delayed.

In 2019, billionaire Mukesh Ambani hinted at the potential IPO of Reliance‘s telecom business within the next five years. Now, he has set his sights on listing Jio in 2025, with a probable target valuation exceeding USD 100 billion, the IPO may become India’s largest to date, says a report by news agency Reuters.

The reports add that while no internal decisions have been taken yet regarding the valuation of the telecom giant, investment bank Jefferies in July this year estimated its valuation to be USD 112 billion.

The telecom company boasts over 470 million subscribers and is all set to compete with Elon Musk’s Starlink internet service, if it ever gets launched in India.

In the past few years, Ambani raised over USD 25 billion collectively for his digital telecom and retail businesses from large investors like KKR, Abu Dhabi Investment Authority and General Atlantic which valued both ventures at above USD 100 billion. 

While all is going smoothly for Jio’s listing, Reliance Group is struggling with the process of bringing another of its businesses, Reliance Retail, to stock markets. The IPO has already been delayed and is now likely to happen only after Jio.

The listing plans for Jio seem to be propelled by the strong performance of the Indian IPO markets. By October 2024, Indian markets have showed a strong performance in comparison to the previous year, with over 270 companies raising USD 12 billion through IPOs, significantly surpassing 2023’s total of USD 7.42 billion.