Mukesh Ambani eyes 2025 IPO for Jio, valued at over $100 billion

Indian billionaire Mukesh Ambani is preparing for a 2025 IPO for his telecom giant Jio, valued by analysts at over $100 billion, while plans for a listing of Reliance Retail will be delayed, according to sources familiar with the matter.

Mukesh Ambani eyes 2025 IPO for Jio, valued at over $100 billion

Ambani, chairman of Reliance Industries, initially suggested in 2019 that both Jio and Reliance Retail would "move towards" public listings within five years, though no formal timeline has since been announced. In recent years, Ambani—Asia’s richest man—raised $25 billion across his digital, telecom, and retail businesses from prominent investors including KKR, General Atlantic, and Abu Dhabi Investment Authority, valuing each business at over $100 billion. Sources say Reliance now views Jio as sufficiently stable and profitable, holding its position as India’s leading telecom provider with 479 million subscribers, which has enabled it to target a 2025 listing. The retail unit, however, is not expected to go public until after 2025 due to ongoing internal business and operational challenges.

Waves in Indian IPO market

Reliance Jio’s IPO is poised to make waves as India’s largest-ever listing, with the company aiming to surpass the $3.3 billion record set by Hyundai India’s IPO earlier this year. Although Reliance has yet to finalize a valuation or appoint bankers, Jefferies estimated Jio’s IPO valuation at $112 billion as of July. If Starlink, Elon Musk’s satellite internet company, enters India, Jio could face direct competition in the market. Jio, backed by both Google and Meta, has recently partnered with Nvidia to develop AI infrastructure, underscoring its technological ambitions. The IPO market in India is robust, with record-high indices and $12.58 billion raised across 270 IPOs by October 2024, already exceeding the $7.42 billion raised in all of 2023. While Jio’s IPO is set to benefit from favorable market conditions, both sources indicated that timelines may still shift depending on market dynamics and internal readiness.