Reliance Jio Platforms, the digital and telecoms arm of Mukesh Ambani-led Reliance Industries, has put its much-anticipated initial public offering on hold for now. The move delays what was expected to be one of India’s biggest stock market debuts this year.
Valued by analysts at over $100 billion, Jio is reportedly aiming to strengthen its revenue base and expand its subscriber numbers in the core telecoms business, while also scaling up its digital offerings. These include app development, connected devices, and artificial intelligence solutions.
The company wants a more mature business profile before going public, one of the sources told the Reuters news agency. "The IPO is not happening this year — it’s simply not possible," the source added, noting that Reliance has yet to appoint investment bankers for the offering. Both sources requested anonymity, citing the confidential nature of the strategy.
Jio Platforms earned $17.6 billion in revenue last year, nearly 80 percent of which came from its telecoms arm, Reliance Jio Infocomm — the largest mobile network in India with over 488 million subscribers. While recent price hikes led to some subscriber churn, the business has since returned to growth.
In parallel, Jio is expanding its ambitions in the digital and AI space. The company has formed key partnerships with global tech giants such as Google, Meta and Nvidia to build digital infrastructure and AI solutions. It is also expected to face new competition from Elon Musk’s Starlink, which is preparing to launch satellite internet services in India.
Ambani had announced in 2019 that Jio and Reliance Retail would seek stock market listings within five years. Jio was aiming for listing in Mumbai, targeting India's largest-ever IPO.
While Jefferies estimates Jio’s valuation at $136 billion, IIFL Capital recently lowered its own forecast to $111 billion, citing rising costs and possible price hikes in late 2025. IIFL also reduced its core profit estimate for FY26 by 3 percent.
India’s IPO market had a stellar year in 2024, raising $20.5 billion — second only to the United States. Despite current global uncertainties, investor sentiment is showing signs of recovery. As of June 2025, India accounted for 12 percent of global IPO proceeds, with $5.86 billion raised, according to LSEG data.
Meanwhile, the planned IPO for Reliance Retail — which operates India’s largest supermarket chain — is also likely to be delayed, possibly until 2027 or 2028. The delay is said to be linked to operational challenges, according to one of the sources.
Reliance Retail and Jio continue to drive the group’s earnings. The energy segment, in contrast, has seen pressure from lower margins and weaker demand.
