India’s Reliance Jio targets early 2026 IPO in potential record-breaking listing

Reliance Jio Infocomm, India’s largest telecom operator, has announced that it is preparing for a stock market debut in the first half of 2026, in what could become the country’s biggest-ever initial public offering (IPO).

Mukesh Ambani, chairman of Reliance Industries and India’s richest man, disclosed the plan during a virtual address to shareholders on Friday. He revealed that Jio, which began operations in 2016, has now surpassed 500 million users.

“Just a week from now, Jio will enter its 10th year of service to the nation. Looking back, these years have been the most glorious in India’s digital history,” Ambani said.

Reliance Industries currently owns 66.5% of Jio Platforms Ltd, which fully controls Reliance Jio Infocomm. Ambani also indicated plans to expand Jio’s operations internationally but did not provide a timeline.

A recent Bank of America Global Research report valued Jio at $115 billion based on projected cash flows, while estimating Bharti Airtel’s India cellular business at $124 billion. Airtel, Jio’s closest rival, has a market capitalization of $128.7 billion and trades at a price-to-earnings ratio of 31.92, according to LSEG data.

In July, Bloomberg reported that Reliance Industries was considering selling a 5% stake in Jio, potentially raising about $6 billion — short of India’s 25% minimum public float requirement. If successful, the listing could surpass Hyundai Motors India’s $3.3 billion IPO last October, which is currently the largest in the country’s history.

India’s market regulator recently proposed easing listing norms for mega deals, allowing companies valued between ₹1 trillion and ₹5 trillion to float as little as 2.5–2.75% of their shares, compared to the current 5% threshold.