Poised to shatter IPO records, Reliance eyes a ₹522 billion Jio listing, promising exits for tech giants and redefining Dalal Street’s market history.
Reliance Industries Ltd (RIL) is reportedly exploring a record-breaking ₹522 billion initial public offering (IPO) for its telecom arm, Jio Infocomm. The move would dwarf Hyundai India’s recent ₹280 billion listing and mark the largest IPO in Indian market history.
According to Bloomberg, RIL has begun informal discussions with the Securities and Exchange Board of India (SEBI) to seek clearance for selling a 5% stake in Jio. At $6 billion, this would significantly exceed past listings.
The proposed listing is tentatively planned for next year, though timing and scale could shift based on market conditions.
The current rules require a 25% public float, but RIL is said to have argued that Indian markets may not have the depth to absorb such an extensive offering at once.
Analysts value Jio at over $100 billion. The company is reportedly aiming to grow revenues, expand its subscriber base, and strengthen its digital portfolio before finalising an IPO.
A public issue could provide an exit route for early global investors such as Meta Platforms and Google, which collectively invested over $20 billion in Reliance’s digital unit in 2020, when it was valued at $58 billion.
Earlier reports suggested RIL had shelved the IPO for 2025. However, market attention is now turning to the company’s upcoming annual general meeting (AGM), expected in August, where updates on Jio’s listing plans could emerge.
Despite underwhelming first-quarter results, brokerages including Citi and Macquarie expect stronger performance in Q2, particularly in RIL’s oil-to-chemicals and retail divisions. According to a report by The Economic Times, experts believe positive AGM announcements and favourable regulatory changes to listing norms could boost sentiment and support the share price.
If executed, the Jio IPO would set a new benchmark for Dalal Street and further cement RIL’s position as India’s most influential corporate player.
