The largest IPO (Initial Public Offer) of India is cooking right now. Reliance Industries owned telecom operator, Reliance Jio, with over 500 million customer base will IPO in the first half of 2026. The IPO timeline was confirmed by Mukesh Ambani, CMD, Reliance Industries at the recently held AGM (Annual General Meet) of the company.
Now, as per Bloomberg, Reliance has begun informal conversations with the banks for the Jio IPO. Formal proceedings could start by the end of this month. This will be India's largest ever IPO, even when Jio will only float 5% of the company shares to the market.
As per JP Morgan, Reliance Jio is valued at $135 billion while Reliance Retail, another subsidiary of Reliance Industries expected to IPO in the near future is valued at $143 billion. Reliance Jio and Reliance Retail, both are expanding their business fast and by the time they go for the IPO, their book value might be even higher.
JP Morgan said that the retail and the telecom business of Reliance accounts for about 54% of its total consolidated Ebitda in FY25. These companies are the ones that will likely account for all the net Ebitda growth in the next three years, estimates JP Morgan.
The planned listing of Reliance Retail alongside Jio will further amplify investor interest. Together, the two businesses capture India’s twin growth stories: digital transformation and consumption-led expansion.
Reliance Jio is spearheading India’s digital connectivity and services ecosystem, positioning itself as the gateway to digital India.
Reliance Retail is capitalising on India’s rising middle class and organised consumption shift, with operations spanning supermarkets, fashion, e-commerce, and FMCG.
For Reliance Industries, spinning off these subsidiaries into separately listed entities allows it to unlock shareholder value, de-leverage its balance sheet, and provide clear visibility on the earnings trajectory of its consumer-focused businesses.
For Reliance, the twin IPOs of Jio and Retail will mark a decisive shift in its identity—from an energy-led conglomerate to a diversified consumer and digital powerhouse. For investors, it presents an opportunity to participate in India’s digital growth story at scale. And for the Indian equity market, it could be the defining event that places it firmly on the global investment map.
As Mukesh Ambani himself framed at the AGM, Reliance is not just building businesses; it is building the future of India’s consumer and digital economy. The upcoming Jio IPO is the clearest testament to that vision.
