Jio IPO Update: Reliance Begins Talks with Banks

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.

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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.