Reliance Approves Jio IPO, Paving the Way for One of India’s Largest Public Listings

Jio Platforms, the telecom and digital services arm of Reliance Industries, has announced plans for an initial public offering (IPO) that could be among the largest share sales in India’s history.

Speaking at Reliance Industries’ annual general meeting, Chairman Mukesh Ambani said the company’s board had approved the draft prospectus for Jio’s public listing. While the company has not yet disclosed the offer size or valuation, media reports estimate that the IPO could raise around $4 billion.

“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Ambani said during the meeting.

Launched in 2016, Jio disrupted India’s telecom sector with low-cost mobile data plans and quickly grew into the country’s largest telecom operator. The company now serves more than 500 million subscribers and has expanded into cloud computing, enterprise solutions, artificial intelligence and digital infrastructure.

The IPO announcement comes after months of anticipation. Ambani had previously indicated that Jio would go public in the first half of 2026. 

The development follows another significant move in India’s capital markets. The National Stock Exchange (NSE) recently filed draft papers for its own long-awaited IPO, which is expected to raise more than $3 billion. Together, the Jio and NSE listings could rank among the country’s largest public offerings in recent years.

Jio’s public market debut also comes as Reliance accelerates its ambitions beyond telecommunications into artificial intelligence and digital infrastructure. Earlier this month, Meta announced plans to lease capacity at an AI-enabled data centre being built by Reliance in Gujarat. The facility is expected to have a capacity of 168 megawatts and builds on Meta’s $5.7 billion investment in Jio in 2020.

Reliance’s AI ambitions are also extending into media and entertainment. Recently, JioStar, the media joint venture between Reliance Industries and Disney, announced plans to expand its AI-generated content efforts following the success of its AI-produced series Mahabharat: Ek Dharmayudh, which reportedly attracted 6.5 million views on its first day. The company is now developing several AI-led productions, including Makaraj, a new television series, Hanuman, a feature film based on the Ramayana, and multiple short-form dramas. JioStar is also looking to hire around 80 AI specialists and engineers to support its growing AI content strategy.

Ambani asserted that Jio's listing will demonstrate to the world that India can build technology companies of global scale, capability, and value. “India should not be a mere consumer of AI created elsewhere, it must become a creator, adopter, & global leader in AI,” he added.

According to investment bank Jefferies, Jio was valued at around $180 billion last year, potentially making it one of the world’s most valuable telecom companies. The proposed listing would also mark Reliance Group’s first major public offering since Reliance Petroleum’s listing in 2006.