Key Points:
- Jio IPO in 2026 to raise ₹50,000+ crore, India’s biggest.
- Valued at $113–120B with 500M+ users.
- SEBI relaxes rules, boosting RIL shareholder value.
Reliance Industries Limited (RIL) Chairman Mukesh Ambani announced that the much-awaited Reliance Jio IPO, the company’s telecom and digital subsidiary, will launch its long-anticipated initial public offering (IPO) in the first half of 2026. The disclosure came during RIL’s 48th annual general meeting (AGM), setting the stage for what experts believe could be the largest IPO in Indian history.
Market analysts estimate that Reliance Jio IPO could raise between Rs 50,000 crore and Rs 52,500 crore, surpassing Hyundai Motor India’s record-breaking issue earlier this year. At a projected valuation of $113–120 billion (Rs 10–10.5 lakh crore), even a small dilution of 5 percent would make the Jio IPO the biggest the country has ever seen.
Valuation Growth and Investor Confidence
Reliance Jio currently has more than 500 million subscribers in India, cementing its position as the country’s largest telecom operator. Analysts expect the company’s Average Revenue Per User (ARPU) growth and cash flow generation to be critical factors driving investor confidence the Reliance Jio IPO.
“The issue size is likely to be around Rs 50,000–52,500 crore, making it the largest ever IPO in Indian history,” said Sunny Agrawal, Head of Fundamental Research at SBI Securities. “Going forward, ARPU growth trend and generation of free cash flow will be keenly tracked by the street.”
Global interest in Jio is not new. Back in 2020, technology giants Google and Meta invested close to $20 billion in Jio Platforms at a $58 billion valuation. Market experts suggest that the company’s current valuation of nearly $120 billion reflects both the rapid expansion of its telecom base and the growth potential of its digital ecosystem.
Arpit Jain, Joint Managing Director at Arihant Capital Markets, noted that Jio’s IPO will be closely watched worldwide. “Given its size, valuation, and investor interest, Jio’s IPO is very likely to set a new benchmark,” he said.
Regulatory Boost and Market Comparisons
A crucial factor enabling the Reliance Jio IPO is SEBI updated rules for large public offerings. Companies with a market capitalization of over Rs 5 lakh crore are now allowed to dilute just 2.5 percent of promoter holdings instead of the traditional 5 percent. This regulatory relaxation ensures that Reliance can float an issue of significant size while retaining greater control.
“This IPO will mark the first opportunity for global marquee investors, who have already invested in Jio, to partially dilute their stakes,” Jain explained.
India’s IPO market has witnessed several large offerings in recent years. Hyundai Motor India currently holds the record with a Rs 27,850 crore issue, followed by Life Insurance Corporation of India (Rs 21,000 crore), Paytm-parent One97 Communications (Rs 18,300 crore), and Coal India (Rs 15,200 crore). Jio’s estimated fundraising would not only eclipse these but potentially double the scale of India’s previous largest IPO.
Unlocking Value for Shareholders
For RIL shareholders, the Reliance Jio IPO announcement provides a long-awaited timeline for unlocking value from Reliance’s digital and telecom businesses. Santosh Meena, Head of Research at Swastika Investmart, called the move “a major step toward unlocking value from RIL’s high-growth digital business, providing a clear path for shareholders who have long awaited this event.”
The IPO is also expected to attract strong global demand, particularly from institutional investors and exchange-traded funds (ETFs). Analysts believe that the scale of the issue, combined with SEBI’s relaxed listing requirements, could lead to swift regulatory approvals, anchor investor participation, and healthy post-listing liquidity.
Outlook
Reliance Jio IPO is poised to reshape India’s capital markets, creating a new benchmark in fundraising and valuation. With a confirmed timeline and a potential issue size that could exceed Rs 50,000 crore, the offering is set to outpace all previous records. For both domestic and global investors, Jio’s public debut represents a defining moment in India’s growth story, underscoring the rising global influence of its digital and telecom sectors.
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