Jio, the technology subsidiary of Reliance Industries Ltd (RIL) which houses telecom giant Reliance Jio Infocomm, is preparing for a public listing by the first half of 2026, RIL MD Mukesh Ambani said.
"Today, it is my proud privilege to announce that Jio is making all arrangements for its life. We are aiming to list by the first half of 2026, subject to all necessary approval," Ambani said at RIL's 48th annual general meeting.
Ambani further added that Jio will also expand its operations outside India, “taking our (Reliance’s) home-grown technology to people around the world”.
With this, the speculations on Jio's IPO, which have been going on for years, will come to an end. The speculations began after Ambani, in 2019, said that Jio as well as Reliance Retail will move towards listings within five years.
Throughout 2023 and early 2024, reports continued to emerge about the impending Jio IPO. Analysts and media outlets frequently discussed potential valuations, which often exceeded $100 Bn.
Earlier last month, RIL was reported to be in discussion with markets regulator SEBI for a $6 Bn (INR 52,465 Cr) IPO for Jio. The conglomerate was reportedly seeking approval for selling a 5% stake in the telecom major for the IPO owing to its belief that the market does not have the depth to absorb such a large listing.
Currently, companies with a post-issue market cap of over INR 1 Lakh Cr must offer at least INR 5,000 Cr and 5% of post-issue share capital at the time of IPO, and reach 25% public shareholding within five years of listing.
However, in a consultation paper issued last week, SEBI proposed significant relaxations to ease compliance for mega-IPOs. The consultation paper has proposed a lower initial dilution - minimum INR 15,000 Cr and just 1% of post-issue capital - for issuers with above INR 5 Lakh Cr post-issue market cap. This will be subject to at least 2.5% dilution and a longer timeline of up to 10 years to reach 25% public shareholding.
In the run up to the IPO, Jio Platforms' net profit for FY25 surged 22% YoY to INR 26,120 Cr and operating revenue zoomed 16% YoY to INR 1.28 Lakh Cr.
The momentum continued in Q1, with the company posting an operating revenue of INR 35,032 Cr, up 19% from INR 29,449 Cr a year ago. Its profit jumped 25% YoY to INR 7,110 Cr in the period.
Meanwhile, Jio also unveiled its new product lineup at the AGM, including AI-powered smart glasses Jio Frames and the next-generation Jio AI Cloud.