Reliance Jio Shelves $100 Billion IPO Plans Amid Push for Higher Valuation

Reliance Jio Platforms, controlled by billionaire Mukesh Ambani, has put its planned initial public offering on hold and will not pursue a listing in 2025 as previously targeted. Two people with direct knowledge of the matter told Reuters (July 9, 2025) that the telecom and digital services giant aims to further strengthen its business fundamentals and boost its valuation, which analysts currently place at more than $100 billion.

Nearly 80% of Jio Platforms’ latest annual revenue of $17.6 billion stems from its core telecom arm, Reliance Jio Infocomm — India’s largest mobile operator with over 488 million subscribers (LSEG, 2025). While its telecom unit has seen subscriber churn linked to tariff increases, the business has returned to growth in 2025. In parallel, Ambani is rapidly scaling other digital verticals including apps, connected devices, and enterprise-focused AI solutions.

The company’s expansion plans include direct competition with Elon Musk’s Starlink, which is expected to roll out satellite internet services in India later this year. Jio has also teamed up with Nvidia to build AI infrastructure, while existing investors such as Google and Meta continue to back its ambitions.

Ambani first hinted at an IPO for Jio in 2019, suggesting a five-year roadmap. Last year, Reuters reported that Reliance was eyeing a Mumbai listing for Jio Platforms in 2025, in what would likely become India’s largest-ever IPO. However, both sources said no investment bankers have been engaged yet, and confirmed that “the company wants the business to be more mature” before any formal listing plans proceed.

The company has not disclosed an updated valuation target but the first source noted it remains “easily above $100 billion.” Analyst estimates vary, with IIFL Capital revising its valuation for Jio down to $111 billion in April 2025, citing rising costs and lower profit flow-through from future tariff hikes. Jefferies, meanwhile, places Jio’s valuation closer to $136 billion (IIFL Capital, Jefferies, 2025).

India’s IPO market has seen strong momentum, raising a record $20.5 billion in 2024, second only to the U.S., according to LSEG data. However, market sentiment has been mixed in 2025 due to global trade tensions and geopolitical risks. India still raised $5.86 billion in IPO proceeds through June this year, making it the world’s second-largest IPO market by share at 12% of global totals.

Separately, Reliance’s retail arm is also delaying its own listing plans. Sources said Reliance Retail’s IPO is unlikely to materialize before 2027 or 2028, as the company looks to resolve operational inefficiencies such as low earnings per square foot across its 3,000-store supermarket chain — India’s largest.

Over the past few years, Ambani has secured more than $25 billion in investments for his digital, telecom, and retail ventures from global firms like KKR, Abu Dhabi Investment Authority, General Atlantic, and Silver Lake (Reuters, 2024). One source noted that current investors are not concerned about the timeline shift, saying: “The investors are not upset about the delays. They know the money is sitting in front of them.”

Reliance has not publicly commented on the reported decision to delay the Jio IPO.