Jio Platforms Targets $170B Valuation for Landmark IPO in 2026

In November 2025, investment bankers are proposing a valuation of up to $170 billion for Jio Platforms Ltd., the wireless carrier owned by Reliance Industries. This potential valuation would position Jio among India's largest companies by market capitalization, surpassing telecom rival Bharti Airtel's $143 billion valuation.

Reliance's chairman Mukesh Ambani had previously indicated the Jio IPO could happen in the first half of 2026, several years after initial discussions about a public listing began in 2019. The offering is set to be a landmark event, potentially raising over $4 billion if Jio achieves the top-end valuation proposal.

However, revised Indian listing regulations may impact the total funds Jio can raise through the IPO. Under the new rules, companies with a post-listing market cap exceeding 5 trillion rupees must offer shares worth at least 150 billion rupees and dilute only 2.5% of equity. This could result in a lower fundraising target compared to initial expectations.

Jio has rapidly grown its subscriber base to over 500 million users as of September 2025, though its average revenue per user of 211.4 rupees trails that of Bharti Airtel at 256 rupees. The Jio IPO is set to be Reliance's first major public offering of a business unit since 2006.