Jio Platforms Targets $148B Valuation in Highly Anticipated 2026 IPO

As of October 25, 2025, Jio Platforms, the digital and telecom subsidiary of Reliance Industries, is preparing for a highly anticipated initial public offering (IPO) in the first half of 2026. Analysts are projecting that the company could achieve a dazzling valuation of $148 billion by September 2027, fueled by enhanced sector dynamics, a more robust tariff environment, and an accelerating shift towards 5G technologies.

ICICI Securities, a leading brokerage firm, expects Jio Platforms' upcoming IPO to fetch "premium valuations," similar to the high-profile equity raise the company undertook in the 2020-21 fiscal year. The brokerage has also raised its valuation estimates for other Indian telecom operators, citing "renewed optimism" driven by stronger financial and business fundamentals across the sector.

The report highlights that Jio Platforms' proposed listing could have a "possible positive influence on valuations" for the entire industry. This optimism is driven by an improved tariff structure and a renewed push for 5G adoption, which are expected to extend the premiumization trends in the sector.

Jio Platforms, which houses Reliance Industries' telecom and digital businesses, is widely expected to stage the biggest IPO in India's capital markets history. At the company's annual shareholder meeting in August 2025, Reliance Chairman Mukesh Ambani stated that the IPO will be a "very attractive opportunity for all investors" and promised that Jio's plans for the future are "even more ambitious."