Mukesh Ambani Plans Jio IPO for 2025, Targeting India’s Largest Ever Listing
Mukesh Ambani, the billionaire chairman of Reliance Industries, is setting his sights on a 2025 initial public offering (IPO) for his telecom venture, Jio, which is currently valued at over $100 billion by industry analysts. According to two sources familiar with the matter, while the Jio IPO is firmly scheduled for 2025, Ambani’s plans for a public offering of his retail unit, Reliance Retail, are expected to be delayed.
Ambani had initially hinted at both Jio and Reliance Retail going public within five years, a statement made in 2019. Since then, his businesses have raised substantial funds—amounting to $25 billion—from investors such as KKR, General Atlantic, and the Abu Dhabi Investment Authority, which have significantly boosted the valuations of Jio, Reliance Retail, and other Reliance ventures.
The sources indicated that Reliance Industries is now focused on launching the Jio IPO in 2025, as the company feels confident in its stable business model and strong revenue streams. Jio, with its 479 million subscribers, has solidified its position as India’s leading telecom operator.
In contrast, the retail unit’s IPO will likely be postponed beyond 2025, as Reliance needs to overcome several internal operational hurdles. Reliance Industries did not provide any official comment when approached for a statement.
Ambani has ambitious plans for the Jio IPO, aiming to make it the largest listing in India’s history, surpassing Hyundai India’s $3.3 billion IPO, which set a record earlier this year. However, both sources noted that these timelines are not set in stone and may be subject to change.