Reliance Jio Eyes India’s Largest-Ever IPO to Raise $3.8 Billion

Reliance Jio Platforms is preparing for a blockbuster $3.8 billion initial public offering (IPO) in Mumbai, positioning it to become the largest-ever public listing in India’s corporate history. Valued recently at approximately $180 billion by investment bank Jefferies, the long-delayed IPO has pivoted from an initial offer-for-sale structure to a purely fresh fundraise. The listing follows a brief delay driven by geopolitical tensions in West Asia that temporarily cooled investor appetite for new market entries.

The conglomerate’s crown jewel is its flagship telecom unit, Reliance Jio Infocomm, which completely disrupted the domestic market upon its 2016 launch with ultra-cheap data and now serves over 500 million subscribers, commanding a massive 60% share of India’s total data traffic. For the financial year ending March 2025, Jio Platforms reported an operating revenue of $13.65 billion and a net profit of $2.8 billion. While telecom accounts for 90% of its current revenue, the firm is aggressively expanding into next-generation technology, diversifying into cloud infrastructure, app development, and advanced artificial intelligence through high-profile partnerships with tech giants like Nvidia.

Headed by Asia’s richest man, Mukesh Ambani, alongside CEO Kiran Thomas and Ambani’s three children on the board, Jio Platforms remains 66.43% owned by Reliance Industries. The company boasts a stellar lineup of global marquee backers, having raised over $20.5 billion in 2020 from 13 institutional investors. Tech titans Meta Platforms and Alphabet (Google) hold significant stakes of 9.9% and 7.7% respectively, cementing Jio’s status as a formidable global digital ecosystem ahead of its highly anticipated public debut.

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