Jio to launch IPO in first half of 2026

As it enters its 10th year of operations, Reliance Industries’ (RIL) digital business under Jio Platforms will look to list in the first half of the next calendar year, Mukesh Ambani, chairman of the oil-to-telecom conglomerate said at its 48th annual general meeting on Friday. “Today, it is my proud privilege to announce that Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first-half of 2026, subject to all necessary approvals,” Ambani told shareholders. He added that ‘this will demonstrate that Jio is capable of creating the same quantum of value like our global counterparts. I am sure that it will be a very attractive opportunity for all investors.’ Decade of disruption: Jio’s journey to 500 million users In addition to listing on Indian exchanges the firm, which houses RIL’s telecom business under Jio Infocomm, will also chase global aspirations. “As we look ahead, Jio’s journey will progress beyond India. Our innovative technologies will now be deployed globally, ready to solve global challenges. With strategic partnerships and a clear roadmap, we will take Jio’s services to the rest of the world,” Akash Ambani, chairman, Reliance Jio Infocomm said. Mukesh Ambani also declared that Jio has crossed 500 million subscribers. As on June 30, the market leader had an average revenue per user of Rs 209, buoyed by steadily increasing data consumption, and an expanding home internet base. Analysts said that the company would be looking at a valuation of Rs 10 lakh crore to Rs 12 lakh crore. This would translate into an IPO size of Rs 50,000-Rs 60,000 crore under the current guidelines of minimum 5% dilution. However, the Securities and Exchange Board of India has recently proposed that companies with post-issue market capitalisation has opt for lower dilution of 2.5% or 2.75%. This would mean that Jio will have the option to launch an IPO of Rs 25,000 crore – Rs 30,000 crore. The company’s entry in 2016 fundamentally altered India’s telecom landscape. By offering free voice calls and sharply reducing data tariffs, Jio made mobile internet accessible to a wider base of users, spurring consumption of video, digital payments and online services. Ambani described this as ending the country’s “digital poverty,” paving the way for public digital platforms such as Aadhaar, UPI and direct benefit transfers to scale. Over the years, Jio has also positioned itself as more than a mobile operator. Its rapid 5G rollout, billed as the fastest in the world, has created the foundation for India’s next technology leap. Ambani linked this to a larger ambition: “Our motto is AI Everywhere for Everyone. Jio will herald the AI revolution in India.” In FY25, Jio reported revenues of Rs 1,28,218 crore ($15 billion), a 17% year-on-year increase. EBITDA stood at Rs 64,170 crore ($7.5 billion). Ambani said these results underlined the value already created and pointed to further potential once the company lists. “This will demonstrate that Jio is capable of creating the same quantum of value like our global counterparts. I am sure it will be a very attractive opportunity for all investors,” he said. Future of Jio’s digital and global ambitions Akash Ambani, in his address highlighted how the company has built its own technology stack in India. He cited JioAirFiber, now the world’s largest fixed wireless broadband service, and its proprietary broadband technology that avoids cable disruptions while supporting high-speed applications. Jio True 5G, he added, is already serving 220 million users across the country. “Very few companies in the world have the privilege of serving half a billion people. Fewer still do it with the consistency, commitment, and care that Jio has demonstrated,” he said. The next wave of growth, he added, will come from businesses, particularly small and medium enterprises, through platforms that are “simple, scalable, and secure.” For Jio, this represents a move towards democratising access to enterprise-grade technology. Akash Ambani also revealed the next line of consumer digital offerings from Jio includes AI-enabled smart glasses under the JioFrames brand, the next iteration of its AI Cloud services, and JioPC.