Mukesh Ambani said Jio Platforms IPO plans are advancing, marking a key milestone. Strong growth, rising ARPU and subscriber gains support valuation, with the listing expected to unlock value and become one of Indias largest offerings.

Reliance Jio IPO soon? Here's what Mukesh Ambani said on India's largest listing plans

Synopsis

Mukesh Ambani said Jio Platforms IPO plans are advancing, marking a key milestone. Strong growth, rising ARPU and subscriber gains support valuation, with the listing expected to unlock value and become one of India’s largest offerings.

Reliance Industries Chairman Mukesh Ambani has indicated that the much-awaited listing of Jio Platforms is progressing, calling it a "defining milestone" as the telecom and digital services arm prepares for what could be India's largest IPO.

"I am happy to note that we are advancing steadily towards the listing of Jio Platforms. This will mark a defining milestone in its journey," Ambani said in an earnings release, reinforcing expectations that the company is nearing formal steps toward going public.

The comments come amid growing market anticipation around the IPO, which has been in the works for several years. Reliance is now likely to file draft papers as early as May, incorporating full-year FY26 financials, after earlier plans were delayed due to market volatility linked to geopolitical tensions.

Jio Platforms, which sits at the core of Reliance's digital strategy, has continued to deliver strong operational performance. In the March quarter, operating revenue rose 13% year-on-year to Rs 44,928 crore, while net profit increased 13% to Rs 7,935 crore, supported by subscriber additions and improving monetisation.

Operating leverage remained strong, with EBITDA rising 18% YoY, aided by margin expansion of 230 basis points. Average revenue per user (ARPU) improved to Rs 214, reflecting better customer mix and higher engagement levels.

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Data consumption trends also remained robust, with per capita usage at 42.3 GB per month and total data traffic growing around 35% YoY. Subscriber metrics were equally strong, with net additions of 9.1 million users during the quarter and churn remaining stable at 1.7%.

Ambani said Jio continues to transform India's digital ecosystem. "Robust full-year EBITDA growth of 19% was driven by continuing traction across segments," he said, adding that the company is positioning itself to play a larger role in next-generation technologies.

"As we work to democratize access to AI tools and next-generation technology platforms, Jio is well placed to shape how India communicates, computes and consumes content," he noted.

The IPO is expected to be a major trigger for Reliance Industries, with investment banks valuing Jio Platforms at around $180 billion. Depending on the final structure, the offering could raise close to $4 billion, making it one of the largest listings in India's history.

Brokerages are already factoring in the listing as a key near-term catalyst. JM Financial has flagged the IPO, along with a potential telecom tariff hike, as important triggers for the stock.

However, the listing also raises structural questions around valuation. CLSA noted that while a separate listing would allow investors to value Jio independently, it could theoretically introduce a holding company discount on Reliance’s stake. But the brokerage argued that this risk may be limited.

If Reliance sells a small stake -- around 2.5% -- Jio would have a very low free float, potentially driving scarcity premium. CLSA drew parallels with companies like Hindustan Zinc, where limited liquidity has supported higher valuations relative to peers.

The brokerage also highlighted that several emerging businesses within the Reliance ecosystem -- including FMCG, digital media, AI, data centres, and new energy -- are not fully captured in current valuations, leaving room for upside.

For Reliance, the Jio listing is more than a capital-raising event. It represents a strategic milestone in unlocking value from its digital business, which has evolved from a telecom operator into a broader technology platform spanning connectivity, content and enterprise solutions.

With Ambani’s latest comments, the timeline appears to be firming up. The market will now watch for concrete steps such as regulatory filings and final deal structure, which will determine the scale and timing of what is expected to be a landmark listing in India’s capital markets.

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