Jio Platforms IPO Off the Cards in 2025...
10 Jul, 2025
One of the most anticipated IPOs of 2025, with a value estimated at over $100 billion, what earlier was being projected as India’s largest ever IPO, the Reliance Jio Platforms, the telecom and digital arm of Reliance Industries, has now been postponed. With this decision in place, the company now aims to focus on strengthening its core telecom revenue, expanding subscriber numbers and further scaling its digital and AI offerings before entering the public markets.
The offering was set to be an equity issue through a public debut, which allowed it to raise capital from external investors. However, with all the procedures put on hold, no final valuation has been set and no bankers have been appointed yet. The IPO is now delayed beyond 2025 and no revised timelines have been disclosed, while stating that the business needs more time to mature before the launch.
A major share of the revenue of Jio Platforms is generated from Reliance Jio Infocomm, valued at nearly $17.6 billion, accounting for nearly 80% of the revenue while providing to a huge audience of over 488 million subscribers. The financial projection of the company in the second quarter of FY2025 showed a positive revenue growth, reportedly a 7% rise, with the increase in the net profits being 14%. The Average Revenue Per User (ARPU) rose in the fourth quarter of FY25, up from ₹178 a year earlier to ₹195. This 9.6% rise in ARPU is largely attributed to price rationalizations and increased adoption of premium plans. Global investors like Morgan Stanley, Jefferies and Citi have continued to delegate a valuation range between $110 billion and $136 billion, showcasing the company’s leadership in both telecom and digital services.
With a massive user base of over 488 million, Jio is India’s top telecom provider with massive 5G adoption, evolving the digital ecosystem. Its alliance with companies like Google, Meta and Qualcomm and $20+ billion investment in 2020, resulted in its credibility boost globally. These strategic partnerships support its ambitions in AI, cloud and next-gen connectivity. Its strong brand across urban and rural markets, combined with its cost-efficient structure, which includes in-house tech development, gives it a substantial position in India’s digital transformation.
The IPO delay has resulted in a drop of 1.9% in the stocks of Reliance Industries, resulting in concerns from investors over the slower monetization of its consumer businesses. The strategic investors and the management view the delay as a long-term value-enhancing move and thus remain optimistic. With the raised expectations of the price target of the Reliance Group, rationalize the delay of the IPO.
The postponement is a strategic move made by the company to enhance its revenue stability, AI investments and further expansion of its consumer base before the public listing. The Jio Platforms IPO remains on hold, with no further details regarding its final value and timeline, leaving the investors waiting to access one of the most significant potential public offerings, potentially positioning the company for even higher projections of its valuation. With the market awaiting and the company set to enhance its subscriber growth and focus more on revenue, the IPO remains on hold.
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