Mukesh Ambani Announces Jio's Potentially Biggest IPO in India

During the annual Reliance Industries shareholder meeting on Friday, billionaire Mukesh Ambani confirmed that Jio Platforms – the telecom arm of the conglomerate – will go public in 2026. The board finished drafting a prospectus for the initial public offering, with Ambani saying that it could raise about $4 bn (roughly £3.02 bn).

Jio’s network carries more than 500 million subscribers and has diversified into cloud computing, enterprise services and artificial intelligence. The company’s launch in 2016 introduced surprisingly low‑cost mobile data plans that quickly attracted millions of users.

In addition to its telecom footprint, Jio partnered with Elon Musk’s SpaceX last year to bring the Starlink satellite network to India, signalling the company’s broader ambition to provide global‑scale connectivity.

For investors, the timing of the IPO is crucial. With Indian stock markets experiencing volatility over the past months, the listing is being watched as a barometer of appetite for new public offerings.

Beyond the public offering, the Jio‑related listing could join a recent surge in large Indian IPOs, such as Hyundai Motor India’s $3.3 bn sale two years ago, and would be the first major Reliance venture to enter the public domain since 2006.

Analysts estimate Jio’s valuation around $180 bn, placing it among the world’s most valuable telecoms. The IPO promises to reshape perceptions of India’s potential to build technology companies with global reach and value.