Ambani’s Reliance Jio IPO set for 2025, retail debut much later, sources say

Billionaire Mukesh Ambani targets a 2025 Mumbai listing for his telecom business Jio, valued by analysts at over Rs 8.41 lakh crore, and plans to launch his retail unit’s IPO much later, two people familiar with the matter told Reuters.

Reliance Industries’ boss Ambani hasn’t updated his IPO timelines after saying in 2019 that Reliance Jio and Reliance Retail would “move towards” a listing within five years.

In recent years, Ambani, Asia’s richest man, raised Rs 2.1 lakh crore collectively for digital, telecom and retail businesses from the likes of KKR, General Atlantic and Abu Dhabi Investment Authority, valuing both ventures at above Rs 8.41 lakh crore.

The two sources said Reliance has now firmed up plans to launch the Reliance Jio IPO in 2025 as it internally believes it has achieved a stable business and revenue stream in becoming India’s No. 1 telecom player with 479 million subscribers.

But the retail business IPO is not expected until after 2025 as the company first needs to address some internal business and operational challenges, said the first source.

Oil-to-retail conglomerate Reliance Industries did not respond to a request for comment.

Reliance Jio is set to lock horns with Elon Musk if he launches his Starlink internet service in India, and Jio, which is also backed by Google and Meta, has partnered with Nvidia to develop AI infrastructure.

The sources said there was no internal decision yet on a valuation of Reliance Jio and bankers haven’t yet been appointed, but Jefferies in July pegged the company’s estimated IPO valuation at Rs 9.42 lakh crore.

Reliance, however, aims for the 2025 Jio IPO to be India’s biggest ever, overtaking Hyundai India’s record Rs 27,757 crore IPO this year, said the first source.

Both the sources, who declined to be named as the discussions are private, said the IPO timelines can still change.

Indian markets recently scaled record highs and by October, 270 companies had raised Rs 1.05 lakh crore from Indian IPOs this year, eclipsing the Rs 62,415 lakh crore raised in all of 2023.