Reliance Jio IPO at $154 billion valuation? India’s biggest listing and what investors need to know

Nearly a decade after storming India’s telecom landscape and rewriting the rules of the game, Reliance Jio is finally gearing up for what could be the biggest IPO in Indian history. The much-awaited listing, announced by billionaire Mukesh Ambani at Reliance Industries’ AGM last Friday, could value India’s largest telecom operator at up to $154 billion, or about ₹13.5 lakh crore.

Even a modest 5% stake dilution in Reliance Jio could raise between ₹58,000 crore and ₹67,500 crore, more than double the ₹27,870 crore raised by Hyundai Motor India’s record-setting IPO in October 2024.