Reliance Jio Infocomm Ltd, the telecom arm of Reliance Industries Ltd (RIL), is set to go for India’s largest initial public offering (IPO) in 2026, RIL Chairman and MD Mukesh Ambani said on Friday.
“It is my proud privilege to announce that Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first-half of 2026, subject to all necessary approvals,” Ambani said while addressing the annual general meeting of RIL here. “I assure you that this will demonstrate that Jio is capable of creating the same quantum of value like our global counterparts. It will be a very attractive opportunity for all investors,” Ambani said.
While he did not specify the size of the IPO, market estimates are that the firm could raise around Rs 52,000 crore through the IPO, making it India’s largest-ever public offering.
Though the final valuation is yet to be determined, estimates consistently place Jio above $100 billion. Jefferies analysts peg it at around $136 billion, factoring in both the telecom and digital businesses. Most analysts expect the IPO valuation to fall between $111 billion and $154 billion — $111 billion being a conservative floor and $154 billion the bullish upper limit.
Ambani said Jio’s plans for the future are even more ambitious. “They rest on five assurances: Jio will connect every Indian on mobile and home broadband. Jio will equip every Indian home with digital services such as Jio Smart Home, JioTV+, Jio TV OS, and seamless automation. Jio will digitise every Indian business and enterprise with simple, scalable, and secure platforms. Jio will herald the AI revolution in India. Our motto is AI Everywhere for Everyone,” he said.
However, RIL shares were down by 2.12 per cent at Rs 1,358.20 in intra-day trading on the BSE on Friday.
Jio to expand outside India
Ambani said Jio will expand its operations outside India, taking our home-grown technology to people around the world. “I am extremely confident that the path ahead for Jio is even brighter than its journey so far,” he said.
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Akash Ambani, Chairman of Jio Infocomm, said Jio now serves over 500 million customers. “To put that number into perspective, it is more than the combined population of the US, the UK, and France. This is not just a milestone in terms of scale. It is a testament to the deep and widespread trust that Jio has earned from every corner of India. Very few companies in the world have the privilege of serving half a billion people,” he said.
RIL to become deep-tech company
According to Mukesh Ambani, RIL is resolutely transforming its operating model to become a Deep-Tech company with advanced manufacturing capabilities. “We are making every one of our businesses AI-native, positioning them for hyper-growth. Our corporate philosophy of “We Care” compels us to continuously improve the quality of our products and services in ways that promote the wellbeing of both people and planet,” he said.
“Our operating model is now led more by innovation than capital intensity. That is why we are attracting and empowering super-talented young leaders who will drive the next wave of value creation with bold innovations,” Ambani said.
“With the right set of reforms, advanced manufacturing capabilities, and a national priority on Deep Tech, our economy can grow at 10% annually. This will mean that the per capita income of Indians could rise 4-5 times within the next two decades, making India not just a prosperous nation but also a more equal nation,” Ambani said.
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“More importantly, India need not copy any foreign model. We have the ability, and the responsibility, to create an India-first model of development. This model will use Deep Tech to bring prosperity and security to India, improve the quality of life of each and every Indian, and protect the environment,” he said. This model will also harmonise technology with democracy, economy with culture, spirituality with science, and national aspirations with friendship across all nations, he said.
