Reliance Jio Platforms, the telecom and digital arm of Mukesh Ambani-led Reliance Industries, has put its much-anticipated IPO plans on hold, as per a report by Reuters. Sources informed Reuters that the company has not yet appointed bankers to initiate the process and to discuss a potential stock market offering.
The IPO was seen as one of India’s most anticipated public listings, with analysts estimating the firm’s valuation to be well over $100 billion.
Jio aims for higher revenues and valuation before IPO
According to Reuters, Jio wants to strengthen its financial performance before going public. The company is focusing on increasing revenues, growing its telecom user base, and scaling up its digital services.
“Jio (IPO) is not going to happen this year, it’s just not possible. The company wants the business to be more mature,” the sources said Reuters.
Mukesh Ambani had earlier said in 2019 that Jio would move toward a stock market listing within five years. Last year, Reuters reported that the company was targeting a 2025 Mumbai listing for Reliance Jio Platforms, aiming for it to be the country’s largest-ever IPO.
Reliance has not yet responded to Reuters queries.
Telecom remains the core revenue driver for Jio Platforms
Nearly 80 per cent of Reliance Jio Platforms’ $17.6 billion annual revenue comes from its telecom arm, Reliance Jio Infocomm. The company is India’s largest telecom operator with over 488 million subscribers.
Though Jio Infocomm faced some subscribers churn due to tariff hikes, the business is back on the growth path, Reuters said citing source. IIFL Capital, in a recent report, cut Jio’s core profit estimate for FY26 by 3 per cent due to higher costs and lower-than-expected gains from the next tariff hike. It also reduced its valuation estimate from $117 billion to $111 billion. Jefferies, however, values the company at $136 billion.
According to Reuters, their source declined to share the valuation that Jio had been targeting in the IPO, but said it was already “easily above $100 billion”.
Expanding digital play and AI capabilities
Beyond telecom, Jio is investing heavily in digital technologies. The company is developing apps, connected devices, and AI solutions for businesses. It has also partnered with US-based chipmaker Nvidia to build AI infrastructure in India.
Jio is expected to face new competition in the coming months as Elon Musk prepares to launch Starlink’s satellite internet service in the country.
Reliance Retail IPO also delayed till 2027 or later
As per the same report by Reuters, the listing of Reliance Retail is also likely to be delayed. A source said the IPO is not expected before 2027 or 2028. Operational challenges such as lower earnings per square foot have prompted the company to rework its plans.
Investors stay confident despite IPO delay
Despite the delay in IPO plans, investors are not concerned. Over the past few years, Ambani has raised $25 billion for his digital, telecom, and retail ventures from global investors like KKR, Abu Dhabi Investment Authority, General Atlantic, and Silver Lake.
“The investors are not upset (about IPO delays). They know the money is sitting in front of them,” the source added to Reuters.
IPO market outlook
India’s IPO market had a record year in 2024, raising $20.5 billion—second only to the United States. Though global market sentiment turned cautious due to trade tensions and geopolitical issues, investor interest is gradually returning.
By June 2025, Indian companies had raised $5.86 billion through IPOs, accounting for 12 per cent of global proceeds, according to data from LSEG.
With inputs from Reuters