Jio delays IPO, listing not on cards this year

Indian telecom and digital giant Reliance Jio Platforms, led by billionaire Mukesh Ambani, has decided not to launch its IPO this year as planned, delaying one of the country's most anticipated stock offerings, two people familiar with the matter said.

- Reuters

Valued by analysts at over $100 billion, Jio wants to achieve higher revenues and a bigger subscriber base for its telecom business, and expand its other digital offerings, so that its valuation can rise further before an initial public offering, said the first person in describing the rationale for the delay.

Shares of its parent conglomerate Reliance Industries fell sharply after the Reuters report and were down 1.8% in afternoon Mumbai trade. Given its significant weighting in key indexes, Reliance's fall also dragged the broader Indian market into negative territory.