JIO RINGS THE STREET

RELIANCE JIO IS SET TO GO PUBLIC IN 2026, IN WHAT IS TOUTED TO BE THE BIGGEST IPO IN INDIA. WILL THIS CEMENT ITS LEADERSHIP IN INDIAN TELECOM?

- BY KRISHNA GOPALAN

THE ANNUAL general meeting (AGM) of Reliance Industries Ltd (RIL), India's largest company, has for long been associated with big-ticket announcements. Over the past decade, Chairman & Managing Director Mukesh Ambani has used the occasion to announce the launch of Jio's mobile telephony service, a $10 billion foray into new energy, and a generous 1:1 bonus.

This year’s AGM on August 29 did not disappoint. The focus was Jio Platforms. “Today, it is my proud privilege to announce that Jio is making all arrangements to file for its IPO (initial public offering). We are aiming to list Jio by the first half of 2026, subject to all necessary approvals,” Ambani said.

There is a lot of anticipation in the market about the issue. Jio’s business has transformed from pure-play telecommunications into a much larger suite of technology offerings. Its telecom dominance is unquestioned; it accounted for 41% of India’s 1.16 billion subscriber base at the end of July, according to the Telecom Regulatory Authority of India. In the over the top (OTT) space, it has JioStar, which has more than 300 million subscribers and has rights to enviable properties such as the Indian Premier League and other marquee cricket tournaments.

Motilal Oswal Financial Services says the IPO, the first public issue from the RIL stable since 2006, could be the largest in India with a potential size of ₹30,000 crore, beating Hyundai Motor India's ₹27,869 crore IPO last year.

THE TECH PLAYER

At this year's AGM, Ambani outlined how Jio is capable of creating as much value as its global counterparts. “I am sure it will be a very attractive opportunity for all investors,” he said.