Mukesh Ambani: Reliance Jio Set to Make History in 2026 with Potential $170 Billion IPO

The year 2026 is poised to be a landmark year for Mukesh Ambani's telecom giant, Reliance Jio. Investment bankers are estimating a valuation of up to $170 billion, or approximately 15 lakh crore rupees, for Reliance Jio Platforms, which could see it become India's third-largest company upon its stock market listing. This event isn't only significant for the Reliance Group but also for the broader Indian stock market, as it's on track to become the largest initial public offering (IPO) in the nation's history.

Preparing for a Historic IPO

The IPO of Reliance Jio Platforms is anticipated to launch in the first half of 2026, a timeline Mukesh Ambani himself hinted at in August. This IPO will be remarkable for several reasons. Firstly, its projected valuation would place it among India's largest listed companies, alongside giants like Reliance Industries and Tata Consultancy Services. Secondly, it marks the first IPO from a major Reliance Group business unit in. Nearly two decades, with Reliance Petroleum Limited being the last to list in 2006. This offering is expected to present a significant opportunity for investors and open a new chapter in the Indian capital market.

Potential Entry into Global Telecom Elite

According to a Bloomberg report, citing sources familiar with the matter, investment bankers are proposing a valuation of up to $170 billion for Jio Platforms Limited. This proposal comes ahead of what could be a record-breaking IPO for Reliance Industries Limited's wireless carrier, while currently, discussions with bankers are ongoing, with proposals for Jio ranging between $130 billion and $170 billion. With such a substantial valuation, Jio would rank among India's top two or three largest companies by market capitalization, while this figure Importantly surpasses that of its telecom rival, Bharti Airtel Limited, which has an estimated valuation of approximately 12. 7 lakh crore rupees ($143 billion). Reliance Industries, controlled by Mukesh Ambani, currently leads the Indian market with a market cap of around 20 lakh crore rupees. If Jio achieves the highest valuation of $170 billion, it could become one of the top 5 largest telecom companies globally by market capitalization. Currently, China Mobile holds the number one spot worldwide with a market cap exceeding 21 lakh crore rupees. Japan's SoftBank follows, with a market cap of over 20 lakh crore rupees. US mobile operator T-Mobile US has a market cap of 16 lakh crore rupees, while American operator AT&T is fourth, with a market cap of approximately 15. 50 lakh crore rupees. Bharti Airtel currently ranks as the world's 7th largest company in this list. Jio's potential inclusion would make India the second country after the US to have two or more telecom companies with a market cap exceeding 10 lakh crore rupees, underscoring the growing global prominence of the Indian telecom sector.

Reliance Group's First IPO in Two Decades

For the Reliance Group, this IPO represents a significant milestone. Following the launch of Reliance Petroleum Limited in 2006, Jio's share sale will be the first public issue from a major Reliance business unit. This demonstrates Mukesh Ambani's commitment to independently developing his various businesses and bringing them to the capital markets. The preparation for Jio's IPO has been years in the making, especially since Mukesh Ambani first discussed a potential IPO in 2019. During this period, global tech giants like Meta Platforms Inc and Alphabet Inc invested over $10 billion in Jio, reinforcing global confidence in the company's potential and growth prospects.

Impact of New Listing Regulations

Initially, it was anticipated that Jio's IPO could raise over $6 billion, potentially breaking the record of $3. 3 billion set by Hyundai Motor India Limited in 2024. However, this amount is likely to be reduced following recent changes in Indian listing regulations, while under the revised rules, companies with a market cap exceeding 5 lakh crore rupees after listing must issue at least 150 billion rupees in shares and divest only 2. 5% equity, while for Jio, if it secures the highest valuation proposal, this amount would be approximately $4. 3 billion. Sources indicate that the details of Jio's offering are still under discussion, and no official statement has been released by Reliance to date.

Jio's Current Market Standing

As of the end of September, Reliance Jio had approximately 506 million subscribers, with an average revenue per user (ARPU) of 211. 4 rupees for the quarter. In comparison, Bharti Airtel had a subscriber base of around 450 million and an ARPU of 256 rupees. These figures indicate that Jio possesses a massive subscriber base, providing a strong foundation for its IPO. However, Bharti Airtel still leads in terms of ARPU, highlighting potential avenues for future revenue growth for Jio. Overall, 2026 is set to be a pivotal year for both the Indian capital market and. The global telecom industry as Reliance Jio embarks on a new chapter with its historic listing.