Reliance Jio: Biggest IPO ever set at ₹14 lakh crore valuation, Bloomberg reports

News Topical, Digital Desk : Bankers have estimated a valuation of $130–$170 billion (₹11–14 lakh crore) for Jio Platforms Ltd., the digital and telecom wing of Reliance Industries Ltd. (RIL). If this valuation is finalized, Jio will become one of India's three largest companies, larger than Bharti Airtel, and the second most valuable company after Reliance Industries. Jio's IPO is expected in the first half of 2026.

Jio IPO: India's biggest offering ever! According to a Bloomberg report, investment bankers have proposed a valuation of $130–$170 billion for Jio Platforms, which could make it India's largest IPO ever. If Jio gets the top-end valuation of $170 billion, its market cap will be close to ₹14 trillion (₹14 lakh crore), making it the second-largest company in the country, ahead of HDFC Bank and Airtel.

IPO size: Potential to raise up to ₹35,000 crore - According to the new SEBI listing rules, if a company's market cap exceeds ₹5 trillion upon listing, it will have to offer shares worth at least ₹1.5 trillion (₹1.5 lakh crore) and dilute only 2.5% equity. According to this, if Jio lists at a valuation of $170 billion, the IPO size will be around $4.3 billion (₹35,000 crore) - making it the largest offering ever in India, surpassing the record held by Hyundai Motor India (₹27,000 crore). 

Jio's Business Model and Growth - Subscriber base: 506 million (as of September 2025) ARPU (average revenue per user): ₹211.4 Airtel comparison: 450 million users, ARPU ₹256 Meta and Google together invested $10 billion in Jio (in 2020). Jio has become part of an ecosystem spanning not just telecom in India, but fiber broadband, digital payments, OTT, cloud services, and AI. Bankers believe that this digital scale and data monetization capabilities could propel Jio to a value of ₹14 lakh crore. 

When could an IPO happen? Reliance Chairman Mukesh Ambani said in August 2025 that "Jio's IPO is expected in the first half of 2026." Previously, Reliance listed Reliance Petroleum in 2006. This will be the Reliance Group's first major listing in 20 years. Market experts say, "Jio IPO is not just a fundraising but will represent the digital era of India. Jio is no longer just a telecom company but has become the digital infrastructure backbone of India." 

Hint for investors: There is a possibility of value unlocking in Reliance Industries shares before Jio's IPO. Despite the 2.5% equity offer, Jio's listing value can give huge returns. Global funds are already eyeing this IPO as it is linked to the long-term growth story of India's digital market. 

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