Reliance Jio delays IPO plans: report

Billionaire businessman Mukesh Ambani’s Reliance Jio Platforms will not go ahead with its initial public offering (IPO) for now, Reuters reported, citing people in the know.

The decision comes after internal assessments that Jio could seek a higher valuation by first boosting revenue and expanding its user base, the Reuters report said, with an individual familiar with the matter telling the news agency that the company’s valuation “is already easily above $100 billion.”

The company is reportedly focusing on growing its telecom business and investing in additional digital services before proceeding with a listing.

The IPO, which was earlier expected this year, was considered one of India’s most closely watched stock listings.

Telecom continues to be Jio Platforms’ main revenue driver, contributing nearly 80% of its $17.6 billion in annual earnings.

Reliance Jio Infocomm, India’s largest telecom operator by subscribers, recently saw growth after a period marked by subscriber churn caused by tariff increases.

The company currently boasts more than 488 million users.

In recent years, Reliance has been developing digital ventures beyond telecom, including applications, smart devices, and enterprise artificial intelligence (AI) services.

It has also formed a partnership with Nvidia to build AI infrastructure and is preparing to compete with Elon Musk’s Starlink, which is expected to enter the Indian market soon.

Global tech companies such as Google and Meta have stakes in the company.

In 2019, Ambani had indicated that a listing for Jio would be considered within five years. According to media reports last year, Reliance was eyeing a 2025 listing in Mumbai.

Indian firms raised $20.5 billion through IPOs in 2024, making it the second-largest market after the US.