Jio Platforms is inching closer to what could be one of India’s biggest-ever stock market listings, but the timing and structure of its IPO still hinge on final government rules for mega listings.
In the recent earnings call, Jio Platforms Head of Strategy Anshuman Thakur said that the company is “internally working” on its IPO but will wait for the government to notify changes based on SEBI’s 2025 recommendations before freezing its plan.
The digital arm of Reliance Industries is targeting a public listing in the first half of 2026, assuming the new framework is notified in the “next few months”. Jio Platforms houses the telecom and digital arms of Mukesh Ambani-led Reliance Industries.
SEBI’s board had proposed easier rules for very large IPOs: companies with a market value above Rs 1 lakh crore would need to offer only 2.75 per cent of their equity at listing, and those above Rs 5 lakh crore just 2.5 per cent, versus the current 5 per cent minimum public offer.
Large issuers would also get up to 10 years to reach 25 per cent minimum public shareholding, instead of five, giving groups like Reliance more time to dilute gradually.
According to a recent Reuters report, the Centre might soon approve the cut in the minimum shares that very large companies must sell to as low as 2.5 per cent, broadly aligning with SEBI’s recommendations, though detailed notifications and rule text are still awaited.
Valuation talk and strong fundamentals
Analysts tracking the deal expect Jio Platforms to seek an enterprise valuation in the range of $101–180 billion, making it comparable to global tech and telecom majors.
If the relaxed float norms come to pass, the IPO itself is likely to involve only a small stake sale, reducing the immediate supply overhang on the market.
For the quarter ended December 2025, Jio Platforms reported an 11.3 per cent year‑on‑year jump in consolidated net profit to Rs 7,629 crore, on revenue from operations of Rs 37,262 crore, up 12.7 per cent.
Its subscriber base has crossed 51.5 crore, with 5G users at about 25.3 crore and fixed broadband subscribers above 2.5 crore; Jio’s 5G network now carries over half of its total wireless data traffic.
Average revenue per user (ARPU), a key metric for telcos, rose 5.1 per cent to Rs 213.7, helped by higher engagement and the scale‑up of digital services, even as promotional unlimited 5G offers continue.
RIL also stated that Jio AirFiber became the world’s first fixed wireless access service to cross 1 crore subscribers.
IPO mood lifted by PhonePe approval
The broader tech‑listing environment also looks more supportive. SEBI has just cleared the IPO of Walmart‑backed fintech major PhonePe, which will be an offer for sale by existing investors and could value the company at around $15 billion.
Market watchers say PhonePe’s approval and the new mega‑IPO rules together send a positive signal for large consumer‑internet offerings like Jio Platforms in 2026.