Reliance eyes mega Jio listing at $130–170 billion valuation, bankers say

Valuation and IPO Details - Investment bankers propose a valuation for Jio Platforms Ltd. of up to $170 billion ahead of a potential record-breaking IPO for Reliance Industries Ltd.'s wireless carrier [1][2] - The proposed valuation would position Jio among the top two or three companies in India by market capitalization, surpassing Bharti Airtel Ltd., valued at approximately ₹12.7 lakh crore ($143 billion) [2] - Ongoing discussions with bankers suggest a valuation range for Jio between $130 billion and $170 billion [2] Timeline and Historical Context - Mukesh Ambani indicated that the Jio listing could occur in the first half of 2026, with discussions about a potential IPO dating back to 2019 [3] - Jio's share sale will mark Reliance's first public offering of a major business unit since Reliance Petroleum Ltd.'s debut in 2006 [3] IPO Financial Projections - Initial expectations indicated that the Jio IPO could raise over $6 billion, potentially breaking the record set by Hyundai Motor India Ltd. in 2024 with a $3.3 billion offering [4] - Revised Indian listing regulations may lower the expected amount, requiring companies with a post-listing market capitalization exceeding ₹5 lakh crore to offer shares worth at least ₹150 billion [5] Subscriber and Revenue Metrics - As of the end of September, Jio had approximately 506 million subscribers, with an average revenue per user (ARPU) of ₹211.4 [6] - In comparison, Bharti Airtel had about 450 million subscribers and an ARPU of ₹256 [6]