Core Insights - Investment bankers are proposing a valuation of up to $170 billion for Jio Platforms Ltd ahead of a potential record-breaking IPO for Reliance Industries Ltd's wireless carrier [1][2] - This valuation would position Jio among the top two or three companies in India by market capitalization, surpassing Bharti Airtel Ltd, which is valued at approximately $143 billion [2] - Mukesh Ambani indicated that the Jio listing could occur in the first half of 2026, with discussions about the IPO dating back to 2019 [3] Valuation and IPO Details - The proposed valuation for Jio ranges from $130 billion to $170 billion, with ongoing discussions among bankers [2] - Initial expectations suggested the Jio IPO could raise over $6 billion, potentially exceeding Hyundai Motor India Ltd's record $3.3 billion offering in 2024, but this amount may be lower due to changes in Indian listing regulations [4] - Under revised rules, Jio would need to offer shares worth at least ₹15,000 crore (approximately $4.3 billion) if it achieves the top-end valuation [5] Subscriber and Financial Performance - Jio had approximately 506 million subscribers as of the end of September, with an average revenue per user of ₹211.4, while Bharti Airtel had about 450 million subscribers and an average revenue per user of ₹256 [6] - Reliance's digital services business experienced a 17% year-on-year increase in EBITDA for the July-September quarter, driven by Jio's expanding 5G network and growing subscriber base [7]