Mukesh Ambani has been talking about taking Jio Platforms public for a while now. Investors are getting a little tired of waiting.
This week, Reliance Industries Ltd faces renewed scrutiny from shareholders eager to see concrete progress on a listing for its digital arm, Jio Platforms Ltd. The company originally targeted 2025 for the IPO, then pushed it to 2026. As of late May, Ambani was still describing the process in the vaguest possible terms, saying Reliance is evaluating “strategic pathways” for Jio.
A $100 billion question mark
Current valuations for the digital unit range from just over $100B to approximately $180B. The planned IPO could raise up to $4B, which would potentially rank as India’s largest public offering ever.
Jio attracted heavyweight backers during its 2019-2020 restructuring period, pulling in strategic investments from Meta, Google, and Silver Lake, among others. Those deals totaled tens of billions of dollars since 2020.
