Jio Platforms May Hit $170B Valuation in Upcoming IPO

India’s telecom landscape is gearing up for a potential historic listing as Reliance Industries’ wireless arm, Jio Platforms Ltd., is being valued at up to $170 billion ahead of its upcoming initial public offering. If realized, this would make Jio one of the top two or three companies in India by market capitalization, surpassing Bharti Airtel Ltd., which is valued at around $143 billion.

Discussions with investment bankers are ongoing, with valuation proposals ranging from $130 billion to $170 billion. Mukesh Ambani, Asia’s richest individual, has indicated that the Jio IPO could take place in the first half of 2026, a milestone years in the making. The company has drawn global attention, with Meta Platforms Inc. and Alphabet Inc. having invested more than $10 billion in Jio since 2020.

Initially, the Jio share sale was expected to raise over $6 billion, potentially overtaking Hyundai Motor India Ltd.’s $3.3 billion IPO in 2024. However, recent changes to Indian listing regulations could reduce the amount raised. Under the revised rules, companies with post-listing valuations above Rs 5 lakh crore must offer shares worth at least Rs 15,000 crore and dilute just 2.5% of equity. For Jio, that would translate to roughly $4.3 billion if it reaches the top-end valuation.

Jio currently serves about 506 million subscribers, with an average revenue per user of Rs 211.4 for the quarter ending September. In comparison, Bharti Airtel’s subscriber base is slightly lower at 450 million, but its average revenue per user is higher at Rs 256.

While official details of the IPO are still being finalized, market watchers suggest that Jio’s public debut could set a new benchmark for Indian corporate listings, reshaping the telecom sector’s valuation landscape and offering investors a stake in one of the country’s fastest-growing digital ecosystems.