Reliance Jio IPO likely in 2025, retail arm to debut much later: Report

Reliance Jio is gearing up for a 2025 IPO on the stock exchange, with the retail arm’s debut likely set for a later date. Billionaire Mukesh Ambani, whose telecom business Jio is valued at over $100 billion by analysts, plans to list his telecom and retail units separately, sources familiar with the matter told the publication, reported news agency Reuters.
Ambani, head of Reliance Industries Limited, last mentioned IPO timelines in 2019, stating that both Reliance Jio and Reliance Retail were working toward public listings within five years. In recent years, the conglomerate has raised $25 billion from investors like KKR, General Atlantic, and the Abu Dhabi Investment Authority, with both businesses now valued above $100 billion.
According to the two sources quoted by the news agency, Reliance now considers Jio’s business model stable, with 479 million subscribers propelling it to the top position in India’s telecom sector.
The company is targeting a 2025 listing for Jio, although the retail unit’s IPO is expected to follow later due to internal operational priorities.
While Ambani’s retail business has grown rapidly to establish a 3,000-store supermarket network, the company is addressing operational challenges before considering a public listing.
Sources noted that rapid expansion and ventures into diverse retail formats, including e-commerce, have affected store profitability and earnings per square foot, issues the company aims to resolve pre-IPO.
Reliance Jio is preparing to compete with Elon Musk’s Starlink in the Indian market, while partnerships with Google and Meta and collaboration with Nvidia for AI infrastructure strengthen its position.
Though no valuation decision has been finalised internally, Jefferies estimated Jio’s IPO valuation at around $112 billion in July. The sources added that Reliance is aiming for Jio’s IPO to surpass Hyundai India’s $3.3 billion debut earlier this year, setting a record for India’s largest IPO.
According to sources, Reliance’s approach to the IPO market will keep the retail unit listing separate from Jio’s IPO to avoid two high-profile listings within the same period.