Reliance Jio Platforms, the digital arm of billionaire Mukesh Ambani’s Reliance Industries, has decided to postpone its much-anticipated initial public offering (IPO) to a later date, two sources familiar with the development told media. The company, which was expected to go public this year, has now delayed those plans.
Analysts have valued Jio at over $100 billion. According to one of the sources, the company is aiming to grow its revenue and subscriber base, particularly in its telecom business, and expand its digital services before going public in order to secure a stronger valuation.
Following the news of the delay, shares of Reliance Industries dropped sharply on the Mumbai stock exchange, falling as much as 1.8% — a loss of around $6 billion in market value. The stock closed 1.2% lower, weighing down broader market indexes.
Nearly 80% of Jio Platforms’ $17.6 billion annual revenue comes from its telecom unit, Reliance Jio Infocomm, which remains India’s largest telecom operator. However, Ambani is also focusing on building newer digital businesses, including apps, smart devices, and AI-based solutions.
Jio is also preparing to compete with Elon Musk’s Starlink, which is expected to launch in India soon. Jio counts major investors such as Google and Meta, and has also partnered with Nvidia to build AI infrastructure.
Back in 2019, Ambani had announced plans to list both Jio and Reliance Retail within five years. Last year, media reported that the company was targeting a 2025 IPO for Jio, aiming for it to be India’s largest public listing.
“Jio (IPO) is not going to happen this year, it’s just not possible. The company wants the business to be more mature,” one of the sources said.
Both sources requested anonymity, citing the confidential nature of the strategy. They also said Reliance has not yet appointed any investment bankers to begin IPO preparations. The company did not respond to Reuters’ requests for comment.
Jio Infocomm has seen some churn in its user base following tariff hikes, but it returned to growth this year and now has more than 488 million subscribers.
In April, IIFL Capital cut its 2025-26 profit forecast for Jio by 3%, citing higher operational costs and possible future price increases. The firm also revised its valuation estimate from $117 billion to $111 billion. Meanwhile, Jefferies continues to value the company at $136 billion.
The first source declined to reveal Jio’s IPO valuation target, but noted it was “easily above $100 billion”.
India had a record year for IPOs in 2024, raising $20.5 billion — second only to the United States. So far in 2025, $5.86 billion has been raised through IPOs in India, making it the world’s second-largest market for public listings, according to LSEG data.
Reuters had earlier reported that the Reliance Retail IPO had also been delayed due to operational challenges. The first source added that this IPO is unlikely before 2027 or 2028.
Jio and Retail have been driving Reliance Industries’ earnings over the past six months, while its energy business has suffered due to lower margins and weak demand.
Ambani has secured $25 billion in investments for his digital, telecom, and retail ventures from global investors such as KKR, Abu Dhabi Investment Authority, General Atlantic, and Silver Lake.
“The investors are not upset (about IPO delays). They know the money is sitting in front of them,” the media said.
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