Reliance Jio, India’s largest telecom company, has decided not to go public in 2025. This is a big shift for what was expected to be one of India’s biggest IPOs ever.
The company, led by Mukesh Ambani, wants to first increase its revenue and grow its user base. It also wants its digital services to become stronger before listing on the stock market, two insiders told Reuters.
Reliance Jio Platforms is valued at over $100 billion by analysts. But insiders say the company is not in a hurry. “Jio IPO is not happening this year. The business needs to be more mature,” said one source.
Focus Still on Telecom and Digital Push
About 80% of Reliance Jio’s $17.6 billion annual revenue comes from its telecom arm, Jio Infocomm. The company has over 488 million users in India. While telecom is strong, Jio is now pushing harder into digital services, like apps, smart devices, and AI tools.
Jio has already partnered with tech giants like Google, Meta, and Nvidia. These alliances are expected to help Jio build future-ready services and boost its valuation.
Why the Delay?
The IPO delay isn’t just about business growth. Market conditions are also shaky. Global trade issues and Middle East tensions have made investors nervous.
Still, India raised $20.5 billion through IPOs in 2024—second only to the US. And Jio’s IPO was expected to be the crown jewel of the Indian stock market.
But so far, Reliance hasn’t even hired bankers for the IPO. Clearly, Ambani is playing the long game.
Retail IPO Also on Hold
Jio isn’t the only Reliance arm facing delay. The IPO for Reliance Retail, India’s largest supermarket chain, might not happen before 2027 or 2028.
Despite this, Reliance’s digital and retail businesses have performed well. Their strong growth has helped offset weaker results in its traditional energy sector.
What Do Investors Think?
Surprisingly, investors are not angry. Many already put in their money years ago. “They know the money is sitting in front of them,” said the source.
Ambani has raised $25 billion for Jio and Retail from top global investors like KKR, ADIA, and Silver Lake. These investors are waiting—but not worrying.
Also Read Jio BlackRock Enters Top 15 with ₹17,800 Cr Raised in Debut NFO
