Mumbai, October 4 (Udaipur Kiran News): The stage is being set for India’s largest-ever IPO, as Reliance Industries has reportedly begun initial discussions with banks for the upcoming Reliance Jio public offering. According to Bloomberg, these are early, informal conversations, with formal proceedings expected to start by the end of October 2025.

The Jio IPO is scheduled for the first half of 2026, a timeline confirmed by Reliance CMD Mukesh Ambani during the company’s recent Annual General Meeting (AGM). The telecom giant, boasting a subscriber base of over 500 million, plans to float 5% of its shares in what will likely become India’s most valuable IPO to date.

Valuation and Market Outlook

Global investment bank JP Morgan has pegged Reliance Jio’s valuation at $135 billion, while Reliance Retail — another arm expected to list soon — is valued at $143 billion. Together, Jio and Retail contribute 54% of Reliance Industries’ consolidated EBITDA (FY25) and are projected to drive all net EBITDA growth over the next three years.

Twin IPO Strategy: Jio and Retail

The planned listings of Reliance Jio and Reliance Retail will highlight India’s dual growth story — digital transformation and consumption expansion.

• Reliance Jio leads India’s digital connectivity ecosystem, serving as the gateway to Digital India.

• Reliance Retail capitalises on India’s rising middle class, spanning supermarkets, fashion, FMCG, and e-commerce.

By listing these entities separately, Reliance Industries aims to unlock shareholder value, reduce debt, and provide greater transparency on its consumer and digital earnings.

Transformative Milestone for Reliance and Indian Markets

The twin IPOs mark Reliance’s strategic shift from an energy-focused conglomerate to a diversified consumer and digital powerhouse. For investors, this represents a rare opportunity to invest directly in India’s fast-growing digital economy.

Market experts believe the Jio IPO could be a defining event for India’s equity markets, attracting global institutional capital and elevating India’s standing on the world investment map.

As Mukesh Ambani stated at the AGM, “Reliance is not just building businesses; it is building the future of India’s consumer and digital economy.” The upcoming Jio IPO is expected to be the clearest reflection of that vision.