Tue Nov 05 02:45:03 UTC 2024: ## Reliance Jio Aims for Record-Breaking 2025 IPO, Retail Unit to Follow Later

**New Delhi/Hong Kong:** Indian billionaire Mukesh Ambani plans to take his telecom giant, Reliance Jio, public in 2025 with an IPO aiming to be India’s largest ever, surpassing Hyundai India’s $3.3 billion listing this year. While analysts value Jio at over $100 billion, Reliance Retail, the company’s retail arm, will not go public until after 2025 to address internal challenges, according to sources familiar with the matter.

Reliance Industries, the parent company, has been raising billions of dollars for its digital, telecom, and retail businesses in recent years. Jio, now India’s top telecom player with 479 million subscribers, is seen as having achieved a stable revenue stream, prompting the IPO decision.

However, Reliance Retail is facing operational issues, including losses in some brick-and-mortar stores and increased competition from quick commerce startups. The company plans to address these issues before pursuing a listing.

While Reliance Jio is expected to lock horns with Elon Musk’s Starlink internet service in India, it has also partnered with Google, Meta, and Nvidia for its AI infrastructure.

Analysts, including Jefferies, estimate Jio’s IPO valuation at around $112 billion, making it a highly anticipated event in Indian markets. The company currently plans to list Jio and Retail separately, avoiding a double IPO impact on the market.

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