Mon Nov 04 21:12:32 UTC 2024: ## Reliance Jio Aims for 2025 IPO, Retail Unit to Follow Later
**Mumbai, India** – Reliance Industries, led by billionaire Mukesh Ambani, is planning to take its telecom subsidiary, Reliance Jio, public in 2025, with the retail arm’s IPO following at a later date. Sources familiar with the matter told Reuters that the company has decided to list both units separately.
Ambani had previously hinted at IPO plans for both Jio and Reliance Retail in 2019, aiming for listings within five years. Since then, Reliance has raised over $25 billion from investors, including KKR, General Atlantic, and the Abu Dhabi Investment Authority, propelling both businesses to valuations exceeding $100 billion.
Reliance views Jio’s business model as stable, with 479 million subscribers cementing its position as the market leader in India’s telecom sector. While the company is confident about Jio’s readiness for an IPO, Reliance Retail will focus on internal operational improvements before considering a public listing.
Despite rapid expansion and venturing into diverse retail formats, including e-commerce, the company is addressing profitability challenges before going public. Sources noted that Reliance Retail is working to improve store profitability and earnings per square foot.
Jio is preparing to compete with Elon Musk’s Starlink in India, while partnerships with Google and Meta and collaboration with Nvidia for AI infrastructure solidify its position in the market.
While no official valuation has been finalized, Jefferies estimated Jio’s IPO valuation at around $112 billion in July. Reliance aims to surpass Hyundai India’s $3.3 billion IPO earlier this year, setting a record for India’s largest IPO.
The company’s approach involves separating the IPOs for Jio and Reliance Retail to avoid two major listings within a short timeframe.
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