Tue Nov 05 02:12:30 UTC 2024: ## Reliance Jio Plans Massive IPO in 2025, Aiming for $100 Billion Valuation

**Mumbai, India:** Reliance Industries Ltd (RIL) is set to list its subsidiary Jio Platforms Ltd, home to India’s largest telecom company, in 2025, according to sources familiar with the development. This potential IPO, expected to be one of India’s largest, is already in the planning stages, though the selection of managing bankers is yet to be finalized.

Analysts estimate Jio’s valuation to exceed $100 billion, with Jefferies predicting a $112 billion IPO valuation. Unlike the demerger of Jio Financial Services, Jio Platforms Ltd will be a fresh listing as a subsidiary.

While existing investors will have an exit opportunity through the IPO, RIL is expected to retain majority control. RIL currently holds a 67% stake in Jio Platforms, with the remaining owned by investors including private equity players, Meta, Google, and Saudi Arabia’s Public Investment Fund.

The telecom sector in India has seen significant improvement in recent years with rising tariffs and less intense competition. Jio’s recent success in 5G rollout and tariff hikes, coupled with a 7% surge in average revenue per user (ARPU), has solidified its position as a market leader. Analysts predict a continued duopoly between Jio and Bharti Airtel, with government support for Vodafone Idea.

Meanwhile, Reliance Retail’s IPO has been delayed due to increasing competition in the quick commerce space. Despite a slight revenue decline in the September quarter, Reliance Retail remains profitable with a strong performance in its consumer retail segment.

RIL chairman Mukesh Ambani had previously indicated a five-year timeframe for listing Jio and Reliance Retail, aligning with the current 2025 target for the Jio IPO. The upcoming listing is expected to be a significant event for the Indian market and further boost the company’s growth.

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