Reliance Jio is preparing for a public listing in the first half of 2026, which brokerage firm Motilal Oswal (MOSL) estimates could be India’s largest IPO at ₹30,000 crore. MOSL has pegged Jio Platforms Ltd (JPL)’s equity value at ₹11.9 trillion ($135 billion) and Reliance Industries Ltd (RIL)’s stake at ₹7.91 trillion ($90 billion), with an enterprise value of $151 billion.

Key Highlights

• Motilal Oswal projects Reliance Jio IPO at ₹30,000 crore, pegging JPL equity value at ₹11.9 trillion.
• Listing expected in H1 2026; analysts anticipate tariff hikes and potential record-breaking market debut.

This would surpass Hyundai India’s $3.3 billion IPO in 2024, currently the largest in the country. Analysts believe the Jio listing will provide an exit route for global investors who collectively invested over ₹1.52 trillion ($20 billion) in 2020 for a 32.97% stake led by Meta, Google, KKR, PIF, and Mubadala. RIL holds the remaining 67.03% of JPL.

Other brokerages have also valued JPL highly: Morgan Stanley at $133 billion, Citi at $135 billion, and BofA at $127 billion. MOSL said the IPO could offset any holding company discount for RIL and benefit shareholders, especially if SEBI finalizes its proposal to reduce the minimum public offer size for large companies from 5% to 2.5%.

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Market watchers expect Jio to offload around 5% equity through the IPO, according to Bloomberg. However, several analysts—including those at BofA, Nuvama, and JP Morgan—warn that RIL shareholders may not see direct value unlocking because of potential holding company valuation discounts once Jio becomes separately investible.

Brokerages also see tariff hikes as a key catalyst ahead of the IPO. Jefferies, Goldman Sachs, and JM Financial expect another 10–15% telecom tariff increase by late 2025, boosting earnings growth for Jio and rival Bharti Airtel. The IPO is also expected to accelerate Jio’s enterprise business, fixed wireless access (FWA) rollout, and potential sale of 5G technology to overseas clients.

Despite potential concerns, analysts view Jio’s IPO as a milestone that could re-rate the telecom sector and trigger fresh investor interest.