Jio IPO planned for first half of 2026: Mukesh Ambani lays out plan at Reliance AGM

Addressing the 48th Annual General Meeting of Reliance Industries Limited on Friday, chairman and managing director Mukesh Ambani announced that Reliance Jio will file its IPO in the first half of 2026.

“Jio is making all arrangements to file its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals. This will demonstrate Jio’s capability to create value on par with global counterparts and offer an attractive opportunity for investors,” Ambani said in his speech.

He also spoke about the stellar rise of Jio within just a few years.

“Just a week from now, Jio will enter its 10th year of service to the nation. Looking back, these years have been the most glorious in India’s digital history. Today, I am proud to share with you that the Jio family has crossed 500 million customers. The 500-million milestone is a symbol of your unwavering trust and support. I offer my heartfelt gratitude to each and every one of you,” Ambani said.

The Reliance Industries CMD also highlighted five achievements of Jio that transformed India’s digital landscape.

He noted that voice calls were made free across India, while mobile video consumption and digital payments quickly became everyday habits. The foundation for India’s Digital Public Infrastructure—through Aadhaar, UPI, Jan Dhan, and DBT—was laid, empowering a new, confident generation.

This digital transformation enabled India’s start-up boom, producing over 100 unicorns, and with the nationwide 5G rollout—the fastest in the world—the stage was set for an AI revolution.

Looking ahead, Ambani set out five assurances for Jio’s future:

• Universal Connectivity: Jio will connect every Indian through mobile and home broadband.

• Digital Homes: Expansion of Jio Smart Home, JioTV+, Jio TV OS, and automation.

• Enterprise Digitisation: Enabling every Indian business with simple, secure, and scalable platforms.

• AI Revolution: Motto – AI Everywhere for Everyone.

• Global Expansion: Taking Jio’s home-grown technologies worldwide.

“The path ahead for Jio is even brighter than its journey so far,” Ambani said.

While the AGM covers multiple business verticals, investor eyes are especially locked on Jio’s trajectory—specifically the much-anticipated IPO timeline, AI roadmap and technology expansion—making today’s event a critical junction for Jio’s future narrative.

1. IPO Timeline: A long-awaited breakthrough

• Reliance Jio’s IPO remains one of India’s most eagerly anticipated listings.

• Mukesh Ambani had earlier indicated plans to list Jio and Retail within five years (2019 AGM), but no firm timeline emerged until now.

• Ambani has now confirmed: Jio will file for its IPO in the first half of 2026, subject to regulatory approvals.

2. Scale of the IPO

• Estimated issue size: over Rs50,000 crore

• Potential valuation: Rs7–8 lakh crore ($85–95 billion), positioning it as one of India’s largest-ever listings

• Likely structure: Fresh equity issue + Offer for Sale (OFS) by Reliance Industries

• Filing preparations are underway; final approvals will determine the exact launch window.

3. Subscriber base: Cementing leadership

• Jio has crossed the 500 million customer milestone, India’s largest subscriber base.

• Its scale provides a formidable lead over rivals and reinforces investor confidence in sustained growth.

4. Financial performance and momentum

• Revenue growth forecast: 15–20 per cent between FY23–FY25.

• Drivers: rising EBITDA, improving margins and robust free cash flows.

• Key investor focus: tariff hikes, premium subscriber acquisition and growth in digital services.

5. 5G Rollout: Fastest in the world

• Jio’s nationwide 5G rollout has been described by Ambani as the fastest in the world.

• Early-mover advantage strengthens its dominance in mobile connectivity.

6. JioAirFiber expansion

• Target to connect 100 million households with high-speed broadband.

• Expands Jio’s reach in home broadband and enterprise connectivity, opening new revenue streams.

7. AI and digital technology push

• Ambani announced Jio’s motto: “AI Everywhere for Everyone.”

• Initiatives include AI platforms, smart home ecosystems, and enterprise digitisation.

• Underscores Jio’s ambition to be a leading AI-driven technology services provider, beyond telecom.

• Merger of JioCinema and Disney+ Hotstar India creates the country’s largest OTT platform.

• Exclusive rights to marquee properties like IPL and ICC tournaments give it unmatched scale in sports streaming.

• Dual revenue model: subscription + advertising, strengthening monetisation prospects.

9. Market leadership and digital transformation

• Since its 2016 commercial launch, Jio has transformed India’s digital landscape.

• Free voice calls, affordable high-speed internet and digital payments adoption redefined consumer habits.

• Today: India’s largest telecom operator and the second-largest single-country operator worldwide.

10. Strategic strengths and leadership

• Key strengths: affordable high-speed internet, extensive 4G/5G networks, ecosystem spanning telecom, fibre broadband, digital apps, devices, OTT, e-commerce and enterprise solutions.

• Innovation focus: continuous investments in AI, cloud and IoT to drive both consumer and enterprise growth.

Leadership details:

Founded: 2007
Commercial launch: 2016
Managing Director: Pankaj Mohan Pawar
Parent organisation: Reliance Industries Limited

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