Jio Platforms, the telecom and digital services arm of Reliance Industries Ltd (RIL), is preparing for its much-awaited initial public offering (IPO) in the first half of 2026. Valued by brokerages at over $100 billion (₹8.8 lakh crore), the listing is expected to become India’s largest-ever IPO, surpassing Hyundai Motor India’s ₹27,859-crore debut in 2024.
Jio IPO: India’s Biggest Listing Yet
Announcing the plans at RIL’s annual general meeting, chairman Mukesh Ambani said,
“We aim to list Jio by the first half of 2026, subject to all necessary approvals. This will be a very attractive opportunity for all investors.”
The listing will be Jio’s debut as a standalone entity and RIL’s first public listing since Reliance Petroleum in 2006.
Markets regulator Sebi’s recent proposal to reduce the minimum IPO stake sale for companies valued above ₹5 lakh crore from 5% to 2.5% could make Jio’s listing smoother. If implemented, it would allow Jio to raise capital with lower dilution while offering an exit opportunity to global investors.
Backed by Global Giants
Launched in 2016, Jio revolutionized India’s telecom sector with affordable data and digital services. The company today has 500 million subscribers and strong backing from global players such as Meta, Google, Abu Dhabi Investment Authority, Mubadala, Saudi Arabia’s PIF, and Silver Lake.
In 2020 alone, Jio raised ₹1.5 lakh crore from foreign investors, who together hold about 33% stake. The IPO will allow these investors a partial or full exit, while showcasing Jio’s growth story to new institutional and retail investors.
FMCG Business Restructuring
Alongside Jio’s IPO announcement, RIL also unveiled plans to consolidate its fast-moving consumer goods (FMCG) vertical. Currently spread across Reliance Retail and Reliance Consumer Products, the FMCG unit—with brands such as Campa Cola and Independence—will now be housed under New Reliance Consumer Products, a direct subsidiary of RIL.
Executive director Isha Ambani highlighted the potential, stating that the FMCG business, which reported ₹11,500 crore in FY25 revenue, will be scaled to ₹1 lakh crore ($11.7 billion) within five years.
This restructuring will allow sharper execution, faster innovation cycles, and stronger positioning against multinational FMCG rivals, while also laying the foundation for global expansion.
Conclusion
With Jio’s blockbuster IPO in the pipeline and a focused push into FMCG, RIL is entering a new growth phase. The moves underline Mukesh Ambani’s strategy of unlocking value through strategic listings while consolidating consumer businesses to capture India’s booming domestic demand.
