NEW DELHI/HONG KONG, Nov 4 - Mukesh Ambani, the billionaire chairman of Reliance Industries, is targeting a listing for his telecom business Jio in Mumbai in 2025, with analysts estimating its valuation at over $100 billion.
Ambani has not revised the IPO timeline since 2019, when he indicated that both Reliance Jio and Reliance Retail would aim for a public offering within five years. Recently, he has raised $25 billion for his digital, telecom, and retail sectors from investors including KKR and Abu Dhabi Investment Authority.
Reliance Jio, which has grown to become India's leading telecom provider with 479 million subscribers, is expected to launch its IPO in 2025. However, the retail unit's IPO is projected to be delayed beyond 2025 due to operational challenges that need addressing.
Jefferies has valued the Jio IPO at approximately $112 billion, aiming to surpass Hyundai India's record $3.3 billion IPO achieved this year.
Reliance's strategy involves avoiding simultaneous listings of both Jio and retail units to prevent market saturation. The retail division has faced operational issues, including a reported 1.1% decline in sales in the latest quarter, marking its first drop in three years.
Jio Platforms, which includes telecom and digital businesses, is 33% owned by foreign investors following substantial investments totaling $17.84 billion in recent years.