NEW DELHI/HONG KONG - Indian billionaire Mukesh Ambani aims for a 2025 initial public offering (IPO) for his telecom venture, Reliance Jio, which is valued at over $100 billion. Sources indicate that while the Jio IPO is on track, the retail unit's listing is postponed due to internal challenges.
Ambani, the head of Reliance Industries, has not revised his IPO timelines since 2019. Over the past few years, he has raised $25 billion for his digital, telecom, and retail businesses, attracting investments from KKR, General Atlantic, and the Abu Dhabi Investment Authority.
Reliance Jio, boasting 479 million subscribers, has become India's leading telecom provider. Analysts suggest that Jefferies has estimated the IPO valuation could reach $112 billion. Ambani's goal is for the Jio IPO to become the largest in India, surpassing Hyundai India's $3.3 billion IPO this year.
In contrast, the retail unit's IPO will likely occur after 2025, as Reliance seeks to resolve operational issues within its extensive grocery network, which includes 3,000 supermarkets. The company has not yet appointed bankers for the Jio IPO, and discussions on valuation remain ongoing.
Reliance Jio may face competition from Elon Musk's potential Starlink internet service in India, while also collaborating with Google, Meta, and Nvidia to enhance its AI infrastructure.