Jio Reportedly Targets $114 Billion IPO Valuation

Jio Platforms, the telecom and digital-services arm of Reliance Industries, is likely to seek a valuation of about 11 trillion rupees ($114 billion) in its planned IPO, Bloomberg reported on October 6, citing people familiar with the matter. That figure is below the $130 billion to $170 billion range discussed earlier, but the proposed sale could still set a record for funds raised in India.¹⁴⁵

At the reported valuation, the shares on offer would be worth about $3.4 billion—more than the $2.9 billion raised by Hyundai Motor’s Indian unit in 2024, according to Bloomberg’s report. The proposed valuation would place Jio behind Reliance Industries and Bharti Airtel among India’s largest listed companies, if it listed at that level. These figures underline the offering’s potential scale, but they are not final pricing or a completed listing.³⁷

The reporting indicates Jio has completed an initial assessment of demand and is expected to begin meetings with potential investors to discuss valuation and pricing. The reported plan is to open the IPO in the week of October 19 and list before October 30, although the dates and other terms could change. On October 7, prediction markets priced the chance that Jio completes an IPO by December 31, 2026, at 92.3%, reflecting strong expectation of a year-end listing even as key details remain unsettled.^23M1

The next signals to watch are the investor meetings, any revision to the proposed valuation, and confirmation of the offering calendar. Until those emerge, the $114 billion figure is a reported target rather than a settled price; the planned share sale could remain one of India’s biggest even if the eventual terms differ.¹²⁶