Reliance Jio IPO, the telecom arm of Mukesh Ambani-led Reliance Industries, is anticipated to launch in 2025, potentially becoming India’s largest public issue, even surpassing Hyundai Motor India’s offering. The valuation of the telecom giant at over $100 billion, marking it as a major event for the Indian market.
Ambani, chairman of Reliance Industries, has aimed for a Mumbai listing for Jio since 2019. While he mentioned moving towards listings for Reliance Jio and Reliance Retail within five years, no concrete IPO timeline was provided until this recent report. Reliance Retail’s IPO is likely to follow Jio’s public listing.
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In its recent Q2 FY25 results, Reliance Jio Infocomm recorded a 23.1% year-on-year rise in standalone net profit, reaching ₹6,231 crore. Revenue from operations also saw a strong increase of nearly 14.5%, totaling ₹28,338 crore, reaffirming Jio’s position as India’s largest private telecom operator.
Reliance Jio’s ARPU (average revenue per user) rose to ₹195.1, aided by a better subscriber mix and the ongoing impact of recent tariff hikes. This metric saw a notable improvement, up 7.4% from ₹181.7 in both Q1 FY25 and Q2 FY24, highlighting revenue growth.
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The company’s total subscriber base was reported at 478.8 million in Q2 FY25, slightly lower than 489.7 million in Q1 FY25, primarily due to SIM consolidation efforts. Jio anticipates a steadying of its subscriber base as this consolidation trend moderates in the coming months.
For Reliance Retail’s IPO, the timeline remains tentative, with an expected launch only after 2025. This delay is attributed to the need to address various internal operational and business challenges before proceeding with a public listing.
