Indian digital and telecom giant Reliance Jio Platforms, led by billionaire Mukesh Ambani, has shelved plans to launch its highly anticipated initial public offering (IPO) this year. According to a report by Reuters, the telecom firm has decided to hold off until it strengthens its revenue base and subscriber count — key factors it believes will help it draw a higher valuation.
Although analysts have already predicted Jio’s valuation over of $100 billion. “IPO is not going to happen this year, it’s just not possible. The company wants the business to be more mature,” said one source as per report.
Reliance Share Declines
Following the news of the IPO plan being postponed, Reliance Industries’ shares fell nearly 2% to ₹1,510 at 2:30 PM.
The stock opened at Rs 1,531 and touched an intraday high of Rs 1,551, but as the news broke, it declined and finally settled at Rs 1,519 – a 1% drop from the previous close.
Reliance Looking For Market Dominance
Back in 2019, Mukesh Ambani had announced that Jio would go for public listing within five years. In 2023, several media reports stated that the company was eyeing a 2025 listing on the Mumbai stock exchange, with ambitions to launch India’s largest-ever IPO. So far, no investment banks have been formally appointed, indicating that Reliance is in no hurry to initiate the IPO process. The company’s reasoning appears strategic: it’s aiming to not only solidify its dominance in telecom but also scale its digital and AI-focused ventures before going public.
Jio Infocomm, the telecom arm of Reliance, had faced some headwinds recently as tariff hikes led to a drop in subscribers. However, the company appears to have regained momentum this year and now boasts a subscriber base of over 488 million.
In April, Indian brokerage IIFL Capital revised its outlook for Jio, trimming its core profit estimate for FY2025–26 by 3%. The downgrade was attributed to rising operational costs and limited benefit expected from the next round of tariff hikes, likely in late 2025. As a result, IIFL also lowered its valuation estimate for Jio from USD 117 billion to USD 111 billion.
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