New Delhi/Mumbai, July 9, 2025 — Reliance Jio Platforms, India’s leading telecom and digital services provider, has officially deferred its much-anticipated initial public offering (IPO), shelving plans for a 2025 listing. The decision marks a strategic pivot by the Mukesh Ambani-led conglomerate, which now aims to bolster its revenue streams and subscriber base before entering the capital markets.
Sources familiar with the matter revealed that Jio is prioritizing business maturity and valuation enhancement, particularly within its core telecom division — Reliance Jio Infocomm — which contributes nearly 80% of the company’s $17.6 billion annual revenue. The company is also expanding aggressively into digital verticals, including app development, connected devices, and enterprise-focused AI solutions, in partnership with global tech giants like Google, Meta, and Nvidia.
Despite earlier indications of a 2025 Mumbai listing — potentially India’s largest-ever IPO — Reliance has yet to appoint investment bankers or initiate formal listing procedures. Analysts currently value Jio Platforms at over $100 billion, with Jefferies estimating a peak valuation of $136 billion, although IIFL Capital recently revised its forecast downward to $111 billion, citing rising costs and muted returns from expected tariff hikes.
The delay comes amid a competitive landscape, with Jio preparing to challenge Elon Musk’s Starlink internet service, expected to launch in India later this year. Meanwhile, Reliance Industries shares fell 1.8% following the news, dragging broader market indices due to its significant weightage.
Investor sentiment remains largely positive. Having collectively invested $25 billion in Reliance’s digital, telecom, and retail ventures, stakeholders such as KKR, Abu Dhabi Investment Authority, General Atlantic, and Silver Lake reportedly support the company’s long-term growth strategy.
Separately, the IPO of Reliance Retail — India’s largest supermarket chain — is also on hold, with insiders suggesting a timeline beyond 2027 or 2028, as the company addresses operational inefficiencies including suboptimal earnings per square foot.
India’s IPO market, which raised $20.5 billion in 2024, remains robust despite global headwinds. With $5.86 billion raised by June 2025, the country ranks as the world’s second-largest IPO market, underscoring the significance of Jio’s eventual public debut.
