Billionaire Mukesh Ambani, whose wealth is estimated at about $90.6 billion, announced that Jio Platforms, the telecom arm of his conglomerate Reliance Industries, intends to launch a public listing that could be the largest of its kind in India.
The company’s board approved a draft prospectus for the IPO, with the share price expected to fetch around $4 billion or £3.02 billion, according to media estimates.
Jio, which has over 500 million subscribers, was launched in 2016 and has since diversified into cloud computing, AI and enterprise services. Its partnership with SpaceX to bring Starlink internet to India and a recent data‑centre deal with Meta are examples of its growing global footprint.
The listing is set to be closely watched by investors, as it would test appetite for new public offerings after a period of market volatility. A successful IPO could signal confidence in the Indian tech sector and revive the momentum of the country’s share markets.
The Jio IPO will be among India’s largest in recent years, rivaling Hyundai Motor India’s $3.3 billion sale two years ago.
This move also marks the first major public offering of any Reliance business since Reliance Petroleum listed in 2006.
Investment banks have valued Jio at around $180 billion, placing it among the world’s most valuable telecoms companies.
A photo from the launch shows Ambani speaking at a shareholder meeting, while a market‑level image captures a Jio sales outlet.
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