RIL AGM 2025: Mukesh Ambani announces Reliance Jio IPO to hit Dalal Street in first half of 2026

Billionaire and Reliance Industries (RIL) chairman Mukesh Ambani on Friday told shareholders at the conglomerate's AGM that the much-awaited IPO of Reliance Jio, which could be the largest in the history of Dalal Street, would come in the first half of 2026.

"It is my proud privilege to announce that Jio is making all arrangements to file for its IPO. We are aiming to list Jio by first half of 2026 subject to all necessary approvals," Ambani told shareholders at the company's AGM.

Jio IPO

Reliance Jio IPO could be the largest ever IPO in the history of Dalal Street and nearly double the size of Hyundai India’s mammoth public issue last year. According to earlier reports, the size of Jio Infocomm IPO could be around Rs 52,000 crore. At that size, it would be the biggest ever IPO in India and surpass Hyundai India’s Rs 28,000 crore IPO by a yawning margin.

An IPO would give an exit option to marquee global investors including Meta Platforms Inc. and Alphabet Inc.’s Google, which invested more than $20 billion in Reliance’s digital venture in 2020. Jio Platforms, which houses Reliance’s digital and telecom assets, was then valued at $58 billion.

Recently, markets regulator Sebi proposed to relax listing rules that had long been seen as a stumbling block for mega offerings by reducing the size of mandatory offer to 2.5% from 5% currently for companies valued at more than Rs 5 lakh crore.

Under current rules, a 5% mandatory float would have forced Jio’s IPO to exceed $6 billion, a supply size considered too large for Indian markets to absorb. Sebi’s proposal to cut the threshold to 2.5% would halve the issue size to just over $3 billion, making it far more feasible.

“A 5% public offer would amount to $6 billion+ of share supply, which is fairly large for the Indian market to absorb, especially as 35% is reserved for retail investors,” Citi analysts Saurabh Handa and Prerna Goenka said. “A 2.5% public offer for Jio would amount to $3 billion+ of share supply, which we believe not only reduces the supply overhang at the time of the IPO but could also limit hold-company discount concerns for RIL.”

What Jio IPO means for RIL shareholders

The listing of both Reliance Jio and Reliance Retail will be one of the biggest catalysts for RIL shares in the near-to-medium term as it will unlock value for RIL's 44 lakh shareholders.

However, after both Jio and Retail gets listed separately, RIL shares will get a holding company discount.

"We believe the JIO and Retail IPOs, if listed separately, shall attract higher values, but may not have material impact on RIL shareholders as it may be offset by a holdco discount," Nuvama said.

What Ambani said at RIL AGM

While revealing Jio's IPO plans at the AGM, Ambani said future is even more ambitious as it hinges on five assurances of connecting every Indian on mobile and home broadband, equipping every Indian home with digital services, digitising every Indian business and enterprise, heralding AI revolution and expanding operations outside India.

Ambani also announced the launch of a new wholly-owned subsidiary called 'Reliance Intelligence' to drive AI in India.

During the AGM, the company also announced partnership with Google and a joint venture with Meta.