Reliance Jio IPO in 2025: Could this be India’s biggest ever?

Reliance Jio is expected to go public in 2025 with a potential valuation exceeding 9.3 lakh crore rupees, according to global brokerage Jefferies. It also adds that the IPO could be an offer for sale by minority stakeholders.

If listed through a spin-off, it will be Reliance Industries' second spin-off in three years, following the spin-off of Jio Financial Services in August 2023.

Jefferies suggests that the listing of Reliance Jio could significantly bolster Reliance Industries' stock price, with a projected valuation of 112 billion dollars for Jio potentially boosting Reliance shares by 7-15%. Maintaining a BUY rating on Reliance, Jefferies sets a target price of 3,580 rupees per share, indicating a 14% potential upside.

In June, Reliance Jio Infocomm announced new tariff plans featuring unlimited data, aimed at enhancing monetization and expanding its subscriber base. The prospective listing of Reliance Jio will intensify competition among telecom giants like Bharti Airtel and Vodafone Idea.

In 2023, the founder, at 67 years old, facilitated the ascension of his eldest son, Akash Ambani, to the chairmanship of Reliance Jio Infocomm. Akash had been integral to Reliance Jio's leadership team since 2014.

Meanwhile, Hyundai has submitted a draft prospectus to SEBI for a 25,000 crore rupees IPO, potentially the largest in India's market history. It will be keenly watched if Reliance Jio's IPO will surpass Hyundai's IPO size and take the title of biggest ever public offer.