In a major development that has caught the attention of investors and market watchers, Reliance Jio Platforms, the telecom and digital services arm of Mukesh Ambani’s Reliance Industries, has decided to postpone its highly anticipated initial public offering (IPO) beyond 2025. The decision, confirmed by sources familiar with the matter, comes as the company seeks to boost revenue, expand its subscriber base, and strengthen its digital ecosystem before going public2.
Initially expected to be India’s largest-ever IPO, with a valuation estimated at over $100 billion, the listing was slated for 2025. However, insiders now say that the company has not yet appointed bankers for the offering and is in no rush to proceed. “Jio (IPO) is not going to happen this year—it’s just not possible. The company wants the business to be more mature,” a source told Reuters.
Nearly 80% of Jio Platforms’ $17.6 billion annual revenue comes from its telecom unit, Reliance Jio Infocomm, India’s largest telecom operator. Despite facing subscriber churn due to tariff hikes, the company has rebounded with over 488 million subscribers. Meanwhile, Jio is aggressively expanding into AI, app development, and connected devices, including a partnership with NVIDIA to build AI infrastructure2.
The delay also reflects Jio’s strategic positioning against global competitors like Elon Musk’s Starlink, which is preparing to enter the Indian market. Analysts believe that by delaying the IPO, Jio aims to maximize its valuation and solidify its leadership in both telecom and digital services4.
While the postponement may disappoint some investors, it underscores Reliance’s long-term vision. With backing from global giants like Google, Meta, and KKR, Jio’s eventual IPO is still expected to be a landmark event in India’s capital markets—just not this year.