According to two people familiar with the situation who spoke to Reuters, Indian billionaire Mukesh Ambani intends to conduct the initial public offering (IPO) of his retail division much later and aims to list his telecom company Jio, which analysts estimate is worth over $100 billion, in Mumbai in 2025.
According to two people familiar with the situation who spoke to Reuters, Indian billionaire Mukesh Ambani intends to conduct the initial public offering (IPO) of his retail division much later and aims to list his telecom company Jio, which analysts estimate is worth over $100 billion, in Mumbai in 2025.
After declaring in 2019 that Reliance Jio and Reliance Retail will “move towards” a listing within five years, Ambani, the CEO of Reliance Industries, has not revised his IPO timeframes.
The richest man in Asia, Ambani, has raised $25 billion in recent years from companies including KKR, General Atlantic, and Abu Dhabi Investment Authority for digital, telecom, and retail initiatives. These ventures are valued at over $100 billion.
According to the two individuals, Reliance has now solidified its plans to go public with the Reliance Jio IPO in 2025 since it internally feels it has established a steady revenue stream and business model in becoming the leading telecom company in India with 479 million members.
According to the first source, however, the retail company’s initial public offering (IPO) is not anticipated until after 2025 since it must first resolve some internal business and operational issues.
A request for comment from the oil-to-retail behemoth Reliance Industries was not answered.
Dependency If Elon Musk introduces his Starlink internet service in India, Jio, which is also supported by Google and Meta, will face off against him. Jio has teamed up with Nvidia to create AI infrastructure.
According to the sources, bankers have not yet been hired and there has not yet been an internal decision regarding Reliance Jio’s value; however, in July, Jefferies assessed the company’s expected IPO price at $112 billion.
However, according to the first source, Reliance wants the 2025 Jio IPO to surpass Hyundai India’s record $3.3 billion IPO this year and become the largest in India’s history.
The IPO timelines are still subject to change, according to both sources, who asked not to be identified since the talks are confidential.
By October, 270 firms had raised $12.58 billion from Indian initial public offerings (IPOs) this year, surpassing the $7.42 billion raised in 2023, as Indian markets recently reached all-time highs.