Reliance Jio, India’s biggest telecom operator, is planning to launch an initial public offering (IPO) and listing on bourses in the first half of 2026, billionaire Mukesh Ambani said on Friday.

Jio is currently a unit of Reliance Industries Ltd, India’s most valuable company.

Addressing the annual shareholder meeting of the company, Ambani said, “Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals.” Jio, in its 10th year of operation, has crossed 500 million (50 crore) user base, he said. Ambani said the upcoming IPO will demonstrate that Jio is capable of creating the same quantum of value as its global counterparts. “I am sure that it will be a very attractive opportunity for all investors,” he said, and promised Jio’s plans for the future are “even more ambitious”.

While Ambani did not disclose the quantum of shares to be listed, markets are speculating a 10 per cent share sale. Jio Platforms - the holding company of all digital properties, including telecom arm - is currently 66.3 per cent owned by Reliance Industries Ltd. Facebook (now Meta) holds a 10 per cent stake in Jio Platforms, while Google has another 7.7 per cent. PE investors have the remaining 16 per cent. A few years back, Jio Platforms had raised about Rs 1,52,056 crore from 13 marquee investors, including Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm Ventures, for a total consideration of 32.9 per cent stake.

Analysts have pegged Jio’s enterprise valuation between $136-154 billion. In a note in April this year on Reliance Industries, a brokerage report by Jeferries had said: “We raise our EV (enterprise value) for Jio to $136 billion as we roll-forward valuations to Mar-26”.