Reliance Industries has reportedly begun talks with SEBI for an IPO of its telecom arm, Jio Infocomm. The $6 billion IPO could become the biggest in Indian history.
Currently, the record for India’s largest IPO is held by Hyundai Motor India Ltd., which raised $3.3 billion in October 2024. It broke LIC’s earlier record of ₹21,000 crore set in 2022. However, Hyundai’s IPO was an Offer-for-Sale, with the proceeds going to its South Korean parent, not into the Indian business.
If Jio’s IPO gets approved, it could not only break fundraising records but also boost Reliance’s dominance in India’s telecom and technology sectors. The move also reflects Reliance’s confidence in Jio’s long-term value and its readiness to invite public investors on board.
Jio is one of the largest telecom players in India, with nearly 50 crore (500 million) subscribers. Over the years, it has expanded rapidly across mobile internet, voice services, broadband, and most recently, 5G. With such a massive user base, Jio holds a strong grip on the telecom market.
On the financial front, Jio continues to show strong and consistent growth. In Q1 of FY26 (April–June 2025), the company reported a revenue from operations of ₹35,032 crore, marking a 19% year-on-year increase. Its gross revenue stood at ₹41,054 crore, reflecting an 18.8% rise compared to the same quarter last year.
Net profit grew by nearly 25% YoY, reaching ₹7,110 crore. Jio also recorded a healthy EBITDA of ₹18,135 crore, with margins improving to 51.8%, further reinforcing the company’s financial strength and IPO readiness.
Analysts believe the IPO will help unlock digital value within Reliance and also boost global investor confidence. The capital raised might support future expansion plans, including investments in 5G infrastructure, AI-led services, and digital platforms.
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