Mukesh Ambani continues to rise with his business expansion. He is the owner of India's most valuable firm, Reliance Industries, a Rs 17.67 lakh crore market cap company. Reliance also leads the telecom market in India through Reliance Jio which has over 450 million subscribers. Now, Ambani, the richest person in Asia, is planning to list the telecom business (Jio) next year, Reuters reported on Monday citing two people in the know.
Jio is valued by analysts at over USD 100 billion or Rs 840960 crore, the report stated, adding that the conglomerate plans to launch its retail unit's IPO 'much later'. The report added that Reliance Industries chairman Ambani hasn't updated his IPO timelines after saying in 2019 that Reliance Jio and Reliance Retail would 'move towards' a listing within five years.
Reliance Jio IPO
Reliance has firmed up plans to launch the Reliance Jio IPO in 2025. It is currently India's no. 1 telecom player with a subscriber base of 479 million. The retail business IPO is not expected until after 2025, Reuters reported, quoting one of the sources. Reliance aims to surpass Hyundai India's USD 3.3 billion IPO record, the biggest IPO ever in the country.
The 2025 Jio IPO is expected to be a landmark event. Jefferies estimated the company's valuation at USD 112 billion. The company faces potential competition from Elon Musk's Starlink internet service in India. Jio has established a partnership with Nvidia for AI development.
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Moreover, Ambani has successfully secured USD 25 billion in investments from prominent firms like KKR, General Atlantic, and Abu Dhabi Investment Authority for his digital, telecom, and retail ventures. His Reliance Industries holds a 67 per cent stake in Jio. Major investors, including KKR, Silvewake, and the Public Investment Fund of Saudi Arabia, are likely to exit upon the listing.
