Indian telecom and digital powerhouse Reliance Jio Platforms, led by billionaire Mukesh Ambani, has decided to delay its much-anticipated initial public offering (IPO) beyond this year, according to sources familiar with the matter. The postponement pushes back one of India’s largest planned stock offerings as Jio aims to strengthen its revenue base, grow its subscriber count, and expand its digital services before going public.
Jio Platforms is valued by analysts at over $100 billion. Its telecom arm, Reliance Jio Infocomm, remains the dominant contributor to Jio’s $17.6 billion annual revenue, accounting for nearly 80%. Despite a recent subscriber churn linked to price hikes, the company has returned to growth this year with more than 488 million users. Meanwhile, Jio is rapidly developing niche digital ventures in AI, apps, and connected devices.
The delay disappointed the market as shares of Reliance Industries, Jio’s parent company, fell as much as 1.8% in Mumbai following the Reuters report, wiping out approximately $6 billion in market value. Reliance closed the day down 1.2%, weighing on the broader Indian stock market.
Sources said that Jio had not yet appointed bankers to manage the IPO process, underscoring that the company wants its business to be more mature before listing. Earlier, Ambani had indicated a five-year timeline from 2019 for listings of both Jio and Reliance Retail, the parent’s retail arm. The Reliance Retail IPO is expected to be delayed further, unlikely before 2027 or 2028.
Jio also faces growing competition as Elon Musk’s Starlink internet service prepares to launch in India soon. Jio counts major global investors Google and Meta among its backers and has partnered with Nvidia to build AI infrastructure.
Brokerages have trimmed profit forecasts for Jio due to higher costs and anticipated price increases by late 2025, cutting its valuation from $117 billion to $111 billion, though some analysts value it even higher.
India remains one of the world’s biggest IPO markets, raising $5.86 billion in the first half of 2025. Market jitters from trade tensions and Middle East instability have moderated but are gradually easing.
Ambani has raised around $25 billion in investments from global firms including KKR, Abu Dhabi Investment Authority, General Atlantic, and Silver Lake to fuel growth across his digital, telecom, and retail ventures.
One source emphasized that investors remain patient, confident in the company’s long-term prospects despite the IPO delay: “They know the money is sitting in front of them.”