Reliance Jio is reportedly considering a major shift in its IPO approach: instead of existing investors selling shares, the company could issue fresh shares. That would route proceeds directly into Jio Platforms, potentially for debt reduction and expansion. Investors are watching closely, as this could rebuild confidence in India’s biggest IPOs and set a new playbook for future mega listings.
Reliance Jio Platforms, Mukesh Ambani’s telecom giant, is moving toward seeking approvals for a Mumbai IPO that could become India’s largest ever. Reuters reports the deal could raise as much as $4 billion, but the launch has been delayed amid softer IPO sentiment following tensions in West Asia, adding uncertainty to the timetable.
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Mukesh Ambani says Jio Platforms’ IPO plans are progressing, pointing to a major step forward. He attributes valuation strength to subscriber momentum, improving ARPU, and continued growth. The listing, he suggests, could unlock significant value and potentially rank among India’s largest IPOs—watch closely for what comes next.
Reliance Jio says its ARPU rose to ₹214 in Q4 FY26 as the subscriber base crossed 52.4 crore. The telecom added momentum through rapid 5G adoption, now reaching 268 million users, while fixed broadband continued gaining market share. Jio expects enhanced services and new bundled packs to sustain growth across mobile and home connections.
Reliance Jio reported Q4FY26 revenue of Rs 38,259 crore, up 13% from Rs 33,986 crore a year earlier. Cons PAT increased 13% YoY to Rs 7,935 crore, while ARPU climbed to Rs 214. The results highlight stronger topline momentum and improving per-user monetisation as the quarter closes.
India’s IPO market has slowed sharply as volatility and weak sentiment, intensified by global shocks like the Iran war, delay new listings. Even with a pipeline exceeding Rs 3 lakh crore, companies are taking a cautious, tactical approach. Analysts believe the lull could be temporary if secondary markets and FII inflows rebound, unlocking backlog deals and more realistic valuations.
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Reliance Industries is reportedly set to file draft IPO paperwork for Jio Platforms in May, a move delayed from March after market downturns. The revised draft could include full fiscal year earnings, offering investors a clearer snapshot. If it proceeds, the listing may become India’s largest-ever IPO, depending on regulatory approvals and market conditions.
While investors watch Reliance Jio’s subscriber gains and Reliance Retail’s relentless expansion, the company’s upstream oil and gas business has been quietly thriving. It delivered one of its best years ever, emerging as Reliance’s most profitable unit. The shift highlights how earnings may be driven by energy even as newer consumer bets dominate headlines.
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