Indian business magnate Mukesh Ambani has set his sights on a 2025 listing for his telecom enterprise Reliance Jio on the stock exchanges, according to a report by Reuters. The IPO of his retail division is slated to follow at a later date.

What Happened: Ambani has not revised his IPO plans since 2019, when he declared that both Reliance Jio and Reliance Retail would be listed within the next five years. The telecom venture, which boasts a valuation exceeding $100 billion (₹8.4 lakh crore), has secured a total of $25 billion (₹2.1 lakh crore) from investors like KKR, General Atlantic, and the Abu Dhabi Investment Authority.

Reliance Jio, currently the top telecom operator in India with a user base of 47.9 crore, is preparing for its 2025 IPO. However, the IPO of the retail unit is not expected until after 2025 due to certain internal business and operational hurdles, as per the report.

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Reliance is currently considering not listing its retail unit in the same year as JIO, as it prefers to avoid launching two major IPOs simultaneously. More importantly, there are reported “operational issues” that Reliance wants to address within the retail unit, which operates India’s largest grocery store network of 3,000 supermarkets, before proceeding with an IPO.

While there is no internal consensus on Reliance Jio’s valuation, and no bankers have been appointed yet, Jefferies projected the company’s IPO valuation at $112 billion (₹9.4 lakh crore) in July. Ambani’s goal is for the 2025 Jio IPO to be the biggest in India’s history, outdoing Hyundai India’s record $3.3 billion (about ₹27,000 crore) IPO this year, the report added.

Reliance Jio, which has the backing of Google and Meta, has joined forces with Nvidia to build AI infrastructure. It is poised to rival Elon Musk‘s Starlink internet service if it is launched in India.

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