Ahead of its 2026 IPO, Jio is poised for massive growth as ICICI Securities projects a $148 billion market cap, backed by strong fundamentals and expanding digital reach.
Jio’s IPO Countdown Begins
Reliance Jio, India’s largest telecom operator, is gearing up for an Initial Public Offering (IPO) in the first half of 2026. This was confirmed by Mukesh Ambani, Chairman and Managing Director of Reliance Industries, during the company’s latest Annual General Meeting (AGM).
- Ambani described the IPO as an “attractive opportunity for investors“.
- He emphasized that Jio’s future ambitions extend far beyond its current achievements, suggesting robust growth ahead.
This announcement has intensified anticipation in the market, especially with major brokerage firms weighing in on the company’s valuation.
Valuation Set to Soar to $148 Billion by 2027
In a recent report, ICICI Securities forecasted that Jio’s market capitalization would reach $148 billion by September 2027.
- This represents a significant leap from current valuations, driven by strong sectoral fundamentals and Jio’s aggressive growth strategy.
- The report is grounded in expectations of tariff hikes and a new pricing model, both of which are set to enhance profit margins and revenue generation across the telecom sector.
As Jio continues to lead the market, the valuation upgrade reflects both current dominance and future potential.
Ownership Structure: Global Giants on Board
Reliance Industries currently holds a 66.3% stake in Jio.
- The remaining 32.9% is owned by prominent global investors including:
- Facebook (Meta) – approx. 10%
- Google – approx. 7.7%
- Silver Lake, KKR, Vista Equity, General Atlantic
- Intel Capital, Qualcomm Ventures
- Mubadala (UAE) and Public Investment Fund (Saudi Arabia)
These strategic investments were raised in 2021 and were channelled into expanding 4G infrastructure and launching 5G services, helping Jio pull ahead of the competition.
Jio’s Market Dominance Across Verticals
Jio is not just a leader in mobile services—it’s expanding rapidly across the home broadband segment as well.
- With innovations like UBR-FWA (Unified Broadband-Radio Access), the company has significantly accelerated broadband user growth.
- Jio is the only telecom company in India with over 500 million mobile users, reinforcing its leadership position.
Its dual dominance in mobile and broadband is a key driver of investor confidence.
What’s Fueling the Valuation Surge?
Several key factors are influencing Jio’s projected $148 billion valuation:
- Imminent tariff hikes across the industry will lift Average Revenue Per User (ARPU).
- Evolving tariff structures could open up new monetization streams.
- Jio’s 5G rollout, powered by internal infrastructure and innovation, strengthens its long-term competitiveness.
- Its wide user base offers scalability unmatched by any rival.
These fundamentals place Jio in a strong position ahead of its market debut.
Jio’s projected $148 billion valuation by 2027 underscores the telecom giant’s strategic foresight, technological edge, and market leadership. As it prepares for an IPO in early 2026, investors and analysts alike are keeping a close watch. With robust backing, bold ambitions, and a user-first approach, Jio appears poised to reshape the future of Indian telecom and digital infrastructure.
