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THEBUSINESSBYTES BUREAU
NEW DELHI, OCTOBER 24, 2025
Jio Platforms, the telecom and digital powerhouse of Reliance Industries, is on track to make waves in India’s capital markets with its upcoming Initial Public Offering (IPO). ICICI Securities has projected a hefty $148 billion equity valuation for the company by September 2027, driven by its strong financials and a bullish outlook on the Indian telecom sector.
The much-anticipated IPO, expected in the first half of 2026, is tipped to be the largest in India’s history, with analysts anticipating “premium valuations,” a trend that echoes Jio Platforms’ record-breaking equity raise in FY21, which valued the company at $65–70 billion. ICICI Securities believes that the combination of improved tariff structures and accelerated 5G adoption will further boost the company’s worth, reinforcing the “premiumisation” trend across the telecom sector.
Reliance Industries Chairman Mukesh Ambani had earlier expressed confidence in the IPO’s potential, calling it an “attractive opportunity” for investors, while also hinting at Jio’s ambitious growth plans. Jio Platforms, which is 66.3 per cent owned by Reliance, has already attracted high-profile investors such as Meta, Google, and KKR, raising over Rs 1.5 lakh crore in funding.
ICICI’s upgraded valuation of Jio Platforms reflects the company’s expanding portfolio, including ventures in content, AI, and managed services for MSMEs, which are expected to generate significant value. The report also highlights Jio’s progress in deploying 5G and its potential in the emerging market for 6G technology and fixed wireless broadband.
With its impressive market leadership and strong growth trajectory, Jio Platforms’ IPO promises to be a game-changer in the Indian capital markets.
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