Reliance Jio IPO set for 2025, could be India's biggest

Billionaire Mukesh Ambani targets a 2025 Mumbai listing for his telecom business Jio, valued by analysts at over $100 billion, and plans to launch his retail unit's initial public offering (IPO) much later, two people familiar with the matter said.

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Reliance Industries' boss Ambani hasn't updated his IPO timelines after saying in 2019 that Reliance Jio and Reliance Retail would "move towards" a listing within five years.

In recent years, Ambani, Asia's richest man, raised $25 billion collectively for digital, telecom, and retail businesses from the likes of KKR, General Atlantic and Abu Dhabi Investment Authority, valuing both ventures at above $100 billion.

The two sources said Reliance has now firmed up plans to launch the Reliance Jio IPO in 2025 as it internally believes it has achieved a stable business and revenue stream in becoming India's No. 1 telecom player with 479 million subscribers.

But the retail business IPO is not expected until after 2025 as the company first needs to address some internal business and operational challenges, said the first source.

Oil-to-retail conglomerate Reliance Industries did not respond to a request for comment.