Mikesh Abani, president and managing director of Reliance Industries Ltd., is talking at an event in Mumbai, India, on March 30, 2024.
Indranil Aditya | Nurphoto | Getty images
The richest man in India, Mikesh Ambani, announced plans to list the largest telecommunications operator in the country, Jio Platforms, in the first half of 2026.
In statements to shareholders about videoconference on Friday, Ambani said that the total base of JIO users, which began operations in 2016, has now crossed 500 million.
“Within a week, Jio will enter his tenth year of service to the nation. Looking back, these years have been the most glorious in the digital history of India,” Abani said.
Reliance Industries, controlled by Ambani, has a 66.5% participation in Jio Platforms LTD, which in turn has all the Jio Infocomm Reliance.
In the near future, Ambani said Jio aims to expand its operations outside India. He did not offer a timeline.
Ambani also announced two IA associations: one with Google, aimed at providing services to developers, new companies and companies. The second agreement is a joint company of $ 100 million that will build and scale AI solutions for companies.
Mother of all Indian opi
Last month, Bloomberg reported that Reliance Industries was looking to sell a 5% participation in JIO, below the 25% usual public flotation of India. Such movement could raise $ 6 billion, so it is the largest initial public offer in India since the debut of $ 3.3 billion Hyundai Motors India in October last year.
The closest rival of Reliance Jio, Bharti Airtel, has a market value of $ 128.7 billion and quotes a price / gain ratio of 31.92, according to LSE data. A recent Global Bofa Research Report valued JIO at $ 115 billion, based on its projected cash flow, while estimating that the Bharat Aircel India cell business is worth $ 124 billion.
On August 21, the Indian market regulator proposed to relieve the listing rules for Mega agreements. The changes would allow companies valued in 1 billion rupees and 5 billion to make a mandatory offer of only 2.75%and 2.5%, respectively, compared to the current minimum requirement of 5%.
It is likely that an opi greater than $ 6 billion is too large for the Indian market to absorb it. The public offer of Hyundai Motors India was subscribed in excess more than twice, largely by institutional investors, while retail demand was not impressive.
Correction: This article has been updated to reflect more accurately in the LED of the JIO unit that will be listed publicly.
