RIL AGM: Mukesh Ambani announces Jio’s record-breaking IPO in 2026, promises AI-led future and global expansion

“It is my proud privilege to announce that Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first-half of 2026, subject to all necessary approvals,” Ambani said at RIL’s annual general meeting.

“I assure you that this will demonstrate that Jio is capable of creating the same quantum of value like our global counterparts. It will be a very attractive opportunity for all investors,” he added.

Though Ambani did not disclose the exact size of the issue, market expectations suggest Jio could raise around ₹52,000 crore, making it India’s biggest public offering. Analysts value the company at more than $100 billion, with Jefferies estimating $136 billion based on both telecom and digital businesses.

Most projections put the IPO valuation between $111 billion on the lower end and $154 billion at the high end,  according to an Indian Express report.

Outlining Jio’s ambitious plans, Ambani said the company is built on “five assurances.”

These include connecting every Indian through mobile and home broadband, equipping households with digital services such as Jio Smart Home, JioTV+, and Jio TV OS, digitising Indian businesses with secure and scalable platforms, and driving the AI revolution.

“Our motto is AI Everywhere for Everyone,” he said.

Despite the announcement, RIL shares slipped 2.12% to ₹1,358.20 in intra-day trade on the BSE.

Ambani also confirmed Jio will expand operations overseas. “I am extremely confident that the path ahead for Jio is even brighter than its journey so far,” he said.

Jio Chairman Akash Ambani noted the company now serves over 500 million subscribers.

“To put that number into perspective, it is more than the combined population of the US, the UK, and France. This is not just a milestone in terms of scale. It is a testament to the deep and widespread trust that Jio has earned from every corner of India. Very few companies in the world have the privilege of serving half a billion people,” he said.

Ambani also highlighted RIL’s broader transformation into a deep-tech company.

“We are making every one of our businesses AI-native, positioning them for hyper-growth. Our corporate philosophy of ‘We Care’ compels us to continuously improve the quality of our products and services in ways that promote the wellbeing of both people and planet,” he said.

He emphasised that innovation now drives the group’s operating model more than capital intensity, enabling Reliance to attract and empower “super-talented young leaders who will drive the next wave of value creation with bold innovations.”

Looking ahead, Ambani projected India could achieve 10% annual growth with reforms, advanced manufacturing, and prioritisation of deep tech.

“This will mean that the per capita income of Indians could rise 4-5 times within the next two decades, making India not just a prosperous nation but also a more equal nation,” he said.

He added that India must chart its own development course. “More importantly, India need not copy any foreign model. We have the ability, and the responsibility, to create an India-first model of development. This model will use Deep Tech to bring prosperity and security to India, improve the quality of life of each and every Indian, and protect the environment.”

Ambani said such a model would harmonise “technology with democracy, economy with culture, spirituality with science, and national aspirations with friendship across all nations.”