Telecom major Reliance Jio Infocomm is likely to file draft initial public offering (IPO) papers for its expected $4 billion listing “within days”, according to a report by The Financial Times today, citing two sources.
The filing could come days before billionaire CMD Mukesh Ambani's speech to parent company Reliance Industries' shareholders, at the annual general meeting (AGM) on Friday, 19 June, the report added.
Reliance did not respond to queries, the report added.
Jio's long-awaited IPO
The FT report added that Ambani had said in his speech last year that the telco's IPO would come in the first half of 2026, but while that deadline was missed, the process could still begin this year. The delay could be due to India's tepid equity markets amid the war between the United States and Israel, it added.
Reliance's share price has slipped 15% in 2026, with net profit for the January to March period down 13% year-on-year (YoY), largely due to turmoil in the Middle East affecting the conglomerate's refining business.
War impacts IPO plans in India
Jio's listing is not the only one delayed from original plans. While watchers expected over $20 billion in listings this year, many, including Walmart-owned PhonePe's IPO plans, were also paused due to uncertainty from the war. India, in particular, has been hard hit by low oil supplies due to the conflict, as it imports over 90% oil. So far this year, IPO value is down 39% YoY to $2.1 billion, the report said, citing data from Prime Database.
“The war basically sent the volatility indices across the globe in a tizzy, including in India. Whenever such events come, there is always a slowdown in the IPO markets, which require liquidity as well as a positive outlook to flourish,” Anurag Byas, India head of global markets solutions at Rothschild, told the publication.
Nilesh Shah, MD of Kotak Mahindra Asset Management, told the paper that firms looking to list were expecting valuations similar to 2024. He added, “Those were the heady days. There is a big mismatch between the valuation expected by investors vis-à-vis valuation expected by the promoters or the issuer.”
Byas added that with an interim deal between the US and Iran announced by US President Donald Trump to be signed on Friday, 19 June, and a condition to reopen the vital and strategic Strait of Hormuz, some uncertainty is expected to lessen, and the IPO market could pick up in the second half.
(With inputs from Reuters)
