The proposed listing of Jio Platforms is back in focus ahead of Reliance Industries Ltd’s 49th annual general meeting on Friday, June 19,  with more than 44.2 lakh shareholders waiting to see whether chairman Mukesh Ambani formally announces the IPO he had promised last year.

At the 2025 shareholder meeting, Ambani had said Reliance was looking to list Jio Platforms by June 2026, setting a timeline for the digital and telecom business to go public after years of anticipation.

With the AGM now in focus after a filing with the National Stock Exchange of India (NSE), investors will be watching whether Ambani gives a clear update on Jio’s listing plans, the structure of the issue and the timeline for what would be a landmark public market valuation for Reliance’s digital business.

The AGM of Reliance Industries is one of Reliance’s most closely watched corporate events, with investors and analysts tracking Ambani’s remarks for signals on strategy across businesses. A Jio IPO could help lift Reliance shares after a prolonged period of mixed performance, with unlocking value in the group’s digital assets and reviving investor interest in the wider portfolio.

Reliance Jio Infocomm was said to file draft papers for its expected $4 billion IPO just before Ambani’s speech to shareholders, as per a Financial Times report, citing sources. The report said Ambani had told shareholders last year that the telecom company’s IPO would come in the first half of 2026, but that timeline was missed.

The proposed issue is expected to be a 100 per cent fresh issue after Reliance moved away from an offer-for-sale structure in March 2026. This would mean the proceeds go directly into Jio’s business for debt repayment and capital expenditure on AI infrastructure and network expansion.

A regulatory change has also made the path easier, allowing companies valued above Rs 5 lakh crore to list with a 2.5 per cent public float instead of the earlier 10 per cent minimum, making the draft red herring prospectus process more manageable at Jio’s valuation. The biggest hurdle in the Jio IPO, the US-Iran war and geopolitical conflicts, have also eased substantially.

The planned listing has, however, been complicated by internal discussions over how to execute what could be India’s biggest share sale if it meets the $4 billion target. The backdrop has also been affected by volatile market conditions, including pressure linked to the Iran war and record foreign outflows from Indian equities.

Elara Capital has valued Reliance Jio Infocomm at about Rs 12 lakh crore to Rs 13 lakh crore based on 13 times FY28E EV/Ebitda, and placed Jio Platforms’ enterprise value at about Rs 13 lakh crore to Rs 14 lakh crore. It said Jio had 524 million subscribers as of FY26 and had reshaped India’s telecom market with some of the world’s most affordable tariffs, helping turn the sector into a quasi-duopoly.

Elara further said average revenue per user growth should be supported by value-added digital services across the Jio Platforms ecosystem, while network design and technology leadership have allowed subscriber additions without a proportionate rise in recurring investment.

YES Securities said Jio is expected to deliver sustained growth through ARPU expansion and deeper 5G monetisation, while Reliance continues to invest aggressively in telecom, retail and new energy. It said Jio’s FY26 revenue and EBITDA stood at Rs 1.76 lakh crore and Rs 76,600 crore, up 14.3 per cent year-on-year.

The subscriber base rose to 52.44 crore, ARPU improved to Rs 214 per month on tariff hikes and premiumisation, and data consumption reached 241 GB, supported by 26.8 crore 5G users. In its SOTP valuation for Reliance, YES Securities assigned Jio valuations of Rs 434 in the bear case, Rs 450 in the base case and Rs 467 in the bull case, with ARPU projected at Rs 220 to Rs 240, and maintained a buy rating on Reliance with a target price of Rs 1,651.