Jio, the telecom arm of Reliance Industries, is likely to be listed in 2025, a report by news agency Reuters suggests, citing sources. He also claimed that the Mukesh Ambani-led conglomerate may launch the initial public offering (IPO) of its retail unit, Reliance Retail, much later.

Reliance Industries Ltd. (RIL), supremo Mukesh Ambani has remained tight-lipped on the listing of Reliance Jio and Reliance Retail, since his projection to take the two entities public in July 2019. However, no decision or update has been shared by the company in this matter. since then.

Reliance Retail and Reliance Jio are each valued at over $100 billion. In recent years, Reliance Industries has collectively raised nearly $25 billion for its digital, telecom and retail businesses from investors such as KKR, General Atlantic, Google, Abu Dhabi Investment Authority and many others.

Shares of Reliance Industries fell as much as 4 per cent during Monday’s trading session to Rs 1,285.10. However, the stock managed to maintain Rs 1,300 levels as the session headed towards the end, with a total market capitalization over Rs 17.6 lakh crore. The title was trading ex-bonus last week.

Reliance Jio, which has around 48 crore subscribers, is expected to launch its IPO and list in 2025 after achieving stable business and revenue streams. In contrast, the retail business is unlikely to list before 2025 as the company faces some internal and operational challenges, the Reuters report said.

Reliance Jio is set to do battle with Elon Musk if it launches its Starlink internet service in India, and Jio, which is also backed by Google and Meta, recently partnered with Nvidia to develop AI infrastructure.

He further told Reuters that there was no internal decision yet on Reliance Jio’s valuation and bankers were yet to be appointed, but Jefferies in July set the estimated valuation for the IPO the company’s stock market at $112 billion. However, Reliance Jio could launch India’s largest-ever IPO, succeeding Hyundai’s $3.3 billion IPO launched earlier this year.