Jio Platforms, reportedly preparing for an initial public offering (IPO), is estimated to have an enterprise value (EV) ranging from $136 billion to $154 billion, according to analyst estimates. At the upper end, this valuation would place Jio as the sixth-largest listed telecom company globally by market capitalisation, surpassing Bharti Airtel’s current market cap of $131.34 billion.
Jio’s meteoric rise is unmatched — having launched commercial services only in September 2016, it would become the fastest telecom operator to reach such a valuation. It would rank behind only
- T-Mobile US ($282.58 billion),
- China Mobile ($232.09 billion),
- AT&T ($198.67 billion),
- Verizon ($184.41 billion), and
- Deutsche Telekom ($175.63 billion).
At its peak valuation, Jio would outpace major global telcos like Comcast, China Telecom, NTT, Softbank, KDDI, Saudi Telecom, América Móvil, and Singtel. While market capitalisation reflects the total value of a company’s equity, enterprise value (EV) provides a more comprehensive measure by factoring in debt, minority interest, preferred equity, and cash reserves.
- Goldman Sachs estimates Jio’s EV at $154 billion (bull case), $123 billion (base case), and $98 billion (bear case) — even the base case would place Jio ahead of American Tower.
- Jefferies projects an EV of $136 billion, with $110 billion attributed to the mobile telecom business and the rest from non-mobile units.
Jio Platforms operates a wide portfolio, including Reliance Jio (mobile and broadband), Jio Satellite, Saavn Media, Jio Haptik Technologies, and Asteria Aerospace.
The company has already raised ₹152,055 crore (~$20+ billion) from global tech and investment giants such as Facebook (Meta), Google, Silver Lake, KKR, Vista, TPG, General Atlantic, Mubadala, and ADIA, who collectively hold a 32.9% stake.
