Reliance Eyes Dual IPOs: Jio in 2026, Retail Arm in 2027

Reliance Industries is preparing two major public share offerings, with Reliance Jio expected to list in the first half of 2026, and its retail arm likely to follow in 2027, according to people familiar with the matter. The move is being seen as a “double dhamaka” strategy by Mukesh Ambani. 

Retail IPO Plans and Valuation

The retail business, known as Reliance Retail, could be valued at nearly U.S.$200 billion at the time of its IPO. As part of its preparation, the company has already demerged its fast-moving consumer goods (FMCG) unit, Reliance Consumer Products, making it a direct subsidiary under Reliance Industries. The retail arm is also shutting underperforming stores to boost margins ahead of the IPO. 

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Investors such as GIC, ADIA (Abu Dhabi Investment Authority), Qatar Investment Authority, KKR, TPG, and Silver Lake might exit their positions through the retail IPO, based on the plan. These exits are expected to form part of the IPO transaction. 
The Economic Times

Reliance Jio’s Outlook

Reliance Jio’s IPO is expected in the first half of 2026. Several analysts estimate the value of Jio between U.S.$121 billion and U.S.$154 billion, depending on assumptions. Some brokerages suggest valuations in the range of U.S.$134–146 billion, or roughly ₹ 11.2–12.19 lakh crore. If successful, this would make it one of India’s largest ever public listings. 

Strategic Moves and Format Consolidation

Reliance Retail plans to retain many of its existing formats, including Reliance Smart, Freshpik, Reliance Digital, JioMart, Reliance Trends, 7-Eleven, and Reliance Jewels. Sources say there are also preliminary discussions about consolidating some retail formats to streamline the portfolio. 

Conclusion

Reliance Industries is preparing for a large-scale capital market presence through twin IPOs: Jio in 2026 and the retail business in 2027. The retail IPO could fetch a valuation close to U.S.$200 billion, with several major global investors planning exits. The structural changes, like the FMCG demerger and store closures, suggest Reliance is tightening operations to maximise value.