Reliance Jio is progressing toward a 2025 IPO that could value the telecom major near ₹9.3 trillion , supported by FY25 EBITDA of ₹1.2 lakh crore, up 15% year-on-year. Listing proceeds may reach ₹1–2 lakh crore through partial stake dilution aimed at funding enterprise and 5G expansion. Market watchers consider it one of India’s largest potential offerings.