Jio IPO: Bharti Airtel Shares Rise as Reliance Prepares to File DRHP

The Indian telecom landscape is bracing for a seismic shift as Reliance Industries Chairman Mukesh Ambani announced that Jio Platforms will file its Draft Red Herring Prospectus (DRHP) with SEBI today. This landmark move signals the beginning of what could be India's largest-ever public offering, sending ripples through the stock market.

Market Reaction: Airtel Gains as Reliance Dips

The announcement triggered immediate volatility in the telecom sector. Shares of Bharti Airtel climbed more than 2% on the NSE, reaching Rs 1,914.50 per share as investors recalibrated their positions in the face of impending competition for capital. Conversely, shares of Reliance Industries (RIL) saw a decline of 2% following the news.

The market reaction highlights the intense rivalry between the two giants. As of late April 2026, Jio holds a dominant subscriber base of 527 million, while Bharti Airtel follows with 373 million subscribers. The IPO is expected to be a massive undertaking, potentially surpassing the scale of the NSE’s Rs 30,000 crore offering and Hyundai Motor India’s Rs 27,870 crore debut to become the largest IPO in Indian history.

Ambani’s Vision: Building Global Tech Giants

Speaking at the 49th Annual General Meeting (AGM), Mukesh Ambani framed the Jio listing as a moment of national pride. He emphasized that the IPO is a testament to India's ability to build technology companies of global scale and value. "The Jio revolution is truly a result of the courage, creativity and commitment of thousands of young Indian engineers," Ambani stated, noting that Jio has transitioned from integrating technology to creating original, homegrown innovations.

The proposed listing plans involve a fresh issue of up to 27 crore shares. While the road to the IPO has seen various strategic adjustments over the last year, the current momentum suggests a high-stakes entry into the public markets.

5G Dominance and Future Frontiers

Akash Ambani, Chairman of Reliance Jio Infocomm, provided critical data regarding the company's scale and future roadmap. He revealed that Jio's 5G user base has already crossed 268 million, making it the largest single-country 5G operator outside of China.

モバイル通信の枠を超え、Jioは衛星技術において大きな進展を遂げています。同社は現在、インド独自の低軌道（LEO）衛星コンステレーションの開発を検討すると同時に、宇宙分野におけるインドの「Atmanirbharta（自立）」を強化するため、独自の地上局インフラの構築を進めています。

バリュエーションと経済見通し

金融アナリストは、この通信大手の潜在的なバリュエーションにすでに注目しています。Equirus Securitiesは、当会計年度におけるJioの企業価値を5.62兆ルピー（670億ドル）と見積もっており、これはBharti Airtelに対して10%のプレミアムを上回る数値です。同証券会社は、「ダウンサイクルの最悪期は過ぎ去ったようだ」と指摘しており、Jioが株式公開を通じて莫大な株主価値を創出する準備を進める中、同セクターに対して強気の見通しを示唆しています。

主なポイント

• 記録的なIPO: JioのIPOは、インド史上最大の株式公開となる位置付けにあり、その規模は3兆ルピー（30,000クロール・ルピー）を超える可能性があります。
• 市場のリーダーシップ: 5億2,700万人の加入者と、2億6,800万人という膨大な5Gユーザー層を抱えるJioは、インドの通信およびデジタルエコシステムにおいて、引き続き支配的な勢力を維持しています。
• 戦略的拡大: モバイルサービスにとどまらず、Jioは国産の宇宙技術や低軌道（LEO）衛星コンステレーションに積極的に投資しています。