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Billionaire Mukesh Ambani Considers IPO of Jio Wireless Carrier

  • Tycoon Mukesh Ambani could list mobile operator by early 2019
  • Conglomerate holds internal talks about potential share sale
An advertisement for Reliance Jio, featuring Bollywood actor Shah Rukh Khan is displayed at a bus stop in Mumbai, India, on Oct. 24, 2016.
Photographer: Dhiraj Singh/Bloomberg
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India’s richest man is weighing an initial public offering of mobile operator Reliance Jio Infocomm Ltd., people with knowledge of the matter said, after a $31 billion investment spree that roiled the country’s wireless market.

Reliance Industries Ltd., the conglomerate backed by tycoon Mukesh Ambani, is holding internal discussions about preparing to list Jio as soon as late 2018 or early 2019, according to the people. Jio, which hasn’t made a profit since its official launch last year, is targeting to improve its financial performance before any share sale, the people said, asking not to be identified because the information is private.