Mukesh Ambani Eyes Historic $200-Billion Valuation for Reliance Retail IPO

Mukesh Ambani's retail juggernaut charges toward public markets—aiming for a valuation that would rewrite India's corporate history.

The $200-Billion Question

Reliance Retail's impending listing isn't just another IPO—it's a tectonic shift in India's retail landscape. Ambani's empire-building strategy now targets public markets, leveraging decades of infrastructure investment and consumer dominance.

Market Dynamics at Play

The valuation target reflects audacious ambition—positioning Reliance Retail among global retail giants while dwarfing domestic competitors. Street analysts already debate whether the number represents visionary pricing or wishful thinking—because nothing says 'market confidence' like slapping a $200-billion price tag on physical stores in the age of e-commerce.

Legacy-Defining Move

This listing doesn't just raise capital—it cements Ambani's legacy as India's most transformative business leader. The move signals Reliance's evolution from energy conglomerate to consumer-tech powerhouse, with retail as its crown jewel.

Because when traditional retail meets public markets, someone's always left holding the bag—and it's rarely the billionaire.

Consolidation talks

Sources said that there may even be a consolidation of the formats, though the talks are still preliminary.

RIL did not respond to an email request for comments on its future plans.

Over the past several quarters, Reliance Retail has been rationalising its store network by closing down under-performing outlets. The aim is to take it to a double-digit operating margin.

In FY25, Reliance Retail reported operating profit of $2.9 billion on revenue of $38.7 billion. Its EBITDA margin in FY25 was at 8.6 per cent, which improved marginally to 8.7 per cent in the June quarter.

Published on September 15, 2025