Reliance Jio, the telecom business of the Mukesh Ambani-promoted conglomerate, is expected to go for an initial public offering (IPO) of over $6.25 billion either in the second or the third quarter of the calendar year 2025, sources said.Reliance Retail is likely to be listed around the same time with a short gap, it is learnt.The timing of the two IPOs, however, will depend on the company's assessment of the market conditions among other factors.