Reliance’s Jio Platforms files for India’s biggest-ever IPO, seeks to raise Rs 37,700 cr

Jio Platforms Ltd, the digital services arm of Reliance Industries, filed draft papers on Friday (June 19) for what could become India's largest-ever initial public offering, seeking to raise about USD 4 billion (Rs 37,700 crore) and valuing the company at roughly USD 137 billion.

According to the draft red herring prospectus (DRHP), Jio Platforms plans to issue up to 27 crore new shares, representing about 2.9 per cent of its post-issue equity capital.

The offering marks a milestone for Reliance Industries as it seeks to unlock value from the telecom-to-technology business that has emerged as one of the group's primary growth engines since its launch in 2016.

"The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value," Reliance Chairman Mukesh Ambani said at the company's annual shareholder meeting.

Unlocking value

The IPO is aimed at unlocking value from Jio Platforms, whose businesses span telecommunications, digital services, enterprise solutions, and emerging technology ventures. Its telecom unit, Reliance Jio Infocomm, is the world's second-largest mobile operator by subscribers within a single country, behind China Mobile. Meta and Google are among the company's largest foreign investors.

If successful, Jio's IPO would surpass Hyundai Motor India's Rs 27,870 crore offering in 2024 to become the largest in the country's history. National Stock Exchange (NSE) - the country's largest bourse and the world's most active derivatives exchange - has also filed papers to raise as much as USD 3.3 billion.

Also Read: Jio Platforms moves forward with 27 crore share sale and IPO

The proposed IPO of Jio Platforms comprises a fresh issue of up to 27 crore shares with a face value of Rs 10 each. The issue price will be determined through a book-building process in accordance with SEBI regulations.

The company did not disclose the price band or the total size of the offering, which will depend on the final issue price and regulatory approvals.

Jio’s foreign investors

Jio Platforms has previously attracted some of the world's largest technology and private equity investors. In 2020, the company raised more than USD 20 billion from investors, including Meta, Google, KKR, Silver Lake, and General Atlantic, in a fundraising round that valued the business between USD 57 billion and USD 65 billion.

In 2020, Meta invested Rs 43,574 crore for a 9.98 per cent stake, while Google invested Rs 33,737 crore for a 7.73 per cent holding. The company also raised about Rs 74,745 crore from investors including Silver Lake, KKR, General Atlantic, Mubadala, ADIA, TPG, and Saudi Arabia's Public Investment Fund.

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Reliance Industries currently owns 66.43 per cent of Jio Platforms.

Ambani said the IPO process is being led by his children - Akash Ambani, Isha Ambani, and Anant Ambani - as part of the group's ongoing leadership transition.

Debt reduction

The company plans to use the proceeds primarily to repay debt at its telecom subsidiary, Reliance Jio Infocomm Ltd (RJIL), and for general corporate purposes. As of March 31, 2026, Jio Platforms and its subsidiaries had outstanding borrowings of Rs 71,529 crore.

"An aggregate amount of up to Rs 27,500 crore from the net proceeds is proposed to be utilised towards prepayment, in full or in part, of the principal amount outstanding of certain borrowings availed by RJIL," the DRHP said.

First IPO from Reliance in almost two decades

The listing would be the first public offering from the Reliance group in nearly two decades and the first consumer-facing business within the conglomerate to be taken public.

Jio Platforms reported a revenue of Rs 1.47 lakh crore (USD 15.5 billion) in fiscal 2025-26 and profit after tax of about Rs 30,000 crore (USD 3.2 billion), reflecting continued growth in its telecom, broadband, enterprise, and digital services businesses.

Also Read: Reliance sells 1.8% in Jio platforms for ₹9,093.60 cr to Abu Dhabi firm

Jio's telecom unit had 524.4 million subscribers as of March 31, including 268.5 million users on its 5G network, according to the prospectus. The company said its workforce declined about 21 per cent year-on-year to 27,935 employees during the period, even as subscriber numbers and revenue continued to grow.

Transformed India’s telecom landscape

Since its launch in 2016, Jio has transformed India's telecom landscape through aggressive pricing and free voice and data offerings that accelerated internet adoption and forced industry-wide consolidation. Over the past decade, the company has evolved into a broader digital technology platform spanning connectivity, cloud services, enterprise solutions, and artificial intelligence.

If completed at the expected size, the transaction would surpass previous record Indian listings and rank among the largest technology IPOs globally in recent years.

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Ambani called the Jio IPO the company's most significant value-creation event of the year, saying the listing would unlock value for Reliance shareholders while offering new investors an opportunity to participate in the company's growth.

"The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value," he said.

Jio’s next phase of expansion

Alongside the IPO announcement, five strategic priorities for Jio's next phase of expansion were outlined.

The company plans to accelerate the adoption of its JioTrue5G network, targeting migration of its entire subscriber base to 5G by 2030, while advancing India's role in the development of 6G standards.

Jio also aims to expand high-speed broadband access through JioAirFiber, its fixed wireless access service. More than 90 per cent of installations are completed within 24 hours, and home broadband additions are running at up to 60,000 connections a day.

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The company will continue its efforts to digitise small and medium-sized businesses through products such as JioPC, a cloud computing service delivered via a set-top box, and expand the use of artificial intelligence across consumer services, network operations, and customer support.

Jio also plans to commercialise its proprietary technology platforms internationally, leveraging software and infrastructure developed for India's 5G, fixed wireless, and AI markets. Ambani said the company expects higher revenue per user as it rolls out premium 5G services, AI-enabled offerings, and enterprise solutions.

"I assure you, and all prospective new investors, that a brighter future awaits Jio," Ambani said.

AI strategy

Reliance has increasingly positioned Jio at the centre of its AI strategy. In 2023, the conglomerate partnered with Nvidia to build AI infrastructure and develop language models tailored for India. Earlier this year, Ambani had said Reliance Industries and Jio Platforms would invest Rs 10 lakh crore in AI-related initiatives over the next seven years, beginning in 2026.

The company has also launched Jio Intelligence, a wholly-owned subsidiary focused on expanding access to AI services through large-scale data centre infrastructure and cutting-edge computing capabilities.

Also Read: Reliance Jio shelves IPO plans; 2025 listing off the table

The listing is being launched against a more challenging backdrop for India's primary market. After a record run of public offerings over the past two years, investor sentiment has weakened amid heightened geopolitical tensions and volatility in global energy markets. Several high-profile companies, including Walmart-backed PhonePe, Curefoods, and Sify Infinit Space, have delayed or reassessed listing plans.

(With agency inputs)