Jio Platforms has filed draft papers for what could become India’s largest-ever initial public offering, seeking to raise about $4 billion (Rs 37,700 crore) and value the Reliance Industries-backed digital giant at about $137 billion.
Jio Platforms has filed draft papers for what could become India’s largest-ever initial public offering, seeking to raise about $4 billion (Rs 37,700 crore) and valuing the Reliance Industries-backed digital giant at about $137 billion, PTI reported.The proposed issue comprises fresh issue of up to Rs 27 crore equity shares, representing approximately 2.9% of the post issue share capital of the company. If completed at the expected size, the deal will surpass Hyundai Motor India’s Rs 27,870-crore IPO to become the largest IPO in the country’s history.The filing marks a major milestone for Reliance Industries as it seeks to unlock value from a business that has evolved from a telecom disruptor into one of the group’s biggest growth engines, spanning connectivity, broadband, cloud services, enterprise solutions and artificial intelligence.“The proposed listing of Jio will demonstrate to the world that India is capable of building technology companies of global scale, global capacity and global value,” Mukesh Ambani, Chairman of Reliance, said at the company’s annual general meeting.There is no exit for shareholders, only new capitalUnlike many recent mega IPOs, Jio’s version does not have any offer-for-sale component. Existing shareholders, including Reliance Industries, Meta, Google and global private equity investors, are not selling shares through the public issue.
The issue price will be determined through a bookbuilding process and will remain subject to regulatory approvals, the company said. The company did not disclose the price range or total size of the offering, which will depend on the final issue price and regulatory approvals.According to DRHP, a significant portion of the proceeds will be used for debt reduction.“It is proposed to utilize an aggregate amount of up to Rs 27,500 crore of the net proceeds for prepayment, in whole or in part, of the principal amount outstanding of certain loans availed by RJIL,” the filing said.As of March 31, 2026, Jio Platforms and its subsidiaries had total borrowings worth Rs 71,529 crore.Reliance remains firmly in controlReliance Industries currently owns 66.43% of Jio Platforms and will continue as a controlling shareholder after the listing.Meta remains the largest external shareholder with a 9.99% stake acquired through an investment of Rs 43,574 crore in 2020, while Google holds 7.73% after its investment of Rs 33,737 crore.The shareholder register also includes Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Saudi Public Investment Fund, Intel Capital and Qualcomm Ventures.In 2020 alone, Jio Platforms raised more than $20 billion from global technology and private equity investors, helping establish it as one of the most closely watched digital infrastructure companies in the world.Telecom giant with 524 million usersThe prospectus highlights the scale Jio has achieved since launching the services in 2016.Reliance Jio Infocomm had 524.4 million subscribers as of March 31, 2026, including 268.5 million users on its 5G network.
The company added 36.2 million net subscribers during FY26.Jio reported revenue from operations of Rs 1.47 lakh crore and profit after tax of around Rs 30,000 crore in FY26, reflecting continued growth across telecom, broadband, enterprise and digital services businesses.The filing also shows that average revenue per user (ARPU) rose to Rs 214 per month, while data consumption on the network continued to expand rapidly.More than one telecommunications companyA recurring theme throughout the filing is Jio’s attempt to position itself outside the realm of traditional telecoms.The company describes itself as a “technology platform built on proprietary digital technology and pan-India digital connectivity as its core layer.”Today, Jio’s portfolio spans across wireless connectivity, fiber broadband, cloud services, cloud gaming, enterprise connectivity, cybersecurity, digital commerce, IoT solutions and digital content platforms.Its telecoms arm is now the world’s second-largest mobile operator by number of subscribers within a single country, after China Mobile.Broadband and 5G are emerging as growth driversThe filing underscores Jio’s growing leadership in broadband and next-generation connectivity.According to DRHP, the company has a 42.6% share of the fixed broadband market in India and a 77.49% share of the 5G fixed wireless access (FWA) segment.The company also highlighted the rapid adoption of JioAirFiber, with home broadband additions powering up to 60,000 connections per day and over 90% of installations completed within 24 hours.Looking ahead, Jio plans to migrate its entire subscriber base to 5G by 2030 while continuing investments in technologies that could shape future 6G standards.Artificial intelligence is taking center stageArtificial intelligence figures prominently in the next phase of Jio’s growth.The company plans to deploy AI across customer services, network operations and enterprise offerings while expanding AI-enabled consumer products.Reliance has increasingly placed Jio at the center of its AI strategy.
In 2023, the group partnered with Nvidia to build AI infrastructure and develop India-focused language models.The company also launched Jio Intelligence, a wholly-owned subsidiary focused on AI services, data centers and edge computing capabilities.Earlier this year, Ambani had said that Reliance Industries and Jio Platforms would invest Rs 10,000 crore in AI-related initiatives over the next seven years starting from 2026.Global ambitions go beyond IndiaThe registration also indicates ambitions beyond the local market.Jio plans to commercialize its technology platforms internationally, leveraging software and infrastructure developed for the 5G, fixed wireless and AI markets in India.The company believes that increased adoption of premium 5G services, AI-enabled products and enterprise solutions can lead to future increases in revenue per user.“I assure you and all potential new investors that a brighter future awaits Jio,” Ambani said.Historical list of Indian marketsThe IPO will be the first public offering from the Reliance Group since 2008 and the first company to be listed on a stock exchange targeting consumers within the group.This comes alongside the proposed NSE IPO and at a time when investors are globally focusing on digital infrastructure, artificial intelligence and next-generation technology companies.“The proposed listing of Jio will show the world that India is capable of building technology companies of global scale, global capacity and global value,” Ambani said, describing the IPO as one of the most significant value creation milestones for the company.For investors, the filing provides exposure not only to India’s largest telecom operator, but also to a company that now sits at the intersection of connectivity, cloud, broadband, enterprise technology and artificial intelligence.