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Reliance Industries’ digital arm, Jio Platforms, has officially filed draft papers for its highly anticipated Initial Public Offering (IPO), setting the stage for what could become the largest public issue in Indian market history.
The company aims to raise nearly Rs 37,700 crore ($4 billion), with an estimated valuation of around $137 billion. If completed as planned, the offering will surpass the record set by Hyundai Motor India’s Rs 27,859 crore IPO in 2024.
Largest IPO in Indian Market History
Reliance Chairman Mukesh Ambani described the proposed listing as a major milestone that will showcase India’s ability to build globally competitive technology companies.
The IPO is expected to be launched later this year, subject to regulatory approvals from SEBI. While the official opening date, price band and lot size have not yet been announced, investor interest remains high due to Jio’s dominant position in India’s digital ecosystem.
Jio to Issue Up to 27 Crore Shares
According to the Draft Red Herring Prospectus (DRHP), Jio Platforms plans to issue up to 27 crore fresh equity shares, representing approximately 2.9% of its post-issue equity capital.
The company intends to use a significant portion of the proceeds to reduce debt at Reliance Jio Infocomm. Around Rs 27,500 crore may be allocated toward repayment or prepayment of existing borrowings.
Strong Business Fundamentals
Jio Platforms reported revenue of Rs 1.47 lakh crore and a profit after tax of nearly Rs 30,000 crore during FY 2025-26.
The company currently serves over 524 million telecom subscribers, including more than 268 million 5G users. Its services span telecom, broadband, enterprise solutions, cloud computing, digital platforms and artificial intelligence.
Backed by Global Investors
Over the years, Jio Platforms has attracted investments from some of the world’s largest technology and private equity firms, including Meta, Google, KKR, Silver Lake, General Atlantic, Mubadala and Saudi Arabia’s Public Investment Fund.
Reliance Industries currently holds a 66.43% stake in the company.
GMP, Price Band Yet to Be Announced
As the issue pricing has not been finalized, the Grey Market Premium (GMP) is currently unavailable. More details regarding valuation, share price and subscription dates are expected after SEBI completes its review process.
Market experts believe the IPO could become one of the most closely watched listings globally, reflecting the rapid growth of India’s digital economy and Jio’s transformation from a telecom operator into a diversified technology platform.