Jio Platforms Ltd (JPL), the Reliance Industries-controlled company encompassing India’s largest telecom operator and a growing portfolio of digital businesses, filed its draft red herring prospectus (DRHP) on Friday. This filing positions the company for what could become India’s largest-ever public offering, with plans to raise approximately ₹37,700 crore. The listing could value the business at nearly ₹9.5 trillion as Jio Platforms prepares for its next growth phase, which includes a sovereign low-earth-orbit (LEO) satellite constellation and AI-native services.
This DRHP marks the first public listing of a consumer-facing Reliance business. It follows a decade after the 2016 launch of Reliance Jio, which significantly altered India’s telecom industry through free voice services and low-cost mobile data. This will be the second IPO from Reliance Industries Ltd in recent years, after its former subsidiary Jio Finance demerged into a separate entity and listed on BSE in August 2023.
The initial public offering will comprise a fresh issue of up to 270 million shares, each with a face value of ₹10, according to the DRHP. The final issue price will be determined through a book-building process, adhering to Securities and Exchange Board of India (Sebi) regulations. People familiar with the matter stated that this issuance represents about 2.9 percent of the post-issue share capital.
An implied valuation of nearly ₹9.5 trillion, exceeding $100 billion, would make this offering larger than the National Stock Exchange’s proposed public issue. The National Stock Exchange filed its DRHP earlier this week and expects to raise approximately ₹30,000 crore, according to industry insiders.
Jio Platforms reported a revenue of ₹1.47 trillion and a profit after tax of about ₹30,000 crore in the fiscal year 2026. This financial performance underpins the company’s valuation ahead of its market debut.
Reliance Industries Chairman Mukesh Ambani, 69, addressed shareholders at the company’s 49th annual general meeting on Friday. He described the Jio Platforms IPO as the group’s “most important value-creation milestone,” calling it “a deeply emotional moment for me, for the entire Reliance family, and millions of its shareholders.”
The IPO’s success will depend on market reception and the final pricing determined by the book-building process. Investors will watch how Jio Platforms executes its plans for LEO satellites and AI-native services, which are central to its future growth strategy. The listing’s impact on India’s capital markets and the broader digital infrastructure sector remains a key area of observation.
Further developments will include the regulatory approval process by Sebi and the announcement of the IPO timeline. The market will also monitor the performance of other large listings in India, particularly the National Stock Exchange’s proposed offering, to gauge investor appetite for significant public issues.