Jio Platforms IPO filing: DRHP seeks USD 4 billion, values firm at about USD 137 billion

Jio Platforms Ltd, Reliance Industries’ digital services unit, filed draft IPO papers on Friday. The company aimed to raise about USD 4 billion, or Rs 37,700 crore. The filing valued Jio Platforms at roughly USD 137 billion. If cleared, the deal could become India’s biggest initial public offering.

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The draft red herring prospectus said the offer would be a fresh issue of up to 27 crore shares. These shares would equal about 2.9 per cent of post-issue equity. Each share would have a face value of Rs 10. The issue price would be set through book-building under SEBI rules.

Jio Platforms IPO size and listing record

Jio Platforms did not share a price band or final offer size. The total would depend on the final price and approvals. If it hits the expected scale, it would beat Hyundai Motor India’s Rs 27,870 crore IPO in 2024. The National Stock Exchange has also filed papers for up to USD 3.3 billion.

The listing would be Reliance’s first public offering in nearly 20 years. It would also be the group’s first consumer-facing business to go public. Reliance described the move as a way to unlock value from a business built since 2016. Jio Platforms spans telecom, digital services, enterprise solutions, and newer technology ventures.

Jio Platforms financials and subscriber base

Jio Platforms reported revenue of Rs 1.47 lakh crore in fiscal 2025-26. Profit after tax was about Rs 30,000 crore in the same period. The prospectus said Reliance Jio Infocomm was the world’s second-largest mobile operator by subscribers in one country, behind China Mobile.

Reliance Jio Infocomm had 524.4 million subscribers as of March 31. This included 268.5 million users on its 5G network. Jio Platforms also reported a smaller workforce during the period. Employee count fell about 21 per cent year-on-year to 27,935, even as revenue rose.

Jio Platforms investors and Reliance stake

Jio Platforms drew major global investors in 2020, raising more than USD 20 billion. That round valued the business between USD 57 billion and USD 65 billion. Meta invested Rs 43,574 crore for 9.98 per cent. Google invested Rs 33,737 crore for a 7.73 per cent holding.

The company also raised about Rs 74,745 crore from other investors. These included Silver Lake, KKR, General Atlantic, Mubadala, ADIA, TPG, and Saudi Arabia’s Public Investment Fund. Reliance Industries currently owned 66.43 per cent of Jio Platforms. Meta and Google remained among the largest foreign investors.

Jio Platforms IPO proceeds and debt repayment plan

Jio Platforms planned to use proceeds mainly to reduce debt at Reliance Jio Infocomm Ltd (RJIL). Funds would also support general corporate needs. As of March 31, 2026, Jio Platforms and subsidiaries had borrowings of Rs 71,529 crore. The DRHP proposed up to Rs 27,500 crore for prepayment of certain RJIL loans.

Mukesh Ambani said the IPO work was being led by Akash Ambani, Isha Ambani and Anant Ambani. The statement linked the effort to a wider leadership transition at the group. Reliance has called the IPO a key value event for the year. It said the listing would help surface the business’s market value.

Jio Platforms strategy for 5G, broadband and AI

At an annual shareholder meeting, Ambani said, "The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value.\" The company outlined five priorities for its next phase. These included broader 5G use, broadband growth, business tools, and wider use of artificial intelligence.

Jio aimed to speed up adoption of JioTrue5G. The company targeted migration of its entire subscriber base to 5G by 2030. It also planned to advance India’s role in shaping 6G standards. For home internet, Jio planned to expand JioAirFiber. It said over 90 per cent of installations finished within 24 hours.

The company said home broadband additions were running at up to 60,000 connections a day. For small and medium firms, Jio planned more digitisation via products like JioPC. JioPC is a cloud computing service delivered through a set-top box. Jio also planned deeper AI use in services, networks, and customer support.

Jio planned to sell some proprietary platforms in overseas markets. The company aimed to use software and infrastructure built for India’s 5G and fixed wireless needs. It also expected gains from AI markets. Ambani said higher revenue per user could follow premium 5G, AI-led services, and enterprise products. \"I assure you, and all prospective new investors, that a brighter future awaits Jio,\" Ambani said.

Jio Platforms AI investments and market backdrop

Reliance placed Jio at the centre of its AI work. In 2023, it partnered with Nvidia to build AI infrastructure and India-focused language models. Earlier this year, Ambani said Reliance Industries and Jio Platforms would invest Rs 10 lakh crore in AI initiatives. The seven-year plan would begin in 2026.

Jio also launched Jio Intelligence as a wholly-owned subsidiary. The unit focused on wider access to AI services using data centres and edge computing. The IPO filing came during a tougher phase for India’s primary market. Sentiment weakened amid geopolitical tensions and global energy swings, prompting delays by PhonePe, Curefoods and Sify Infinit Space.

With inputs from PTI