Jio Platforms Ltd, the digital services arm of Reliance Industries, plans to launch its initial public offering (IPO) on October 21, seeking to raise about $3.8 billion in what is set to be India’s biggest listing, Reuters reported, citing sources.
The proposed issue is set to surpass Hyundai Motor India’s $2.9 billion listing in 2024, while the National Stock Exchange of India made its market debut last month after a $2.3 billion IPO.
The sources were not authorized to speak to the media and declined to comment. Reliance did not respond to a Reuters request for comment, the report said.
At the 49th Annual General Meeting (AGM) on June this year, Reliance Chairman Mukesh Ambani announced that the board of Jio Platforms had approved its draft red herring prospectus (DRHP), which was filed with SEBI on the same day.
Following the filing, Jio Platforms received a key regulatory clearance in August, when the Securities and Exchange Board of India (SEBI) issued its observation letter on the company’s DRHP for the proposed IPO.
Reliance Jio Platforms is a subsidiary of Reliance Industries, the Mukesh Ambani-led oil-to-retail conglomerate and India’s largest private-sector company by market capitalization as of March 31, 2026.
The company is best known for its telecom arm, Reliance Jio Infocomm, which disrupted India’s telecom industry following its launch in 2016 by offering affordable voice and data services.
Jio played a key role in accelerating digital adoption across the country through its low-cost data plans and free voice-calling model, attracting millions of subscribers within a short span of time.
What do we know about Jio Platforms’ IPO structure?
The proposed IPO comes after Jio Platforms completed meetings with investors across the US, UK, Dubai, Hong Kong and Singapore.
Jio Platforms plans to issue up to 27 crore fresh equity shares, representing about 2.9% of its post-issue paid-up equity capital. The issue price will be determined through the book-building process in accordance with SEBI regulations.
The company is expected to seek a valuation of $143–146 billion, equivalent to at least ₹12 lakh crore, according to banking and other sources cited by PTI. The price band and other key details, including lot size and issue reservations, are yet to be announced. The shares are expected to be listed on both the NSE and BSE.
Proceeds from the offering will largely be used to repay debt owed by its telecom division. Jio Platforms, which counts Meta and Google among its major foreign investors, also runs AI, cloud and enterprise network businesses.
Reliance group set for first IPO in nearly two decades
The proposed listing would mark the first public offering by the Reliance Group in nearly two decades and the first consumer-facing business within the conglomerate to be taken public.
Jio sees a significant growth opportunity in India’s 2G-to-4G/5G migration as it expects the ongoing migration of more than 263.5 million Indians still using 2G networks to drive future subscriber growth and higher data consumption.
Jio also believes that rising disposable incomes, cross-selling opportunities across its 524.4 million customer base, increasing household broadband penetration and wider adoption of digital platforms by enterprises will support long-term growth in digital services.
Jio reports steady growth in Q1 FY27
The telecom major reported steady growth in the April-June quarter (Q1 FY27), driven by continued subscriber additions, traction in the home broadband segment and growth in digital services.
It posted 9.2% year-on-year growth in net profit to ₹7,764 crore during the quarter. Profit, however, fell 2.15% sequentially due to higher finance costs and depreciation expenses as 5G network assets became operational.
Revenue from operations rose 2.4% quarter-on-quarter and 12% year-on-year to ₹39,173 crore.
ARPU, a key industry metric that tracks the average revenue earned per user, inched up 3.3% to ₹215.6 in the absence of tariff hikes. In the same period last year, ARPU stood at ₹208.8.
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