Jio Platforms, the digital service arm of billionaire Mukesh Ambani’s Reliance Industries Ltd (RIL), is all set to launch India’s largest initial public offering (IPO) as the company filed its draft red herring prospectus (DRHP) with market regulator SEBI on Friday.
Industry sources estimate the IPO at $4 billion or Rs 37,700 crore, well over the widely speculated Rs 30,000 crore IPO of the National Stock Exchange and Hyundai Motor India’s Rs 27,870 crore IPO in October 2024.
According to the filed DRHP, Jio’s IPO is structured as a primary issuance of 270 million (27 crore) equity shares, representing approximately 2.9% of post-issue share capital.
As per market analysts, Jio’s post-issue valuation could range between Rs 12.5 and 13 lakh crore, making it one of the most valuable companies on the bourses by market capitalisation.
The company aims to use the proceeds for repayment/prepayment of outstanding borrowings of Rs 27,500 crore and general corporate purposes.
“The capital raise positions Jio Platforms for its next phase of growth, while further strengthening its balance sheet. Net proceeds from the issue are proposed to be used primarily for repayment/prepayment of outstanding borrowings and general corporate purposes,” the draft paper stated.
Morgan Stanley and Kotak Mahindra Capital are acting as the lead bookrunners for the transaction.
Meanwhile, the draft paper also stated that none of Jio’s global partners, such as Meta and Google, is selling its stake in the IPO. In 2020, Jio Platforms raised Rs 43,574 crore from Meta / Facebook for a 9.99% stake and Rs 33,737 crore from Google for a 7.73% stake.
In addition, Jio Platforms raised approximately Rs 74,745 crore for a 15.2% stake from a marquee group of global financial sponsors, sovereign investors and strategic investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures.
“This represented Rs1.52 lakh crore / US$20.3 billion capital raise for approximately 33% stake. None of these sellers are selling down in the IPO, highlighting their continued commitment towards Jio Platforms and their conviction in the company’s next phase of growth,” the draft paper said.
The listing will mark an important milestone for the Reliance Group. The IPO would be the first IPO from the group since 2008, and its first-ever consumer-focused company IPO.
Jio Platforms’ revenue from operations grew to Rs 146,885 crore in Fiscal 2026 from Rs 109,558 crore in Fiscal 2024, representing a 15.8% compounded annual growth rate (CAGR), and EBITDA increased to Rs 76,255 crore from Rs 54,959 crore, representing a 17.8% CAGR. Profitability has continued to expand, with EBITDA margin improving to 51.91% in Fiscal 2026 from 50.16% in Fiscal 2024, supported by scale benefits, proprietary technology, automation and network operating leverage.
Jio Platform, which competes with Bharti Airtel, has leadership positions across both mobile broadband and fixed broadband, with 1.4x and 1.9x the second player in terms of customer market share, respectively. In Fiscal 2026, Jio Platforms carried approximately 60% of India’s wireless data traffic, with monthly data consumption of 42.3 GB per customer in Q4 Fiscal 2026.
The draft paper stated that international markets represent a massive growth opportunity for the deployment of Jio Platforms’ technology stack. With global demand for cost-efficient fixed wireless access and 5G solutions, Jio Platforms is well positioned to take its India-built capabilities to select overseas markets, it added.
