Jio Platforms Ltd. is set to take a key step toward its long-awaited stock market debut after its board approved the filing of draft initial public offering (IPO) papers with India's market regulator for a fresh issue of up to 27 crore equity shares.
Reliance Industries Ltd. Chairman Mukesh Ambani announced the move at the company's 49th annual general meeting on Friday, saying the Draft Red Herring Prospectus would be filed with the Securities and Exchange Board of India later in the day.
Ambani called the Jio IPO the company's most significant value-creation event of the year, saying the listing would unlock value for Reliance shareholders while offering new investors an opportunity to participate in the company's growth.
The proposed offering comprises up to 27 crore equity shares with a face value of Rs 10 each, with the final issue price to be determined through a book-building process.
Jio Platforms is a subsidiary of Reliance Industries and houses the group's telecommunications, digital services and technology businesses. The company did not disclose the price band or the total size of the offering, which will depend on the final issue price and regulatory approvals.
Ambani said the board of Jio Platforms had approved the IPO document earlier in the day. "With great delight, let me tell you that the Board of Jio Platforms has approved the Draft Red Herring Prospectus earlier today and it will be filed with SEBI today," he said.
"This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders," he added.
The IPO process is being overseen by the next generation of the promoter family, with Isha, Akash and Anant Ambani leading the listing effort.
The company said the proposed listing would be a major milestone in its value creation journey and help unlock value for existing investors.
"The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability and global value," Mukesh Ambani said.
Ambani said Reliance's relationship with its shareholders remained a "deep and sacred bond" built on trust, respect, pride and shared growth.
He added that this commitment to shared growth was deeply personal to the company's founder chairman, Dhirubhai Ambani.
Highlighting Jio's innovation credentials, Ambani cited a report by the World Intellectual Property Organization, which showed Jio Platforms rising from 340th to 20th place within a year in patent innovation velocity.
He said this made Jio the only Indian company to feature in the global top 20 rankings.
Ambani also highlighted Reliance Industries' financial performance for the 2025-26 financial year. The company's consolidated revenue rose 9.8% year-on-year to a record Rs 11,75,919 crore.
"Our EBITDA for the financial year 21 was Rs 97,580 crore, which rose to Rs 2,079,11 crore for the year 26. Retail and digital businesses contributed nearly half of the financial year 2026 EBITDA," Ambani said.
Net profit for FY26 increased 17.8% from the previous year to Rs 95,754 crore.
Ambani said the retail and digital services businesses now contribute nearly half of the company's consolidated EBITDA, underlining their role as the principal drivers of Reliance's growth.
(With inputs from PTI and ANI)
