Jio Platforms Ltd (JPL), the Reliance Industries-controlled company that houses India’s largest telecom operator and a growing portfolio of digital businesses, filed its draft red herring prospectus (DRHP) on Friday for what could become India’s largest-ever public offering. The company could raise about ₹37,700 crore through the listing, according to people familiar with the matter, valuing the business nearly ₹9.5 trillion. The filing comes as Jio Platforms prepares its next growth phase, including plans for a sovereign low-earth-orbit (LEO) satellite constellation and AI-native services embedded directly into its network.
The DRHP is set to lead to the first public listing of a consumer-facing Reliance business. It comes a decade after Reliance Jio’s launch in 2016, which reshaped India’s telecom industry through free voice services and low-cost mobile data. It will be the second IPO from RIL in recent years. It demerged its erstwhile subsidiary Jio Finance into a separate entity and listed it on BSE in August 2023.
According to the DRHP, the IPO will comprise a fresh issue of up to 270 million shares with a face value of ₹10 each. The final issue price will be determined through the book-building process in accordance with Securities and Exchange Board of India (Sebi) regulations. People familiar with the matter said the issuance represents aboutN 2.9 per cent of post-issue share capital.
At an implied valuation of nearly ₹9.5 trillion (more than $100 billion), the offering would surpass the size of the National Stock Exchange’s proposed public issue, which filed its own DRHP earlier this week and is expected to raise about ₹30,000 crore, according to industry insiders.
Jio Platforms reported a revenue of ₹1.47 trillion and profit after tax of about ₹30,000 crore in FY26.
“This is a deeply emotional moment for me, for the entire Reliance family, and millions of its shareholders,” Reliance Industries Chairman Mukesh Ambani, 69, told shareholders at the company’s 49th annual general meeting on Friday, describing the Jio Platforms IPO as the group’s “most important value-creation milestone this year.”
“I assure you that this will unlock great value for Reliance shareholders and offer an attractive investment opportunity to others,” said Ambani, adding that the IPO process is being led by his children — Akash, Isha and Anant Ambani — who will drive Jio’s next phase of growth.
“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability and global value,” he said. “I assure you, and all prospective new investors, that a brighter future awaits Jio.”
The IPO will not include an offer-for-sale component by existing investors, including Meta, Google, KKR, Silver Lake and General Atlantic, which collectively invested about $20 billion in Jio Platforms in 2020. Those investors together own 30.89 per cent of the company, with Meta and Google holding 9.98 per cent and 7.73 per cent, respectively. Reliance Industries owns 66.43 per cent.
According to the DRHP, approximately ₹27,500 crore from the offering proceeds will be used to prepay borrowings raised by a material subsidiary. Morgan Stanley and Kotak Mahindra Capital have been appointed lead bookrunners, alongside about a dozen other banks working on the transaction.
The listing is among the most closely watched capital-markets events in India’s corporate history and comes as Jio seeks to capitalise on investor interest in telecom, digital infrastructure and technology platforms. Over the past decade, the company has expanded beyond mobile connectivity into broadband, cloud computing, enterprise services and artificial intelligence.
“The Jio Platforms IPO is arguably the most anticipated listing in India’s telecom and digital infrastructure landscape. It represents the monetisation of a diversified digital platform spanning mobility, broadband, enterprise and digital services. Investor appetite will largely depend on Jio’s ability to demonstrate sustained growth beyond traditional connectivity revenues,” said a senior executive at a global advisory firm, requesting anonymity.
As per the DRHP, up to 50 per cent of the net issue has been reserved for qualified institutional buyers, of which 60 per cen may be allocated to anchor investors and book running lead managers. Of this anchor allocation, a portion is reserved for domestic mutual funds, insurance companies, and pension funds. About 35 per cent of the net issue is reserved for retail investors, and another minimum 15 per cent is allocated to non-institutional investors (NIIs), which include high-net-worth individuals and larger application sizes. The issue includes specific reservations for eligible employees of the company and eligible shareholders of Reliance Industries, which will be carved out of the total issue size before the remaining shares are offered to the public.
Satcom ambitions and native AI
Jio Platforms Managing Director Akash Ambani said the company plans to build an indigenous communications satellite constellation in low-earth orbit (LEO) while leasing capacity from leading global satellite operators to accelerate broadband coverage across underserved regions.
“Jio connected India on the ground. Now, we must connect India from the skies,” Akash Ambani said. “There are still remote villages, island communities and border outposts where the Jio network cannot reach. For them, satellite connectivity will be the bridge to the rest of India.”
He said Jio is evaluating the development of a sovereign LEO constellation while simultaneously partnering with global satellite providers, a dual-track strategy intended to expand coverage immediately while building long-term domestic capabilities.
“This dual approach will enable Jio to meet India’s connectivity needs faster while laying the foundation for an Indian satellite broadband platform of global scale,” said Akash Ambani.
The company is also building ground-station infrastructure across India that will support both partner constellations and future Jio satellites, creating what it described as an end-to-end satellite broadband ecosystem spanning space and terrestrial networks.
According to New Street Research, Jio’s satellite ambitions spell heightened competition in the LEO market, with material reduction in India revenue prospects for Starilnk. “For those who have followed India for a long time, and are looking for an analogy we are probably about at about 2012 when Reliance Industries was considering an entry into Mobile. By 2017 Jio was the market leader,” the research firm said.
Reliance also used the AGM to deepen its push into artificial intelligence. Akash Ambani said Jio will introduce an AI agent embedded directly into the network later this year, eliminating the need for customers to download separate applications.
“Every day, Jio carries 20 billion minutes of voice traffic, making us one of the largest voice carriers in the world,” he said. “We are building AI directly into the heart of the Jio network. No app to download. No number to add. Available to every Jio customer. In every Indian language.”
DRHP also outlined potential global opportunities for Jio, including a $145 billion market for fixed wireless access (FWA), a $70 billion opportunity for global 5G rollouts where Jio’s own tech stack could be deployed, and $15 billion from about 729 million 2G handset users where its own JioBharat OS can be used to transition users to 4G or 5G.
Next priorities
Akash Ambani outlined five strategic priorities for Jio’s next phase of growth, beginning with accelerating 5G adoption across its entire subscriber base of 524 million users by 2030. The company had 268.5 million 5G subscribers as of March 31, 2026.
Jio Platforms also plans to expand broadband penetration through JioAirFiber, its fixed wireless access service. More than 90 per cent of installations are completed within 24 hours, while home broadband additions are running at as many as 60,000 connections a day.
The company will continue digitising small and medium-sized businesses through products such as JioPC, a cloud-computing service delivered through a set-top box, while expanding the use of artificial intelligence across network operations, customer support and consumer applications.
Jio also plans to commercialise its proprietary technology platforms internationally, leveraging software and infrastructure developed for India’s 5G, fixed wireless and AI markets. Ambani said the company expects higher average revenue per user as it expands premium 5G services, AI-enabled offerings and enterprise solutions.
Key risks outlined in DRHP
JPL flagged operational, regulatory and technology risks, primarily securing future spectrum allocations and renewing telecom licences by Reliance Jio, and the impact of regulations governing telecom, data privacy and artificial intelligence (AI). It also noted risks emanating from potential network outages, cybersecurity incidents and debt obligations. Jio’s spectrum renewals are due between 2041 and 2042, for which it will have to participate in auctions. “Any inability to maintain or renew such licences or to successfully bid for any spectrum required for our operations could have a material adverse impact on our business, financial condition and results of operations,” it said in the DRHP.
It also flagged that any measure that limits social media usage, including by children, could reduce data consumption and adversely affect its business. “Further, any regulatory developments that restrict or limit the use of social media, including by minors or involving the online gaming industry or imposition of additional charges on data usage, may impact consumption of data by customers which in turn may have an adverse impact on our business, financial condition and results of operations,” it said.
“We may be subject to additional regulations regarding net neutrality, which could adversely affect our business, financial condition and results of operations,” the DRHP said, adding that Regulatory, legislative or self-regulatory/standard developments regarding privacy and data security matters could also have an adverse effect on its ability to conduct business, reputation and financial condition.
It noted that regulatory authorities have from time to time considered proposals to bring over-the-top services under a licensing or regulatory framework, and added that “any such regulation, depending on its scope and application, could change competitive dynamics in the digital services market, impose additional compliance obligations, or alter the regulatory treatment of services provided by us and our competitors”.
Source link
#Jio #Platforms #targets #37700crore #IPO #Indias #biggest #listing
