Reliance Industries-backed Jio Platforms has filed draft papers for what could become India's largest-ever initial public offering, seeking to raise about $4 billion (Rs 37,700 crore) and valuing the digital giant at roughly $137 billion, according to PTI.
IPO Structure and Scale
The proposed issue comprises a fresh issue of up to 27 crore equity shares, representing about 2.9% of the company's post-issue equity capital. If completed at the expected size, the transaction would surpass Hyundai Motor India's Rs 27,870 crore IPO to become the largest public offering in the country's history.
Unlike many recent mega IPOs, Jio's issue contains no offer-for-sale component. Existing shareholders, including Reliance Industries, Meta, Google and global private equity investors, are not selling shares through the public issue. The company said the issue price will be determined through the book-building process and remains subject to regulatory approvals. 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.
Use of Proceeds: Debt Reduction
According to the Draft Red Herring Prospectus (DRHP), a substantial portion of the proceeds will be used to reduce debt. "An aggregate amount of up to Rs 27,500 crore from the net proceeds is proposed to be utilised towards prepayment, in full or in part, of the principal amount outstanding of certain borrowings availed by RJIL," the filing said. As of March 31, 2026, Jio Platforms and its subsidiaries had total borrowings of Rs 71,529 crore.
Shareholder Structure and Strategic Backing
| Shareholder | Stake (%) | Investment (Rs crore) |
|---|---|---|
| Reliance Industries | 66.43 | – |
| Meta | 9.99 | 43,574 |
| 7.73 | 33,737 | |
| Other investors (Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital, Qualcomm Ventures) | Remaining | >$20 billion (2020) |
Reliance Industries currently owns 66.43% of Jio Platforms and will continue as the controlling shareholder after listing. Meta remains the largest external shareholder with a 9.99% stake acquired through a Rs 43,574 crore investment in 2020, while Google owns 7.73% following its Rs 33,737 crore investment. In 2020 alone, Jio Platforms raised more than $20 billion from global technology and private equity investors, helping establish it as one of the world's most closely watched digital infrastructure businesses.
Financial and Operational Scale
The prospectus highlights the scale Jio has achieved since launching services in 2016. Reliance Jio Infocomm had 524.4 million subscribers as of March 31, 2026, including 268.5 million users on its 5G network. The company added 36.2 million net subscribers during FY26.
| Metric | FY26 Value |
|---|---|
| Revenue from operations | Rs 1.47 lakh crore |
| Profit after tax | ~Rs 30,000 crore |
| ARPU per month | Rs 214 |
Jio's average revenue per user (ARPU) rose to Rs 214 per month, while data consumption on the network continued to expand rapidly.
Strategic Positioning: Beyond Telecom
A recurring theme throughout the filing is Jio's attempt to position itself beyond traditional telecom. The company describes itself as "a technology platform, built on proprietary digital technology and pan-India digital connectivity as its foundational layer." Today, Jio's portfolio extends across wireless connectivity, fibre broadband, cloud services, cloud gaming, enterprise connectivity, cybersecurity, digital commerce, IoT solutions and artificial intelligence.
The filing marks a milestone for Reliance Industries as it seeks to unlock value from a business that has evolved from a telecom disruptor into one of the group's biggest growth engines. "The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value," Reliance chairman Mukesh Ambani said at the company's annual general meeting.
Implications for Investors
For executives and investors tracking India's digital economy, the Jio IPO represents a landmark liquidity event and a benchmark for valuing platform businesses in emerging markets. With zero secondary selling, the listing is purely a capital-raising exercise that will deleverage the company's balance sheet. The continued involvement of strategic investors like Meta and Google underscores confidence in Jio's trajectory, while the absence of an OFS signals that existing backers see further upside. The next milestone will be the Securities and Exchange Board of India's (SEBI) approval and the subsequent price band announcement, expected in the coming months.
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