Jio Platform is finalizing documents for its public offering, which is expected to be the largest in India, valued at approximately $3.8 billion, following international roadshows, a source reports.
The international presentations were led by Jio Platforms Managing Director and Chairman of Reliance Jio, Akash Ambani, and Executive Director of Reliance Retail Ventures Limited, Isha Ambani. A source familiar with the developments told PTI that Jio Platforms completed the first phase of the IPO after meetings with potential investors worldwide. The roadshows took place in the USA, UK, Dubai, Singapore, and Hong Kong. The company is currently preparing to file the prospectus with a red herring warning.
Previously, last month, Jio Platforms, the digital arm of billionaire Mukesh Ambani's Reliance Industries, received approval from the market regulator Sebi to conduct the initial public offering, paving the way for the country's largest stock market listing. Sebi issued its final comments on August 28, and Jio Platforms submitted the draft IPO documents in June.
According to the draft prospectus, the company plans to issue up to 270 million new equity shares, representing about 2.9 percent of its share capital post-issuance. Earlier, insiders indicated that this offering could value Jio Platforms at approximately $137 billion. Proceeds from the sale will primarily be used to repay or prepay approximately ₹27.5 trillion in outstanding loans of Reliance Jio Infocomm Ltd, a subsidiary of Jio Platforms, according to the draft prospectus. The remaining amount is designated for general corporate purposes.
This public offering comes amid activity in the Indian primary market, which shows strong participation from retail investors and domestic institutional players. Over two dozen IPOs have been announced or launched since July 1, almost matching the 28 listings in the first half of 2026.
Jio Platforms integrates Reliance's digital enterprises, including its telecommunications operations. Reliance Jio Infocomm, JPL's telecom division, dominates the Indian telecom market with a 32.89 percent share in fixed connections, serving 157.9 million customers, and 39.29 percent in mobile connections, with 506 million customers. JPL possesses the largest 5G Standalone network outside China, boasting 268.5 million 5G customers as of June 2026. Jio holds a leading position globally in the Fixed Wireless Access segment with approximately 1.5 billion subscribers, roughly one and a half times that of the second-largest player based in the USA, T-Mobile. The company claims that its 5G network bandwidth approaches 60 percent of India's wireless data traffic, which is one of the largest in the world.
Leveraging its network capacity and traffic volume, Jio has expanded its business into other areas of the digital ecosystem, including cloud technologies, artificial intelligence, and enterprise network services. For the fiscal year 26, Jio Platforms demonstrated a 15 percent increase in profit after tax to ₹30,053 crore and a 14.5 percent increase in annual revenue to ₹146,885 crore.
Previously, Jio Platforms attracted major global technology and financial investors: in 2020, Meta invested ₹43,574 crore for a 9.99 percent stake, and Google invested ₹33,737 crore for a 7.73 percent stake. Other investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital, and Qualcomm Ventures, collectively invested about ₹74,745 crore for approximately a 15.2 percent stake. According to the draft prospectus, Reliance Industries owns about 66.4 percent of Jio Platforms, while Meta and Google together hold about 17.7 percent.
The IPO will be the first public offering from the Reliance group since 2008 and the first consumer-facing IPO within the conglomerate. Although Akash Ambani leads Jio Platforms, his elder son Akash serves as its Managing Director. Akash is also the Chairman of Reliance Jio Infocomm Ltd, the company's telecommunications division.
