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India’s largest mobile operator is targeting a landmark public listing as it ramps up investments in AI, cloud and next-generation digital infrastructure.

Reliance Jio’s MD and Chairman Mukesh Ambani has announced that the company will file the initial public offering (IPO) papers with the Securities and Exchange Board of India (SEBI) later today.

The IPO could raise around $3.8 billion, according to analyst estimates, making it India’s largest IPO to date.

“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” said Ambani at the company’s Annual General Meeting.

Backed by the billionaire Ambani, Reliance Jio Infocomm burst onto India’s mobile scene in 2016, with its discount prices triggering a major price war. Since then, the company has soared to become the country’s largest mobile operator with over 500 million customers.

The listing is expected to be closely watched by investors seeking exposure to India’s fast-growing digital economy. Jio has expanded well beyond mobile connectivity in recent years, building out a portfolio that includes fibre broadband, enterprise services, cloud offerings, digital payments and connected devices.

AI was also a significant focus of the meeting, with Ambani calling for India to continue its efforts to embrace AI and develop its own platforms, saying that the country should be a creator of AI as well as a consumer.

Jio is investing heavily in AI, with Ambani saying earlier this year that the company would invest around $110 billion over seven years to build India’s AI backbone infrastructure.

The company’s JioBrain platform, which it uses for network planning, predictive maintenance, resource optimisation and customer service automation, notably won the AI Innovation award at the World Communication Awards 2025.

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