Reliance Industries Chairman Mukesh Ambani addresses the 49th Annual General Meeting of Reliance Industries Limited in Mumbai | Photo Credit: PTI

Jio Platforms, the digital and telecom arm of Reliance Industries, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The offering comprises a fresh issue of 27 crore equity shares with a face value of ₹10 each and does not include an offer-for-sale component. This issue represents nearly 3 per cent of the post-issue share capital.

“With great delight, I would like to share that the Board of Jio Platforms has approved the draft red herring prospectus today,” said Reliance Chairman Mukesh Ambani at the company’s 49th annual general meeting.

“While valuations are yet to be formally disclosed, the sheer breadth of Jio Platforms’ operations and its strong financial trajectory indicate this could set a new benchmark for Indian equity markets,” said a senior investment banker involved with the issue.

Mega Debut

Brokerages estimate the IPO could raise between ₹33,000 crore and ₹38,000 crore and value the company at ₹12-15 lakh crore, potentially making it India’s largest-ever IPO, surpassing Hyundai Motor India’s ₹27,870 crore listing in 2024.

Net proceeds from the offering are proposed to be used primarily for the repayment or prepayment of outstanding borrowings amounting to ₹27,500 crore, along with general corporate purposes. This means that debt repayment alone could absorb 72-83 per cent of the proceeds, leaving only ₹5,500-10,500 crore for other corporate needs. As of March 31, 2026, the company had fund-based outstanding borrowings of ₹71,529 crore and non-fund-based debt of ₹2,022 crore, including those of its subsidiaries.

In its DRHP, Jio stated that it has “incurred significant indebtedness” due to its inability to meet obligations, including financial and other covenants under its debt financing arrangements. The company also noted multiple outstanding criminal proceedings against Reliance Jio Infocomm. In addition, the total outstanding direct and indirect tax claims involving the company, its promoter, subsidiaries, and directors amount to ₹49,726 crore. Its outstanding dues to material creditors, including micro, small, and medium enterprises and other creditors, stood at ₹3,401 crore as of March 31.

“We may not be able to fund our capital expenditures and expansion efforts, which could have an adverse impact on our business,” the company said while outlining its risk factors.

Financially, Jio Platforms has demonstrated steady growth, reporting a consolidated net profit of ₹30,064 crore on revenue of ₹1.49 lakh crore in FY26, compared with a profit of ₹26,110 crore on revenue of ₹1.28 lakh crore in the previous year.

Despite this strong performance, the company highlighted several key risks in its prospectus. These include regulatory dependencies such as telecom licence renewals, reliance on a limited set of infrastructure vendors and tower providers, and exposure to cybersecurity threats. Jio also emphasised its capital-intensive nature, having spent over 23 per cent of its operating revenues, ₹34,184 crore, on capital expenditure in FY26.

The company’s annual capital expenditure has declined by 36 per cent, from ₹53,510 crore in FY24 to ₹34,184 crore in FY26, a reduction of over ₹19,000 crore. This suggests that India’s largest telecom operator is transitioning from a decade-long network buildout phase to a phase focused on cash generation, deleveraging, and maximising returns on its existing investments.

Reliance Industries currently holds a 66.43 per cent stake in Jio Platforms.

Published on June 19, 2026