Jio Platforms Ltd (JPL) on Friday filed the Draft Red Herring Prospectus (DRHP) with market regulator the Securities & Exchange Board of India (SEBI) for an Initial Public Offer (IPO) of fresh issue of 27 crore shares at a price to be discovered later through a book building method. 

The size of the issue is likely be between ₹35,000 crore to ₹40,000 crore. At this size it will be India’s biggest ever IPO, larger than the proposed NSE IPO which will be about ₹30,000 crore.

So far India’s biggest IPO has been that of Hyundai Motor India’s which was about ₹28,000 crore. Earlier on Friday (June 19) the Jio Platform board had approved the filing of the DRHP. The filing has been done to dilute 2.5% stake of the company under the new rules of SEBI for mega listings. 

As per the filing, JPL, from the net proceeds of the fresh issue, ₹27,500 crore will be used to repay debt of the company’s material subsidiary, Reliance Jio Infocomm Ltd (RJIL). The rest will be utilised for General Corporate Purposes and towards issue expenses. 

Earlier while addressing shareholders at the company’s 49th AGM Mukesh Ambani, CMD, Reliance Industries Ltd (RIL) said “This [filing] is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders.”

“Akash, Isha and Anant [his children] are heading the Jio IPO process and will lead the next generation of value creation opportunities in the future,” he said.

“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 Mr. Ambani added.

Once launched, Jio Platforms is likely to be a key player in India’s digital economy, which is expected to reach US $1.4 trillion by fiscal 2031. As of March 31, 2026, Jio Platforms served 524.4 million customers across consumers and businesses. 

While Jio Platforms is much smaller when comparison with global tech platforms such as Alphabet, Meta, Microsoft, and Amazon, its position as a leader in the fast growing Indian market space, and its stakes held by Meta and Alphabet are likely to push up its valuation.

In India, the firm has leadership positions across both mobile broadband and fixed broadband with 1.4x and 1.9x the second player in terms of customer market share, respectively.

Pre-IPO, Reliance Industries has 66.43% stake in JPL while Meta and Google have 9.99% and 7.73% stake respectively. The rest 15.85% is held by other strategic and financial investors. None of the shareholders are selling any of their stake in the IPO. 

At the announcement, Mr. Ambani said “Our dedicated network slicing will enable a new tier of high-performance connectivity for consumers and enterprises. Our cyclic beam-formed cell design significantly enhances coverage and capacity at high-footfall locations. Our target is to migrate all subscribers to 5G by 2030 while advancing India’s leadership position in 6G standards,” he told shareholders.

He then went on the talk about the growth areas for Jio, saying “The proprietary deep-tech stack at Jio, built for 5G, fixed wireless access, and AI services, is now ready for deployment with international partners in select geographies. The technology we built to solve India’s challenges will also serve the world and become a key pillar of our export strategy”.

“As we launch more value-added services, such as premium 5G, AI-bundled services, and enterprise solutions, our ARPU will grow significantly,” he added.