Jio Platforms, backed by Reliance Industries and led by Mukesh Ambani, has submitted its draft prospectus for an anticipated IPO. As India’s largest mobile carrier by revenue, this move represents a significant step.
During a company meeting, Ambani stated the listing would showcase India’s ability to create technology companies with a global reach. He expressed confidence in Jio’s future, reassuring investors of a positive outlook.
Ambani’s children, Akash, Isha, and Anant, will manage the IPO process. Reliance Industries disclosed that Jio Platforms plans to offer 270 million new shares, with pricing to be established through a book-building process. Though details are pending, the IPO is projected to raise approximately $3.8 billion. This would surpass the previous largest IPO in India, Hyundai India, which secured $3.3 billion in 2024, according to Reuters.
The draft prospectus indicates that roughly 275 billion rupees, equivalent to $2.9 billion, will be allocated for debt repayment. Previous plans for a listing by June 2026 were delayed due to geopolitical factors.
As of April, Jio Platforms had more than 520 million subscribers, reinforcing its position as India’s leading mobile carrier. The fiscal results for the year ending March 31, 2026, showed a revenue increase of 14.6% to 1.46 trillion rupees, and net profits rising by 15% to 300 billion rupees.
In 2020, Jio Platforms raised over $20.5 billion, selling 33% of the company to 13 global investors including Facebook parent Meta Platforms, Google parent Alphabet, and KKR. This valued the company between $57 billion and $65 billion.
Jio Platforms drives Reliance’s AI ambitions, with a commitment to invest $110 billion over seven years in data centers, renewable energy, and infrastructure across India. Recently, Reliance revealed plans to create an AI-driven data center for Meta Platforms in Gujarat.
Mukesh Ambani, with a net worth of $90.5 billion, ranks among India’s wealthiest. He leads Reliance Industries, which spans energy, petrochemicals, telecommunications, retail, media, and financial services.