India’s biggest share sale? Ambani-led Jio announces landmark IPO move

Jio Platforms, the telecom and digital arm of Reliance Industries, has announced one of India’s most closely watched public market events, with analysts describing it as a potential landmark share sale.

The company’s board has approved the Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO), Mukesh Ambani confirmed at Reliance Industries’ annual shareholder meeting.

India’s largest telecom operator, with over 500 million subscribers, is expected to raise around $4bn, according to media estimates.

DRHP filing sets IPO process in motion

In an exchange filing, Jio Platforms Limited said the DRHP will be submitted to the Securities and Exchange Board of India (SEBI), along with BSE Limited and the National Stock Exchange of India (NSE).

The filing marks the formal beginning of the IPO process, which will now move through regulatory review and pricing discovery stages.

IPO structure and fundraise details

The company plans to raise capital through a fresh issue of up to 27 crore equity shares with a face value of ₹10 each.

The final issue price will be determined through the book-building process, in line with SEBI’s Issue of Capital and Disclosure Requirements Regulations, 2018.

Ambani calls listing a defining moment

Reliance Industries Chairman and Managing Director Mukesh Ambani described the DRHP approval as a deeply emotional milestone for the group and its shareholders.

He said the relationship between Reliance and its investors is built on trust, pride and shared growth, calling it a “deep and sacred relationship”.

Global ambition and market signalling

Ambani said the proposed listing would underline India’s ability to build technology companies of global scale and value.

He added that Jio’s IPO would serve as a signal to global investors about India’s growing technology ecosystem and capital market maturity.

Timing alongside broader IPO momentum

The announcement comes shortly after the National Stock Exchange (NSE) filed for its long-awaited market debut, potentially raising over $3bn.

Together, the Jio and NSE listings could become among India’s largest IPOs in recent years, comparable with Hyundai Motor India’s $3.3bn share sale.

From telecom disruptor to digital giant

Launched in 2016, Jio disrupted India’s telecom sector with ultra-low-cost data plans, rapidly scaling to hundreds of millions of users.

Since then, the company has expanded into cloud computing, enterprise solutions, artificial intelligence and digital infrastructure.

Global partnerships and ai expansion

Jio has strengthened its global tech footprint through partnerships, including a collaboration with Meta initiated in 2020 following a $5.7bn investment.

Earlier this month, Meta also announced plans to lease capacity at a 168-megawatt AI-enabled data centre being developed by Reliance in Gujarat.

The partnership now extends to AI accessibility initiatives for Indian businesses using Meta’s open-source models.

Valuation and market expectations

Investment bank Jefferies estimated in November that Jio could be valued at around $180bn, potentially ranking it among the world’s most valuable telecom companies.

Analysts say the listing will be a key test for investor appetite after recent volatility in India’s equity markets.

Leadership transition and next phase

The IPO process is being led by the next generation of the Ambani family — Akash Ambani, Isha Ambani and Anant Ambani — marking a generational transition in leadership responsibilities.

Mukesh Ambani said the move reflects confidence in Jio’s long-term growth trajectory and its expanding digital ecosystem.

Financial performance backdrop

Reliance Industries reported consolidated revenue of ₹11,75,919 crore for FY26, up 9.8% year-on-year, with net profit rising 17.8% to ₹95,754 crore.

Retail and digital services together now account for nearly half of EBITDA, reinforcing their position as the group’s primary growth engines.

 With inputs from IANS, ANI