Jio Platforms on Friday submitted its draft red herring prospectus (DRHP) to market regulator Sebi for its proposed initial public offering, which includes a fresh issuance of 27 crore equity shares. Earlier in the day, Mukesh Ambani announced the move, stating that the listing would create substantial value for shareholders.According to the DRHP, approximately Rs 27,500 crore from the issue proceeds has been earmarked for the full or partial repayment of borrowings undertaken by the company.“The requirement and deployment of funds as indicated above are based on the current business plan, internal management estimates, prevailing market conditions and other commercial and technical factors, including interest rates, exchange rate fluctuations and other charges, and the financing and other agreements entered into by Reliance Jio,” the company stated in its filing.While market estimates have pegged the IPO size at around $3 billion, the company said the proceeds from the fresh issue will primarily be used to reduce its debt burden. Any remaining funds will be deployed for general corporate requirements.Reliance Industries’ chairman Mukesh Ambani made the announcement at RIL’s 49th Annual General Meeting (AGM). Ambani described the development as a particularly emotional milestone.
Jio Platforms IPO: DRHP filed
Jio Platforms is the digital arm of Reliance Industries which brings together the group’s telecom operations, technology ventures and digital services under one umbrella.As of the date of the DRHP submission, promoter entity Reliance Industries held nearly 66.43% of Jio Platforms’ pre-issue paid-up equity share capital.The public offering comes against the backdrop of improving operating performance at the company. During the March quarter of FY26, Reliance Jio reported operating revenue of Rs 44,928 crore, representing a 13% increase from a year earlier. Net profit also rose 13% year-on-year to Rs 7,935 crore, while EBITDA expanded 18%, supported by a 230-basis-point improvement in operating margins.Average revenue per user (ARPU) climbed to Rs 214, aided by tariff revisions, improved subscriber quality and stronger customer engagement. Data usage remained strong at 42.3 GB per user per month, while overall data traffic grew by about 35% compared with the corresponding period last year.Jio Platforms’ IPO will consist of fresh issue of up to 27 crore equity shares at face value of Rs 10 each, a PTI report quoted the company filing. The issue price will be determined via book building process, parent Reliance Industries said in its BSE filing.The filing represents a significant step in Reliance’s efforts to take its digital business public, almost six years after Jio Platforms raised more than Rs 1.5 lakh crore from global strategic investors. The proposed offering is expected to place the telecom and digital services arm among the most highly valued listed companies in India.The IPO is widely expected to surpass the nearly Rs 30,000 crore offering by NSE and Hyundai Motor India’s Rs 27,870 crore issue (around $3.3 billion), making it the largest public issue in the country’s history. However, the company’s listing roadmap has seen several revisions over the past year.“The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect and shared growth,” Ambani said during his address.Reliance had originally considered structuring the issue largely as an offer for sale but later shifted its focus towards a predominantly fresh issue. The filing, initially anticipated in March, was postponed amid heightened geopolitical uncertainty in West Asia and increased volatility in equity markets, prompting the company to reassess the timing of the launch.Under a fresh issue structure, the funds raised from the offering are received directly by the company rather than being paid to existing shareholders.Describing the proposed public offering as the most important value-unlocking initiative of the year, Mukesh Ambani said the listing would create significant value for existing Reliance shareholders while giving new investors an opportunity to participate in Jio’s future growth journey.Ambani added that the IPO process is being overseen by his children — Akash, Isha and Anant — who will lead Jio into its next phase of expansion and value creation.“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability and global value,” Ambani said.
Jio’s 5 focus areas
Alongside the listing plans, Jio outlined five key priorities that will guide its next stage of growth.A major focus will be accelerating the rollout and adoption of the JioTrue5G network, with the goal of migrating its entire subscriber base to 5G by 2030. The company also intends to play an active role in shaping future 6G technology standards.Jio plans to further expand broadband penetration through JioAirFiber, its fixed wireless access platform. The company said more than 90% of installations are completed within 24 hours, while daily home broadband additions have reached as many as 60,000 connections.The company will continue working towards the digital transformation of small and medium enterprises through offerings such as JioPC, its cloud-based computing solution delivered through a set-top box. It also plans to deepen the use of artificial intelligence across customer service, network management and consumer-facing applications.In addition, Jio intends to monetise its in-house technology platforms in international markets by leveraging the software and infrastructure it has developed for India’s 5G, fixed wireless and AI ecosystems. Ambani said the company expects premium 5G products, AI-powered services and enterprise solutions to drive higher revenue per user over time.
