Jio Platforms has filed its draft red herring prospectus (DRHP) for what is set to become India’s largest-ever initial public offering (IPO), targeting a fundraise of approximately ₹37,700 crore. The move marks a major milestone for the Reliance Industries-controlled digital and telecom powerhouse and signals the beginning of its public market journey.
The company, which houses India’s largest telecom operator Reliance Jio along with a growing portfolio of digital services, is valued at nearly ₹9.5 trillion based on the proposed issue size. The IPO will consist of a fresh issue of up to 270 million equity shares, with pricing to be determined through the book-building process under Securities and Exchange Board of India (SEBI) regulations.
According to people familiar with the matter, the offering represents around 2.9 per cent of the post-issue share capital. Notably, the IPO does not include any offer-for-sale component, meaning existing investors such as Meta, Google, KKR, Silver Lake, and General Atlantic will not be offloading their stakes.
Reliance Industries Chairman Mukesh Ambani described the listing as a landmark value-creation event, stating that it will unlock significant shareholder value and showcase India’s capability to build global-scale technology companies. He also noted that the IPO process will be led by his children, signalling a new phase of leadership transition within the group.
The listing comes nearly a decade after the launch of Reliance Jio in 2016, which transformed India’s telecom landscape through disruptive pricing and digital expansion. It also follows the earlier listing of Jio Financial Services in 2023.
