Jio Platforms Ltd, the digital and telecom subsidiary of Reliance Industries Ltd (RIL), is poised to enter the capital market with a significant public offering that could reshape India’s initial public offering (IPO) landscape. The company has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its IPO, which is anticipated to raise approximately Rs 37,700 crore, or close to $4 billion.
The Jio IPO, expected to be the largest in India to date, will consist of a fresh issue of 27 crore equity shares with a face value of Rs 10 each. The issue price will be determined through a book building process. Of the total proceeds, Rs 27,500 crore will be allocated to repay debt, while the remaining funds will be utilized for general corporate purposes, capped at 25% of the proceeds. RIL holds a 66.43% stake in Jio Platforms, while Meta Platforms, founded by Mark Zuckerberg, owns 9.98%, and Google holds 7.73%.
According to the Draft Red Herring Prospectus (DRHP), at least 35% of the net issue will be reserved for retail individual investors. With Jio announcing its IPO plans, two major IPOs are expected to raise over Rs 67,000 crore from the market in the coming months. The National Stock Exchange (NSE) has also submitted its IPO documents, and SEBI is anticipated to approve the NSE IPO soon, which could raise around Rs 30,000 crore through an offer for sale.
The proposed IPO of Jio Platforms has garnered significant attention in India’s capital markets due to the company’s dominant position in telecommunications and its rapidly expanding digital ecosystem. Since its launch in 2016, Jio has transformed the Indian telecom sector through aggressive pricing, widespread 4G and 5G adoption, and substantial investments in network infrastructure. Currently, Jio boasts over 524 million subscribers across India, with its 5G subscriber base reaching 268 million as of March 2026. Customer engagement remains strong, with 5G accounting for 55% of total wireless traffic, according to the company.
Speculation regarding a public listing for Jio intensified after the company attracted billions of dollars in investments from global technology giants like Meta Platforms, Google, and Intel in 2020. This fundraising initiative brought in strategic investors who valued Jio among India’s most valuable unlisted companies. Notably, Meta invested $5.7 billion to acquire its 9.98% stake in Jio in 2020.
In comparison to other large IPOs, Hyundai raised Rs 27,870 crore through its IPO in October 2024, surpassing the Rs 21,008 crore issue of Life Insurance Corporation of India (LIC) in 2022. Other significant offerings include Paytm’s Rs 18,300 crore IPO in 2021 and Coal India’s Rs 15,475 crore issue in 2010. Reliance Power raised approximately Rs 11,500 crore through its IPO in 2008.