India could be headed for its biggest-ever IPO, with Mukesh Ambani‘s Jio Platforms preparing to raise around $3.8 billion from the public market. The Reliance Industries digital services arm is expected to open its issue on October 21, with the shares likely to make their market debut on October 28, according to two people familiar with the matter.The proposed IPO comes after Jio Platforms completed meetings with investors across the US, UK, Dubai, Hong Kong and Singapore. The company is expected to file its final IPO papers with the Securities and Exchange Board of India (Sebi) in the week starting October 12.At the proposed size, Jio Platforms would surpass Hyundai Motor India’s $2.9 billion IPO in 2024, currently the country’s biggest listing. The National Stock Exchange of India’s $2.3 billion IPO, which made its market debut last month, would also be smaller.
Jio IPO: All you need to know
Jio Platforms’ draft prospectus provides for a fresh issue of up to 27 crore shares, equivalent to around 2.9% of the company’s post-issue equity base. The money raised is largely intended to repay debt owed by its telecoms division.The company is expected to seek a valuation of $143-146 billion, equivalent to at least Rs 12 lakh crore, according to banking and other sources cited by PTI. One banking source said the response from overseas investors is expected to support a base enterprise valuation of $143-146 billion.
- The IPO will open for subscription from October 21 to October 23.
- The IPO is a book-built issue comprising only a fresh issue of equity shares.
- The face value of each equity share is Rs 10, according to an investment advising website.
- The issue size, lot size and price band are yet to be announced.
- The shares are proposed to be listed on the BSE and NSE.
Jio Platforms managing director and Reliance Jio chairman Akash Ambani and Reliance Retail Ventures executive director Isha Ambani led the overseas investor meetings.Sebi issued its final observations on the proposed IPO on August 28, after Jio Platforms submitted its draft papers in June.
Reliance’s first IPO since 2008
The proposed listing would mark Reliance group’s first IPO since 2008 and its first public offering of a consumer-focused business.Jio Platforms sits at the heart of Reliance’s digital businesses. While telecom remains its main business, the company has expanded into cloud, artificial intelligence and enterprise network services.Reliance Jio Infocomm has around 506 million mobile customers and accounts for 39.29% of India’s mobile connections. Its fixed-line business has 157.9 million customers and a 32.89% market share.Jio had 26.85 crore 5G customers as of June 2026. The company says it operates the largest 5G standalone network outside China. It also has around 1.5 crore fixed wireless access subscribers and describes itself as the global leader in the segment.Jio has said its 5G network carries close to 60% of India’s wireless data traffic.
Financial performance
Jio Platforms’ profit after tax increased 15% in FY26 to Rs 30,053 crore, while revenue rose 14.5% to Rs 1,46,885 crore.Nuvama Research expects Reliance Jio’s profit after tax to grow at a compounded annual rate of 18% between FY26 and FY30.Reliance Industries owns around 66.4% of Jio Platforms, according to the draft prospectus.Meta and Google are among its major foreign investors. Meta invested Rs 43,574 crore for a 9.99% stake, while Google invested Rs 33,737 crore for a 7.73% holding.Other global investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital and Qualcomm Ventures, together invested around Rs 74,745 crore for roughly a 15.2% stake in the 2020 fundraising exercise.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)