Jio Platforms Prepares for Landmark IPO Led by Mukesh Ambani

Jio Platforms, under Reliance Industries and controlled by billionaire Mukesh Ambani, has filed a draft prospectus for its highly anticipated IPO. Jio, recognized as India’s largest mobile carrier by revenue, is set to embark on this major public offering.

At a recent shareholders meeting, Ambani stated, “The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value.” He assured prospective investors of a promising future for Jio Platforms. The IPO process will be led by Ambani’s three children: Akash, Isha, and Anant.

Reliance Industries revealed in a separate filing that Jio Platforms plans to issue 270 million new shares, with the pricing to be decided through a book-building process. Although specific pricing details weren’t disclosed, expectations suggest the IPO could raise about $3.8 billion, potentially making it the country’s largest IPO, surpassing the $3.3 billion raised by Hyundai India in 2024, as reported by Reuters.

The draft prospectus outlines that approximately 275 billion rupees ($2.9 billion) from the net proceeds will be allocated towards debt repayment. Initially scheduled for June 2026, the listing was delayed due to geopolitical tensions. As of April, Jio boasted over 520 million subscribers, cementing its lead in India’s telecommunications sector. For the fiscal year ending March 31, 2026, Jio Platforms reported a 14.6% revenue increase to 1.46 trillion rupees, with net profits rising 15% to 300 billion rupees.

In 2020, Jio Platforms raised over $20.5 billion by selling a 33% stake to 13 international investors. This major deal involved companies like Meta Platforms, Alphabet, and KKR, valuing Jio between $57 billion and $65 billion.

Jio Platforms is central to Reliance’s ambitions in artificial intelligence, with a commitment to invest $110 billion over the next seven years in infrastructure, including data centers and renewable energy across India. Recently, Reliance announced plans to establish the first AI-driven data center for Meta Platforms in Gujarat.

With a real-time net worth estimated at $90.5 billion, Mukesh Ambani is among India’s wealthiest individuals. Reliance Industries diversifies across sectors like energy, petrochemicals, telecommunications, retail, media, and financial services.