Jio IPO: Mukesh Ambani’s Jio Platforms files DRHP for India’s biggest ever IPO; upto 27 crore shares on offer

Reliance Industries-backed Jio Platforms has officially filed its DRHP today (June 19). This has now set the stage for what could become the largest public offering in India’s history.

Key details of the issue

Jio Platforms’ proposed public issue will be entirely a fresh issue of equity shares, with no existing shareholder selling stock through an Offer for Sale (OFS).

According to the Draft Red Herring Prospectus (DRHP), the company plans to issue up to 27 crore equity shares with a face value of Rs 10 each.

The final issue size in rupee terms will be determined after the price band is announced. The IPO will also include separate reservation portions for eligible employees and eligible shareholders of Reliance Industries (RIL).

After these reserved categories, the remaining issue will be allocated among institutional and retail investors. As per regulatory norms, up to 50% of the net issue can be allocated to Qualified Institutional Buyers (QIBs), while at least 15% will be reserved for Non-Institutional Investors (NIIs) and a minimum 35% for Retail Individual Investors. A portion of the QIB allocation may also be offered to Anchor Investors ahead of the issue opening, while mutual funds will receive a dedicated allocation within the institutional category.

Reliance Industries Chairman and Managing Director Mukesh Ambani during the company’s 49th Annual General Meeting (AGM) also confirmed that the board of Jio Platforms had approved the filing of the offer document.

A new contender for India’s biggest IPO crown

Over the last decade, India has seen several landmark IPOs.

As of the latest, the list of companies topped include – Hyundai Motor India, which raised Rs 27,870 crore in 2024. This is followed by Life Insurance Corporation of India (LIC) at Rs 21,008 crore and Paytm at Rs 18,300 crore.

With expectations of a massive issue size, Jio Platforms is widely seen as a strong contender to surpass existing records. Market participants are also closely tracking the upcoming NSE issue, with both offerings expected to rank among the largest public issues the country has ever seen.

India’s largest IPOs so far

IPO filing marks the next chapter for Jio

Speaking at the AGM, Ambani described the filing as an important milestone for the company and its shareholders.

He said, “This is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth.”

The filing of the DRHP formally starts the regulatory approval process and will give investors a detailed look into Jio Platforms’ operations, financial performance, risks and future growth plans.

Telecom giant with over half a billion users

Jio Platforms derives its strength from Reliance Jio Infocomm, India’s largest telecom operator. The company has built one of the world’s largest digital subscriber bases since its launch in 2016.

According to recent company disclosures, Reliance Jio’s customer base crossed 524 million subscribers by the end of the March quarter. The company added 9.1 million subscribers during the quarter.

Numbers investors will be watching closely

For the quarter ended March 2026, the company reported revenue of Rs 33,381 crore, reflecting sequential growth of 1.9%. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose to Rs 18,771 crore from Rs 18,408 crore in the previous quarter.

The EBITDA margin remained strong at 56.2%, indicating stable operating profitability. Average Revenue Per User (ARPU), one of the most closely tracked telecom indicators, stood at Rs 214 per month, up from Rs 206.2 a year earlier.

Meanwhile, the company’s interest costs have also attracted attention as investments in fifth-generation (5G) infrastructure continue. While reported finance expenses increased during FY26, capitalised interest costs declined sharply, resulting in lower overall financing costs on an adjusted basis.

All eyes now on valuation and launch timeline

With the DRHP now filed, the focus will gradually shift towards regulatory approvals, issue size, valuation and listing timelines. Moreover, the IPO is expected to remain one of the most closely watched developments in the capital markets over the coming months.

For now, the filing has officially started the countdown to what could become the biggest IPO ever seen in the Indian stock market.