Reliance Jio Platforms is expected to file draft papers for a roughly $4-billion initial public offering (IPO) with market regulator Sebi within days, moving the largest telecom operator a step closer to what could become the country’s biggest-ever stock market listing.
According to a Financial Times report, the filing could come just ahead of Reliance Industries’ annual general meeting on June 19, where investors will be watching for fresh commentary from Chairman Mukesh Ambani on the group’s listing plans and the future of its digital businesses. While Reliance has not officially announced a timeline for the IPO, preparations for the offering are understood to be at an advanced stage.
Capital Realignment
People aware of the discussions said the company is leaning towards a fresh issue structure rather than the offer-for-sale route that had been considered earlier, although the final contours of the transaction will become clear only after the draft prospectus is filed. A fresh issue would allow the company to raise growth capital directly from public markets as it expands beyond telecom into broadband, enterprise services, artificial intelligence infrastructure, cloud computing and satellite connectivity.
The proposed issue is expected to raise about $4 billion, or nearly Rs 38,000 crore. At that size, it would surpass Hyundai Motor India’s Rs 27,870-crore public issue to become the largest IPO in the country’s history. Market estimates currently value Jio Platforms at $150-180 billion, potentially making it one of the world’s most valuable telecom and digital services companies and placing the offering among the largest technology and telecom listings globally.
The listing comes at a time when Jio has largely completed its nationwide 5G rollout and is looking to monetise its investments across digital services. Analysts see the IPO as a key step in unlocking value within Reliance Industries’ consumer-facing businesses while providing Jio with a market valuation benchmark and additional capital for future expansion.
Global Blueprint
Jio Platforms raised more than Rs 1.5 lakh crore from global investors in 2020, attracting backers including Meta, Google, KKR, Silver Lake, Vista Equity Partners, General Atlantic, Abu Dhabi Investment Authority, Mubadala Investment Company and Saudi Arabia’s Public Investment Fund. The fundraising helped Reliance turn net debt-free and laid the foundation for Jio’s expansion across 5G, broadband and digital services.
Jio Platforms reported a 4.1% sequential rise in net profit to Rs 7,935 crore in the March quarter of FY26, while revenue from operations increased 2.7% to Rs 38,259 crore. The company added 9.1 million subscribers during the quarter, taking its user base to 524.4 million. Average revenue per user improved marginally to Rs 214 from Rs 213.7 in the previous quarter, while its 5G subscriber base rose to 268 million.