India’s securities market regulator has approved Jio Platforms’ proposed $3.8 billion initial public offering, clearing a major regulatory hurdle for what could become the country’s largest-ever stock market listing. The Reliance Industries-backed digital and telecommunications company plans to raise approximately ₹37,700 crore through a fresh issue, with most of the proceeds earmarked for repaying debt at its telecom subsidiary, Reliance Jio Infocomm.
The approval comes as India’s primary market is experiencing a strong revival. More than two dozen IPOs have been launched or announced since July 1, nearly matching the 28 offerings recorded during the first half of 2026. Jio’s listing would bring one of India’s largest consumer technology and telecom businesses to public markets at a time when investors are showing renewed appetite for large-scale equity offerings.
SEBI Approves Jio Platforms IPO
The Securities and Exchange Board of India (SEBI) has approved Jio Platforms’ draft IPO documents, allowing Reliance Industries and its investment banking advisers to move toward the public offering.
Jio Platforms filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 19. The proposed issue comprises a fresh issue of up to 27 crore equity shares, with the final issue price to be determined through the book-building process.
The IPO is structured as a primary offering, meaning existing shareholders are not selling their holdings as part of the proposed issue. Instead, Jio Platforms will issue new shares and receive the proceeds.
Jio Platforms IPO At A Glance
| Particular | Details |
|---|---|
| Company | Jio Platforms Ltd |
| Parent | Reliance Industries |
| IPO size | About ₹37,700 crore / $3.8 billion |
| Fresh issue | Up to 27 crore shares |
| Issue type | Fresh issue |
| DRHP filed | June 19, 2026 |
| SEBI approval | August 28, 2026 |
| Main use of proceeds | Debt repayment |
| Debt repayment planned | About ₹27,500 crore |
| IPO price | To be determined through book building |
| Existing shareholders selling | No |
| Potential ranking | India’s largest IPO |
The company intends to use approximately ₹27,500 crore of the proceeds to repay or prepay outstanding borrowings of Reliance Jio Infocomm. The remainder is expected to be used for general corporate purposes.
Jio Could Set A New IPO Record
If completed at the proposed size, Jio Platforms would surpass previous large Indian IPOs and potentially become the country’s biggest public issue.
The scale of the offering reflects the size of Jio’s underlying business. The company had 524.4 million customers across its consumer and business operations at the end of March 2026, making it one of the world’s largest telecommunications platforms.
Jio’s IPO would also be one of the most closely watched listings in India’s technology and telecom sectors because of its combination of connectivity, digital services, broadband and emerging AI-related businesses.
Jio’s Scale Compared With Major Indian IPOs
| IPO / Offering | Approx. Size |
|---|---|
| Jio Platforms | ₹37,700 crore |
| Previous largest Indian IPOs | Below Jio’s proposed size |
| Jio fresh issue | 27 crore shares |
| Reliance Industries holding before IPO | 66.43% |
| Meta stake | 9.98% |
| Google stake | 7.73% |
The final ranking will depend on the eventual issue size and pricing, but the current proposal puts Jio firmly in record territory.
Reliance Industries Will Remain The Dominant Shareholder
Reliance Industries currently holds 66.43% of Jio Platforms’ paid-up equity share capital. The company also has several major global technology and financial investors that participated in its landmark 2020 fundraising.
Meta and Google are among the largest strategic investors, while other shareholders include the Public Investment Fund of Saudi Arabia, KKR, Vista Equity Partners, Silver Lake, Mubadala and General Atlantic.
The IPO does not involve an offer for sale by these investors under the current DRHP structure.
Major Jio Platforms Shareholders
| Investor | Pre-IPO Stake |
|---|---|
| Reliance Industries | 66.43% |
| Meta affiliate | 9.98% |
| Google International | 7.73% |
| PIF | 2.31% |
| KKR affiliate | 2.31% |
| Vista Equity Partners affiliate | 2.31% |
| Silver Lake affiliate | 1.88% |
| Mubadala affiliate | 1.85% |
| General Atlantic affiliate | 1.34% |
The continued presence of these investors is significant because the 2020 fundraise valued Jio Platforms as one of the world’s major digital infrastructure and consumer technology businesses.
Jio’s Financial Performance Has Strengthened
Jio Platforms enters the IPO process with significant revenue and profit growth.
Revenue from operations reached ₹1,46,885 crore in FY2026, up from ₹1,28,218 crore in FY2025 and ₹1,09,558 crore in FY2024. EBITDA rose to ₹76,255 crore, while EBITDA margin expanded to 51.91%.
Profit after tax reached ₹30,049 crore in FY2026, compared with ₹26,109 crore in FY2025 and ₹21,423 crore in FY2024.
Jio Platforms Financial Trend
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | ₹1,09,558 cr | ₹1,28,218 cr | ₹1,46,885 cr |
| EBITDA | ₹54,959 cr | ₹64,170 cr | ₹76,255 cr |
| EBITDA margin | 50.16% | 50.05% | 51.91% |
| Profit after tax | ₹21,423 cr | ₹26,109 cr | ₹30,049 cr |
| Data traffic | 148.5 EB | 184.5 EB | 241.4 EB |
Revenue increased at a compound annual growth rate of approximately 15.8% between FY2024 and FY2026, while EBITDA grew at about 17.8% over the same period.
Jio’s 524 Million Users Form The Core Of The Business
Jio’s mobile subscriber base remains its most important scale advantage.
The company had 524.4 million customers at the end of March 2026, up from 488.2 million a year earlier. Its net customer additions reached 36.2 million during FY2026.
Average revenue per user also increased to ₹214 per month in the exit quarter, compared with ₹206.2 a year earlier and ₹181.7 two years earlier.
This combination of subscriber growth and higher ARPU has helped Jio increase revenue while maintaining high margins.
Jio Customer And Usage Metrics
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Total customers | 481.8 million | 488.2 million | 524.4 million |
| Net customer additions | 42.5 million | 6.4 million | 36.2 million |
| Exit-quarter ARPU | ₹181.7 | ₹206.2 | ₹214 |
| Monthly data/customer | 28.7 GB | 33.6 GB | 42.3 GB |
| Data traffic | 148.5 EB | 184.5 EB | 241.4 EB |
The rapid increase in data consumption is particularly important as Jio increasingly monetizes its network through 5G, home broadband and digital services.
5G Is A Major Growth Engine
Jio has built India’s largest 5G subscriber base.
Its 5G customer base reached approximately 268.5 million by the end of FY2026, with 77 million net additions during the year, according to Reliance’s investor materials.
Jio also operates India’s first standalone 5G network, giving it a technological foundation for applications requiring greater network capacity and lower latency.
The company’s fixed broadband business is another major growth area. JioAirFiber had about 13 million connected homes, according to Reliance’s latest shareholder communication.
Jio’s Connectivity Footprint
Total customers 524.4 million
│
├── 5G subscribers 268.5 million
│
├── Fixed broadband 27.1 million
│
└── JioAirFiber homes ~13 million
Jio’s ability to monetize multiple connectivity products could become increasingly important as traditional mobile subscriber growth matures.
IPO Proceeds Will Reduce Telecom Debt
One of the clearest objectives of the IPO is debt reduction.
Jio Platforms plans to use about ₹27,500 crore of the proceeds to repay or prepay borrowings at Reliance Jio Infocomm. This represents the vast majority of the proposed ₹37,700 crore issue.
The strategy could strengthen the telecom business’s balance sheet and reduce future interest costs.
Proposed Use Of IPO Proceeds
| Use | Amount |
|---|---|
| Repayment/prepayment of Jio Infocomm debt | ₹27,500 crore |
| Remaining proceeds | General corporate purposes |
| Total proposed IPO | ₹37,700 crore |
| Share issue | Up to 27 crore shares |
The debt reduction component is also important for prospective investors because it means a substantial portion of the money raised will strengthen the financial structure rather than simply fund expansion.
Jio’s AI Ambitions Add Another Valuation Layer
The IPO is arriving as Reliance expands Jio beyond telecom and digital entertainment into artificial intelligence.
Reliance has identified AI infrastructure, platforms and services as a new growth engine under its Reliance Intelligence strategy. The company has partnerships with Google, Meta and NVIDIA as it seeks to develop AI capabilities for consumers, enterprises and governments.
This gives Jio Platforms exposure to a potentially large future market beyond connectivity.
The company has also developed an end-to-end India-focused 5G technology stack and has filed thousands of patents across 4G, 5G, 6G and AI-driven network automation.
India IPO Market Is Reopening
Jio’s regulatory approval arrives during a broader revival in India’s equity issuance market.
Reuters reported that more than two dozen IPOs had been launched or announced since July 1, nearly matching the 28 offerings recorded during the first half of 2026. Strong retail and wealthy-investor participation has helped revive the primary market.
Jio’s size, however, could test the market’s capacity in a different way.
A ₹37,700 crore issue would require substantial institutional participation and could draw significant capital away from other stocks and upcoming IPOs.
At the same time, the successful listing of a company of Jio’s scale could further strengthen India’s position as one of the world’s most active equity markets.
The Bigger Picture
SEBI’s approval marks a major milestone for Jio Platforms and Reliance Industries, but it is only the beginning of the public-listing process. The company now has to determine the final issue timing, price band and valuation before investors can participate. At the proposed ₹37,700 crore size, the IPO could become India’s largest, while its fresh-issue structure means the money raised will primarily strengthen the balance sheet of Reliance Jio Infocomm.
Jio enters the market with considerable operating scale: 524.4 million customers, 268.5 million 5G subscribers, ₹1.47 lakh crore of FY2026 revenue and ₹30,049 crore of profit after tax. Its rising data consumption, broadband expansion and AI ambitions provide multiple potential growth engines. The challenge for investors will be determining how much of that future growth is already reflected in the valuation ultimately assigned to the IPO.
Looking Ahead
The next major milestones will be the final IPO timetable, price band and investor marketing process. Jio Platforms will need to balance its record-setting ambitions with market conditions, institutional demand and the valuation expectations of its parent Reliance Industries. Because the offering is entirely a fresh issue under the current structure, investors will also closely examine how the new capital changes Jio’s leverage and future capital-allocation capacity.
If the listing proceeds at the proposed scale, Jio Platforms could become one of the most important new public companies in India’s technology and telecom markets. The IPO would give public-market investors direct exposure to a business that combines India’s largest mobile network with 5G, fixed broadband, digital services and an emerging AI strategy. Its performance after listing could therefore become an important benchmark for how Indian investors value large-scale technology platforms with both mature cash-generating operations and ambitious future growth plans.
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