Reliance Industries Ltd (RIL) has announced that its subsidiary, Jio Platforms Ltd, is moving ahead with its much-awaited Initial Public Offering (IPO) after receiving approval from its board of directors.
Addressing shareholders at RIL’s 49th Annual General Meeting (AGM) on June 19, Chairman and Managing Director Mukesh Ambani said Jio Platforms will file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking a major step towards the company’s stock market debut.
According to a regulatory filing, Jio Platforms plans to issue up to 27 crore fresh equity shares with a face value of ₹10 each. The final issue price will be determined through the book-building process in accordance with SEBI regulations.
During the AGM, Ambani highlighted the role of the next generation of Reliance leadership in driving the IPO process. He said that his children — Akash Ambani, Isha Ambani and Anant Ambani — are leading the Jio IPO initiative and will spearhead future value creation opportunities for the group.
Describing the proposed listing as a landmark moment, Ambani said the IPO would showcase India’s ability to build technology companies with global scale, capabilities and value.
Reflecting on Jio’s growth over the past decade, he said the company was launched with the mission of bridging India’s digital divide. He noted that Jio transformed the telecom sector by making voice services free and high-speed data affordable, enabling millions of Indians to access digital services.
Ambani also said Jio is now preparing for its next phase of growth and innovation.
The proposed public issue is expected to be one of the largest IPOs in India’s corporate history. Market estimates have suggested that the offering could raise around $4 billion, while analysts have valued Jio Platforms at nearly $180 billion.
Jio currently serves more than 524 million subscribers across India. Its 5G network has attracted over 268 million users, while JioAirFiber has connected nearly 13 million homes, reinforcing its position as the country’s largest digital services platform.
The filing of the DRHP is expected to set the stage for one of the most closely watched IPOs in the Indian market.