Mumbai: Reliance Industries’ digital arm, Jio Platforms Ltd, has filed draft papers for what is expected to be India’s largest-ever initial public offering (IPO), seeking to raise about ₹37,700 crore (USD 4 billion) at an estimated valuation of USD 137 billion. The move marks a major milestone in Reliance’s transformation from an energy-focused conglomerate into a technology, digital services and artificial intelligence powerhouse.
The draft red herring prospectus (DRHP), filed with market regulator SEBI, proposes a fresh issue of up to 27 crore equity shares. The final size of the offering will depend on the issue price determined through the book-building process.
Announcing the development at Reliance Industries’ 49th Annual General Meeting, Chairman Mukesh Ambani described the proposed listing as a landmark event for both the company and India’s technology sector.
“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability and global value,” Ambani said.
If completed at the expected size, the IPO would surpass Hyundai Motor India’s ₹27,870 crore issue in 2024 and become the largest public offering in Indian capital market history.
Launched in 2016, Jio disrupted India’s telecom industry through low-cost data services and free voice offerings, accelerating internet adoption and reshaping the sector. Over the last decade, it has evolved into a diversified digital platform spanning telecommunications, broadband, cloud services, enterprise solutions, artificial intelligence and emerging technologies.
For FY26, Jio Platforms reported revenue of ₹1.47 lakh crore and profit after tax of around ₹30,000 crore. Its telecom subsidiary, Reliance Jio Infocomm, served 524.4 million subscribers as of March 31, including 268.5 million 5G users, making it one of the world’s largest mobile operators.
Reliance currently holds a 66.43 per cent stake in Jio Platforms. The company has previously attracted some of the world’s biggest technology and private equity investors. In 2020, Jio raised over USD 20 billion from investors including Meta, Google, KKR, Silver Lake, General Atlantic, Mubadala, ADIA and Saudi Arabia’s Public Investment Fund.
According to the DRHP, up to ₹27,500 crore from the IPO proceeds will be used to repay debt at Reliance Jio Infocomm, which had outstanding borrowings of ₹71,529 crore as of March 31, 2026. The remaining funds will be used for general corporate purposes.
The listing will be the first major public offering from the Reliance Group in nearly two decades and is being overseen by Ambani’s children – Akash Ambani, Isha Ambani and Anant Ambani – reflecting the group’s ongoing leadership transition.
Alongside the IPO announcement, Ambani outlined Reliance’s roadmap for future growth, placing artificial intelligence at the centre of the conglomerate’s strategy. Reliance plans to build large-scale AI infrastructure and services for consumers, enterprises and governments, supported by partnerships with Google, Meta and Nvidia.
The company aims to expand AI applications across healthcare, agriculture, education and business services while strengthening India’s digital infrastructure. Earlier this year, Reliance announced plans to invest ₹10 lakh crore in AI-related initiatives over the next seven years and launched Jio Intelligence, a subsidiary focused on AI services, data centres and edge computing.
Jio also plans to accelerate migration of its entire subscriber base to JioTrue5G by 2030, expand broadband coverage through JioAirFiber and deepen its enterprise technology offerings. The company intends to commercialise proprietary software, network technologies and AI platforms in international markets.
Beyond digital services, Reliance reaffirmed its commitment to clean energy. The group is investing in solar manufacturing, battery storage, green hydrogen, compressed biogas and other renewable energy projects through its Jamnagar-based Green Energy Giga Complex. It expects battery manufacturing operations to begin this year and plans to scale integrated solar manufacturing capacity to 20 GW.
Ambani said Reliance’s future growth will be driven by five key pillars: oil-to-chemicals and advanced materials, new energy, artificial intelligence, consumer businesses and exports. He expressed confidence that the company would more than double its consolidated EBITDA over the next five years.
The proposed Jio IPO comes amid a more cautious environment for India’s primary market, with several companies delaying listing plans due to global economic uncertainty. Nevertheless, investors are expected to closely watch what could become one of the largest technology listings globally in recent years and a defining moment in India’s digital growth story.
