Jio Platforms, under the control of Mukesh Ambani’s Reliance Industries, has submitted the draft prospectus for its highly awaited IPO. As India’s largest mobile carrier by revenue, the proposed listing aims to emphasize India’s ability to build tech companies of global significance. At a shareholders meeting, Ambani assured that new investors can expect a prosperous future with Jio.
The IPO process will be spearheaded by Ambani’s children, Akash, Isha, and Anant. According to an exchange filing, Jio Platforms intends to sell 270 million new shares. While pricing details remain undisclosed, the IPO is anticipated to generate approximately $3.8 billion. This amount would surpass Hyundai India’s 2024 record of $3.3 billion, as reported by Reuters.
The company plans to allocate about 275 billion rupees ($2.9 billion) from the net proceeds towards debt repayment. Initial plans were set for a listing by June 2026, but geopolitical tensions delayed the process. Jio Platforms commands a substantial subscriber base of over 520 million as of April, making it India’s leading mobile carrier. The fiscal year ending March 2026 saw its revenue increase by 14.6% to 1.46 trillion rupees, with net profits rising 15% to 300 billion rupees.
In 2020, Jio Platforms secured more than $20.5 billion by selling a 33% stake to 13 global investors, including Meta Platforms, Alphabet, and KKR. These transactions valued the company between $57 billion and $65 billion.
Jio Platforms is central to Reliance’s ambitions in artificial intelligence, planning a $110 billion investment over seven years into data centers, renewable energy, and infrastructure in India. Reliance announced plans for an AI-driven data center in Gujarat for Meta Platforms. With a net worth estimated at $90.5 billion, Ambani is a leading figure in India. He helms Reliance Industries, which spans sectors like energy, petrochemicals, telecommunications, retail, media, and financial services.