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Jio Platforms IPO, arguably the most-anticipated stock market event in Indian corporate history, has officially left the “coming soon” section. At Reliance Industries’ 49th Annual General Meeting held on June 19, 2026, Chairman Mukesh Ambani confirmed what the market had been whispering about for years: the Draft Red Herring Prospectus has been approved by the board, and it was filed with the Securities and Exchange Board of India on the same day.
“This is a deeply emotional moment for me, for the entire Reliance family, and for millions of its shareholders,” Ambani told shareholders, which is one way to describe filing paperwork that could redefine the Indian capital markets forever.
The proposed IPO of Jio Platforms will comprise a fresh issue of up to 27 crore equity shares with a face value of ₹10 each, with the issue price to be determined through the book-building process. This is a 100% fresh issue, meaning no promoter is cashing out. Reliance changed from an Offer for Sale structure to a fresh issue in March 2026, ensuring all IPO proceeds flow directly into Jio’s business for debt repayment and capital expenditure on AI infrastructure and network expansion.
At the estimated valuation range of $133–180 billion, the offering would make it India’s largest-ever stock market debut, raising approximately $4 billion by selling roughly 2.5% equity. For context, Hyundai Motor India’s $3.3 billion IPO in 2024 was considered a blockbuster. Jio would like a word.
The IPO process is being led by the next generation of the promoter family, including Isha Ambani, Akash Ambani, and Anant Ambani. Mukesh Ambani handing the baton to his three children to manage the listing of a company with over half a billion users is either a masterclass in succession planning or the most expensive internship in history. Probably both.
Reliance holds around a 66.43% stake in Jio Platforms, while global giants Meta and Google own a 17.71% stake out of the remaining 33.57%. That is not a bad set of co-investors to have on your cap table when you walk into a roadshow.
If you needed a reason to care about this IPO beyond the spectacle of it, here are some numbers that make a compelling argument all by themselves.
Jio Platforms posted revenue of ₹1,46,885 crore in FY26, up 14.6% from the previous year. EBITDA rose 18.8% to ₹76,255 crore, while EBITDA margin improved by 190 basis points to 51.9%. Half of every rupee earned becoming operating profit is not a telecom story; that is a technology company story, told in the language of a telecom balance sheet.
Profit after tax crossed ₹30,000 crore for the first time, growing 15.1% year-on-year. Akash Ambani called it proof of the trust India has placed in Jio. One could also call it the kind of number that makes institutional investors stop scrolling.
Reliance Jio has crossed 524 million users, cementing its position as India’s largest telecom operator. The 5G subscriber count has crossed 268 million, the largest for any single-country operator outside China, with 77 million net additions over the past year alone.
That last part deserves to sink in. Seventy-seven million new 5G subscribers in a single year. That is more than the entire population of several European nations discovering high-speed connectivity on Jio’s watch.
JioAirFiber, having already become the world’s largest fixed wireless broadband operator, now connects 13 million homes across the country, with new connections growing at up to 60,000 per day and per capita data usage climbing to 42.3 GB per month, among the highest in the world.
The IPO is not just about past performance; it is a bet on where Jio is heading. Ambani cited a report by the World Intellectual Property Organization saying the company had jumped from 340th rank to 20th globally in patent innovation velocity within a year, becoming the only Indian company to enter the top 20.
Jio is also building AI natively in Indian languages, developing its own language models, and expanding through its Reliance Intelligence subsidiary — which is expected to operationalise 120MW of AI capacity by year-end. The company’s ambitions stretch well beyond connectivity. It wants to own the full stack of India’s digital economy: telecom, home broadband, enterprise cloud, financial services, media, and AI.
None of this would have been structurally feasible without a quiet but consequential rule change. A key regulatory enabler was the Government of India’s Securities Contracts Regulation Amendment Rules, 2026, notified on March 13, 2026, which allow companies valued above ₹5 lakh crore to list with just a 2.5% public float, versus the earlier 10% minimum. That single rule change unlocked the DRHP process for Jio by making a manageable issue size possible at a valuation of this scale.
SEBI will now review the DRHP, and once the regulator’s observations are in, Jio will proceed with roadshows and finalise the issue price through the book-building process. Seventeen investment banks have been hired to manage the listing, which will happen on both the NSE and the BSE.
Reliance Industries’ shares slipped nearly 2% on the day, which is what markets sometimes do when the news they have been waiting for finally arrives and becomes real, rather than rumoured. The stock had already declined roughly 15% in 2026, and the IPO filing is widely expected to act as a re-rating catalyst for the parent company.
Mukesh Ambani called the proposed listing a demonstration to the world “that India can build technology companies of global scale, global capability, and global value.”
After a decade of building quietly, filing DRHP paperwork loudly, and making emotional speeches about sacred shareholder relationships, Jio Platforms is finally walking toward the public markets. Whether India’s investors are ready for what is coming is another question entirely. But they are about to find out.
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