In a move that could reshape India’s capital markets and mark the country’s biggest-ever public offering, Jio Platforms Ltd (JPL) has filed its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO) worth an estimated ₹37,700 crore. Backed by Reliance Industries and already home to India’s largest telecom operator, Jio Platforms is now preparing for its next phase of expansion, with ambitious plans spanning artificial intelligence, satellite communications, new energy, consumer goods, and global exports.
The proposed IPO is expected to value the company at nearly ₹9.5 trillion (over $100 billion), making it one of India’s most valuable technology and digital services companies. The filing comes as Reliance charts a long-term strategy to double its earnings before interest, taxes, depreciation, and amortisation (EBITDA) within the next five years.
Jio Platforms Ltd, the Reliance Industries-controlled company that houses Reliance Jio and a growing portfolio of digital businesses, filed its DRHP on Friday. According to people familiar with the matter, the company plans to raise around ₹37,700 crore through the issue, which would make it the largest public offering in Indian history.
The filing marks a significant milestone for Reliance Industries as Jio Platforms prepares for a new growth phase. The company is exploring the development of a sovereign Indian low-earth-orbit (LEO) satellite constellation while also working on AI-native services that can be integrated directly into its telecom network.
The listing is expected to become the first public offering of a consumer-facing Reliance business. It comes nearly a decade after the launch of Reliance Jio in 2016, which transformed India’s telecom sector through free voice services and affordable mobile data plans.
This will be the second major IPO linked to Reliance Industries in recent years following the demerger and separate listing of Jio Financial Services.
The filing process is being undertaken in accordance with Securities and Exchange Board of India (SEBI) regulations. Sources familiar with the matter said the issue could represent approximately 2.9 per cent of the company’s post-issue share capital.
At an implied valuation of nearly ₹9.5 trillion, the offering would surpass the size of the proposed IPO of the National Stock Exchange (NSE), which recently filed its own DRHP.
Key IPO Details
The proposed issue consists entirely of fresh shares and does not include any offer-for-sale component. Key highlights of the IPO include:
- Up to 270 million fresh shares to be issued
- Face value of ₹10 per share
- Issue expected to represent around 2.9% of post-issue share capital
- Implied valuation of nearly ₹9.5 trillion
- Around ₹27,500 crore from the proceeds earmarked for repayment of borrowings raised by a material subsidiary
- No offer-for-sale (OFS) component
Market experts believe the Jio Platforms IPO could pave the way for a broader re-rating of Reliance Industries’ valuation.
Reliance’s Vision for the Future
During Reliance Industries’ 49th Annual General Meeting, Chairman Mukesh Ambani outlined a roadmap designed to double the group’s EBITDA within five years through five major value-creation pathways.
O2C – New Materials: Reliance plans to diversify into carbon fibre, specialty materials, and green chemicals, creating a new growth engine within its oil-to-chemicals business.
New Energy: The company sees new energy as a critical driver of India’s energy self-reliance and a major contributor to future earnings.
Reliance Intelligence: Artificial intelligence and intelligence platforms are expected to emerge as key growth drivers, reflecting Reliance’s increasing focus on advanced technologies.
FMCG: Reliance aims to establish leadership in the fast-moving consumer goods sector in India while also building a global presence.
Exports: The conglomerate plans to create a global export hub and enable exports worth $125 billion to $150 billion by 2032.
Major Announcements
Reliance also unveiled several strategic initiatives alongside the IPO plans:
- Jio is evaluating a sovereign Indian low-earth-orbit satellite constellation while leasing capacity from global providers in the interim.
- The company aims to make affordable AI accessible to everyone by the end of the decade.
- Reliance has set an FMCG revenue target of ₹1 trillion.
- The new energy business is expected to contribute meaningfully from FY27.
- Reliance Industries aims to double EBITDA within five years.
- Reliance Foundation plans to develop a world-class university, a medical city, and coastal gardens in Mumbai.
Mukesh Ambani on AI
Speaking about the company’s technology ambitions, Reliance Chairman Mukesh Ambani reflected on Jio’s impact on digital connectivity in India. He said, “A decade ago, Jio promised broadband connectivity to everyone, everywhere. And we delivered on that promise.”
With a record-breaking IPO in the pipeline and ambitious plans across artificial intelligence, satellite communications, new energy, FMCG, and exports, Jio Platforms is positioning itself as a key driver of Reliance Industries’ next chapter of growth while potentially setting a new benchmark for India’s public markets.
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