Jio Platforms files for $3.8 billion IPO

Source Credit : Portfolio Prints

Indian billionaire Mukesh Ambani's Reliance Jio Platforms has filed regulatory papers for a Mumbai initial public offering (IPO) that could raise approximately $3.8 billion, according to sources, potentially making it the largest stock market debut in India's history.

The IPO is designed to unlock value from Jio's expansive digital ecosystem, which includes its telecom operations, AI, cloud computing and enterprise networking businesses. Jio's telecom arm is currently the world's second-largest mobile operator by single-country subscribers, behind only China Mobile. Major global investors in Jio Platforms include Meta and Google.

A significant portion of the IPO proceeds will be used to reduce debt at its telecom subsidiary, while also supporting future investments across next-generation technologies and digital infrastructure.



The offering comes at a crucial time for India's capital markets, which have experienced a slowdown in recent months after geopolitical tensions involving the U.S., Israel and Iran unsettled global investors and weakened market sentiment.

Sources familiar with the matter said Jio is targeting a fundraising amount of around 360 billion rupees ($3.81 billion), equivalent to roughly 2.9% of its post-issue equity, implying a valuation of about $131 billion.

While the IPO prospectus did not disclose a fundraising target, it stated that approximately 275 billion rupees ($2.92 billion) would be allocated toward repaying debt at Reliance Jio Infocomm.

The company said lowering debt levels would strengthen its financial position and support continued investments in strategic priorities, including 5G network expansion, fixed broadband growth, artificial intelligence and cloud services.

At Reliance Industries' annual shareholder meeting, Ambani described the Jio IPO as "the most important value-creation milestone this year."

Reliance Industries declined to comment on Reuters' queries, and final details could still change before the listing process begins.

India emerged as the world's second-largest IPO market in 2025, although recent market volatility has moderated the pace of new listings. Despite these challenges, companies such as the National Stock Exchange of India continue to pursue public listing plans.

If Jio successfully raises $3.8 billion, the offering would surpass Hyundai Motor India's 278.7 billion rupee ($2.95 billion) IPO in 2024 to become the largest IPO ever conducted in India.

Jio previously attracted substantial global investment in 2020, raising billions of dollars by selling approximately 33% of its stake to international investors, including Meta, Google, Vista Equity Partners, KKR, General Atlantic, Silver Lake and the Abu Dhabi Investment Authority.

These investors are betting on India's rapidly expanding digital economy, driven by a population of 1.4 billion people, rising smartphone adoption, some of the world's lowest internet costs and an increasingly mobile-first consumer base.

As of March 31, Jio's telecom business served 524.4 million subscribers, including 268.5 million 5G users. During the same period, the company reduced its workforce by approximately 21% to 27,935 employees, even as both revenue and subscriber numbers continued to grow.

In recent years, Jio Platforms has aggressively diversified beyond telecommunications into artificial intelligence, cloud services, enterprise solutions and application development. In 2023, Nvidia announced a partnership with Reliance to develop AI cloud infrastructure and large language models for India.

For the financial year ending March 2026, Jio Platforms reported operating revenue of $15.6 billion and profit after tax of $3.19 billion, underscoring its growing role as one of India's most valuable digital businesses.