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Jio Platforms is putting the finishing touches on its public offer documents following the completion of global roadshows, with the proposed IPO estimated at $3.8 billion, according to a report by PTI. The issue is being touted as what could be India's largest public offering.
The global roadshows were led by Jio Platforms Managing Director and Reliance Jio Chairman Akash Ambani and Reliance Retail Ventures Executive Director Isha Ambani, PTI reported.
The proposed IPO will mark the first public offering from the Reliance group since 2008 and the first IPO of a consumer-focused business within the conglomerate.
Jio Platforms is chaired by Mukesh Ambani, while his eldest son Akash Ambani serves as managing director of Jio Platforms and chairman of Reliance Jio Infocomm. The IPO will therefore also put the group's flagship digital and telecom business in the public markets for the first time.
Jio Platforms IPO GMP will be known only after the company announces its IPO price band. The grey market premium is expected to emerge once the Jio Platforms IPO price band is officially disclosed.
Jio Platforms IPO has not yet been officially announced, although market expectations point to a potential launch in late 2026. According to Chittorgarh, the expected timeline is October–December 2026, with the issue potentially hitting the market around Diwali or by year-end.
As per the DRHP filed by Jio Platforms on 19 June 2026, the company has mentioned a shareholder reservation category for existing shareholders of Reliance Industries Ltd. However, the exact percentage reserved under this category has not yet been disclosed. The details are expected to be confirmed after SEBI’s review, and once Jio Platforms files its final Red Herring Prospectus (RHP).
The company has completed the first leg of its IPO process after meeting potential investors across key global markets, according to a source cited by PTI.
The roadshows were conducted across the US, UK, Dubai, Singapore and Hong Kong, as Jio Platforms sought to engage with global investors ahead of its proposed public offering.
Following the completion of the roadshows, Jio Platforms has begun preparing to file its red herring prospectus (RHP), PTI reported, citing a source aware of the development.
The RHP will provide investors with detailed information on the proposed issue, including its structure, financial performance and other key details ahead of the IPO.
The digital services arm of billionaire Mukesh Ambani-led Reliance Industries, Jio Platforms, has received approval from the Securities and Exchange Board of India (Sebi) to proceed with its initial public offering, paving the way for what could be the country's largest stock-market listing.
Sebi issued its final observations on 28 August, while Jio Platforms had filed its draft IPO papers with the market regulator in June.
According to the company's draft prospectus, Jio Platforms plans to issue up to 27 crore fresh equity shares, representing approximately 2.9% of its post-issue equity base. The IPO could value the company at around $137 billion, people familiar with the matter had earlier indicated.
The company plans to use the IPO proceeds primarily to repay or prepay, in whole or in part, around ₹27,500 crore of outstanding borrowings of Reliance Jio Infocomm Ltd, its material subsidiary, according to the draft prospectus.
The remaining proceeds will be used for general corporate purposes.
Jio Platforms has already attracted some of the world's biggest technology and financial investors. In 2020, Meta invested ₹43,574 crore for a 9.99% stake, while Google invested ₹33,737 crore for a 7.73% holding.
Other global investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital and Qualcomm Ventures, collectively invested around ₹74,745 crore for an approximately 15.2% stake, according to the draft prospectus.
As per the prospectus, Reliance Industries holds around 66.4% of Jio Platforms, while Meta and Google together own about 17.7%.
Jio Platforms (JPL), the digital services arm of Reliance Industries, houses the group's key digital businesses, including its telecommunications operations. At the heart of the business is Reliance Jio Infocomm, which has built a leading position in India's telecom market.
Jio has also rapidly expanded its 5G footprint. As of June 2026, JPL had 26.85 crore 5G customers, giving it what the company describes as the largest 5G Standalone network outside China.
Jio has said its 5G network's carrying capacity accounts for nearly 60% of India's wireless data traffic, giving the company a large network and data platform to build additional digital services.
Jio's ambitions extend beyond connectivity. Leveraging its network infrastructure and large data traffic base, the company has expanded into several segments of the digital economy, including cloud computing, artificial intelligence and enterprise network services.
This expansion has also translated into strong financial growth. For FY26, Jio Platforms reported a 15% year-on-year increase in profit after tax to ₹30,053 crore, while annual revenue rose 14.5% to ₹1,46,885 crore.
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