Jio Platforms Limited, the digital services and technology arm of Reliance Industries, has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its much-anticipated Initial Public Offering (IPO).
According to the DRHP, the company plans to issue 27 crore equity shares through a fresh issue. Notably, there is no Offer for Sale (OFS) component in the issue, which means the entire proceeds from the IPO will be utilized by the company for its business objectives rather than providing an exit to existing shareholders.
Objects of the Issue
The company intends to utilize the net proceeds from the IPO for:
- Repayment and/or prepayment of certain outstanding borrowings of its subsidiary, Reliance Jio Infocomm Limited.
- General corporate purposes.
Merchant Bankers to the Issue
Jio Platforms has appointed a consortium of leading investment banks and financial institutions to manage the IPO, including:
- Kotak Mahindra Capital Company
- Morgan Stanley India
- BofA Securities India
- Axis Capital
- BNP Paribas
- Citigroup Global Markets India
- CLSA India
- DAM Capital Advisors
- Goldman Sachs (India)
- HDFC Bank
- HSBC Securities
- ICICI Securities
- IIFL Capital Services
- Jefferies India
- JM Financial
- JP Morgan India
- SBI Capital Markets
- UBS Securities
- 360 One WAM
Jio Platforms IPO Size
While the company has not yet disclosed the final IPO size or price band, market reports indicate that the issue could raise approximately $3 billion, making it one of the largest IPOs in India's capital markets history.
The Board of Directors recently approved the filing of the DRHP with SEBI, NSE, and BSE. The filing marks a significant milestone for Reliance Industries and investors who have long awaited Jio Platforms' public listing.
Mukesh Ambani on Jio IPO
Reliance Industries Chairman and Managing Director Mukesh Ambani stated that the public listing of Jio Platforms would create value for Reliance shareholders while offering retail and institutional investors an opportunity to participate in the company's future growth journey.
He further highlighted that the next phase of Jio's expansion will be led by Akash Ambani, Isha Ambani, and Anant Ambani, who are expected to play a key role in driving the company's long-term growth strategy.
Growth Priorities for Jio Platforms
During Reliance Industries' 48th Annual General Meeting (AGM), the company outlined several strategic growth initiatives for Jio Platforms, including:
- Expansion and deeper integration of the JioTrue5G network.
- Strengthening broadband connectivity through JioAirFiber.
- Supporting small and medium businesses with digital solutions such as JioPC.
- Development of indigenous Artificial Intelligence technologies.
- Launch of AI-powered customer interaction solutions, including AI Call Agents.
Listing Details
The equity shares of Jio Platforms are proposed to be listed on:
- NSE (National Stock Exchange)
- BSE (Bombay Stock Exchange)
Registrar to the Issue: KFin Technologies Limited
Jio Platforms Financial Performance
(₹ Crore)
| Financial Year | Revenue | Expenses | Profit After Tax |
|---|---|---|---|
| FY2024 | 1,10,175.4 | 81,367.4 | 21,423.2 |
| FY2025 | 1,29,333.0 | 94,205.7 | 26,109.0 |
| FY2026 | 1,49,759.1 | 1,09,406.0 | 30,049.1 |
The company has demonstrated strong financial growth, with revenue and profitability increasing consistently over the last three financial years.
Jio Platforms IPO Valuation Metrics (FY2026)
| Particulars | Value |
| EPS (Basic) | ₹33.63 |
| P/E Ratio | To be announced |
| RoNW | 9.42% |
| NAV | ₹373.66 |
Peer Comparison
| Company | EPS | P/E Ratio | RoNW | NAV | Revenue |
| Bharti Airtel Ltd. | 45.96 | 42.27 | 20.32% | 244.60 | ₹2,10,972.8 Cr |
| Vodafone Idea Ltd. | 3.21 | 4.65 | NA | (3.30) | ₹44,873.0 Cr |
Conclusion
The filing of the DRHP marks the beginning of Jio Platforms' IPO journey and is expected to attract significant investor interest. With strong financial performance, a dominant position in India's telecom and digital ecosystem, and ambitious plans in 5G, broadband, cloud, and artificial intelligence, Jio Platforms is likely to remain one of the most closely watched IPOs of 2026.
Investors should review the DRHP carefully and monitor updates regarding the IPO price band, issue size, and opening dates once announced.
Disclaimer:
The information provided in this article is for informational and educational purposes only and should not be considered as investment advice, stock recommendations, or an offer to buy or sell any securities. Investors are advised to read the Draft Red Herring Prospectus (DRHP), Red Herring Prospectus (RHP), and other official documents carefully before making any investment decision. IPO investments are subject to market risks. Please consult your financial advisor before investing.
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