Jio IPO: Mukesh Ambani's Digital Giant Files for India's Biggest-Ever Public Offering at $138 Billion Valuation

Mukesh Ambani's Jio Platforms has filed for India's largest-ever IPO, aiming to raise a record $4 billion through a fresh issue of 270 million shares. The offering could value the digital giant at a staggering $138 billion.

Jio Platforms has filed its Draft Red Herring Prospectus with India's market regulator, setting in motion the country's biggest-ever initial public offering. The digital arm of Mukesh Ambani's Reliance Industries is looking to raise approximately $4 billion through a fresh issue of 270 million equity shares.

The Jio IPO, announced at Reliance's 49th Annual General Meeting, could value Jio Platforms at as much as ₹13 lakh crore ($138 billion), surpassing rival Bharti Airtel's market capitalisation of ₹11.6 lakh crore . The offering is expected to be India's largest-ever public issue, overtaking Hyundai Motor India's ₹27,000 crore IPO in 2024.

"It is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders," Mukesh Ambani told shareholders, describing the Jio IPO as the company's "most important value creation milestone" of the year. The listing process is being led by the next generation Akash, Isha, and Anant Ambani.

The Jio IPO comes six years after the company raised over ₹1.5 lakh crore from global strategic investors including Meta (9.98%), Google (7.73%), Saudi Arabia's Public Investment Fund, Silver Lake, KKR, and the Abu Dhabi Investment Authority. Reliance Industries currently holds 66.43% of Jio Platforms.

Jio Platforms will use up to ₹27,500 crore from the Jio IPO proceeds to prepay borrowings at its subsidiary Reliance Jio Infocomm, with the remainder for general corporate purposes including 5G network expansion, fixed broadband penetration, AI and cloud services.

For fiscal year 2026, Jio Platforms reported revenue of ₹1.47 lakh crore, up 14.6% year-on-year, with net profit crossing ₹30,000 crore for the first time. The company's subscriber base has crossed 524 million, with over 268 million 5G users the largest single-country 5G network outside China.

The Jio IPO filing had been delayed from March amid geopolitical uncertainty over West Asia conflicts and volatile equity markets. The National Stock Exchange also filed its own IPO papers this week, expected to raise ₹30,000 crore.

As Jio Platforms files for India's largest-ever IPO, The Silicon Review examines how Mukesh Ambani's digital empire is preparing to go public in what could be one of the most significant capital market events of the decade.

FAQ:

Q: What is the size of the Jio IPO?
A: The Jio IPO is expected to raise approximately $4 billion (₹37,000 crore) through a fresh issue of 270 million equity shares, making it India's largest-ever public offering.

Q: What is Jio Platforms' valuation for the IPO?
A: The Jio IPO could value Jio Platforms at around $138 billion (₹13 lakh crore), according to market estimates.

Q: Who holds the biggest stake in Jio Platforms ahead of the IPO?
A: Reliance Industries holds 66.43% of Jio Platforms, followed by Meta (9.98%), Google (7.73%), and various sovereign wealth funds and private equity firms.

Q: How will Jio Platforms use the IPO proceeds?
A: Jio will use up to ₹27,500 crore to prepay borrowings at its subsidiary Reliance Jio Infocomm, with the remaining funds for 5G expansion, broadband, AI, and cloud services .

Q: What are Jio's financials ahead of the IPO?
A: For FY26, Jio Platforms reported revenue of ₹1.47 lakh crore, up 14.6% year-on-year, with net profit crossing ₹30,000 crore for the first time.

Q: Who is leading the Jio IPO process?
A: The Jio IPO is being led by the next generation of the Ambani family Akash, Isha, and Anant Ambani.