Reliance Industries has formally launched the long-awaited initial public offering of its digital and telecom arm, Jio Platforms, in a move that could become the largest IPO in Indian history and a major test of investor appetite for India’s technology sector. The company has filed draft papers with the Securities and Exchange Board of India (SEBI), seeking to raise roughly $3.8 billion (about ₹36,000 crore).
The proposed IPO consists of a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. The final issue price will be determined through the book-building process. The filing was approved by Jio’s board and announced by Reliance Chairman Mukesh Ambani during the company’s annual general meeting.
The offering values Jio Platforms at approximately $131 billion, reflecting its position as India’s largest telecom operator and one of the country’s most significant digital businesses. As of March 2026, Jio reported 524.4 million subscribers, including 268.5 million 5G users, while generating $15.6 billion in annual revenue and $3.19 billion in net profit.
A substantial portion of the IPO proceeds will be used to repay nearly ₹27,500 crore in debt at Reliance Jio Infocomm, strengthening the company’s balance sheet and supporting future investments in 5G expansion, broadband services, artificial intelligence, cloud computing and enterprise technology.
The IPO is being closely watched because it comes at a time when investor sentiment has been affected by global geopolitical tensions and market volatility. Nevertheless, Jio enters the market with backing from major global investors, including Meta Platforms and Google, both of which acquired stakes in the company during its landmark fundraising round in 2020.
If the offering raises its targeted amount, it would surpass the ₹27,870-crore IPO of Hyundai Motor India in 2024 and become the largest public listing ever in India. Analysts say the success of the IPO will serve as a key indicator of investor confidence in India’s rapidly expanding digital economy and the ability of domestic technology champions to command global-scale valuations.
