Jio Platforms Seeks $3.2 Billion in Potentially India’s Largest IPO

Mukesh Ambani’s Jio Platforms is preparing to raise $3.2 billion in an initial public offering that could become India’s largest. The listing would value Reliance Industries’ telecom and digital services business at about $108.3 billion, testing investor demand six years after Jio raised billions from Google, Meta, and other global investors.

Reliance disclosed a price band of ₹1,065 to ₹1,119 per share for an offering of up to 270 million new shares, according to a stock exchange filing. Public subscriptions will run from October 21 to 23, 2026, with anchor investor bidding scheduled for October 19.

At the proposed price range, Jio could raise between ₹287.55 billion and ₹302.13 billion. Even at the lower end, the offering would surpass Hyundai Motor India’s ₹278.7 billion IPO in 2024, currently the country’s largest.

Jio’s Valuation Has Grown Since Its 2020 Investment Round

Jio attracted more than $20 billion from international investors in 2020, when the business was valued at approximately $65 billion. Meta (then Facebook) invested $5.7 billion, while Google committed $4.5 billion.

Since launching its telecom services in 2016, Jio has become India’s largest mobile operator, serving more than 524 million subscribers as of March 31, 2026. Initially known for free data offers and low-cost plans, the company has expanded into broadband, cloud computing and other digital services.

According to a separate exchange disclosure, Jio has also reserved shares worth up to ₹25 billion for eligible Reliance Industries shareholders and ₹5 billion for employees. Eligible employees will receive a ₹54 discount per share.

IPO Proceeds Will Help Repay Telecom Debt

Jio reported revenue of ₹391.7 billion for the quarter ended June 2026, up nearly 12% year over year. Net profit rose 9% to ₹77.6 billion, according to the company’s red herring prospectus.

The company intends to use up to ₹275 billion from the IPO proceeds to repay borrowings at its telecom subsidiary, Reliance Jio Infocomm. Remaining funds will support general corporate purposes.

The offering comes amid renewed attention on India’s satellite broadband market. Elon Musk has accused Ambani of trying to obstruct Starlink’s entry, though Indian authorities have rejected the claims. Jio and rival Bharti Airtel previously announced distribution agreements with SpaceX, subject to regulatory approvals.

Jio’s listing would give public investors direct exposure to one of India’s largest digital businesses while providing fresh capital to strengthen its balance sheet.