Jio Platforms, the digital arm of Mukesh Ambani-led Reliance Industries, filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 19, setting the stage for one of India's largest IPO.
The issue is a 100% fresh offer of up to 27 crore equity shares with no offer for sale component. While the final issue size has not been disclosed, reports suggest a fundraising target of Rs 30,000–40,000 crore at a valuation of $100–180 billion or about Rs 10–15 lakh crore.
A large portion of the proceeds, around Rs 27,500 crore, will be used to repay debt at Reliance Jio Infocomm. The remaining funds will be deployed toward general corporate purposes, including investments in AI infrastructure and cloud expansion.
As on the DRHP filing date, Reliance Industries Limited is the largest shareholder of Jio Platforms with a 66.43% stake. The rest of the shareholding reflects the 2020 fundraise that brought in global investors.
Meta Platforms (via Jaadhu Holdings) holds 9.98%, followed by Google International LLC at 7.73%. Saudi Arabia’s Public Investment Fund, along with KKR and Vista Equity Partners, each own 2.3%. Silver Lake and Mubadala Investment Company hold 1.88% and 1.85% respectively, while General Atlantic has a 1.34% stake and Abu Dhabi Investment Authority holds 1.16%.
Jio Platforms is the digital arm of Reliance Industries that runs Jio’s telecom and broadband businesses, including JioFiber and JioAirFiber. It has also expanded into cloud, enterprise solutions, and AI-led digital infrastructure, positioning itself as a full-stack tech company.
Financially, Jio reported a 15% year-on-year increase in revenue from operations to Rs 1,46,885 crore, while net profit rose 15% to Rs 30,049 crore in FY26.
The IPO has attracted a strong banking consortium including Kotak, Morgan Stanley, Goldman Sachs, BofA, JP Morgan, Citi, HSBC, ICICI Securities, and SBI Capital Markets.