Reliance Chairman Mukesh Ambani on Friday said the company's board has approved Jio DRHP, and the filing will be made later today with the regulator Sebi. Addressing the shareholders at the annual general meeting (AGM), Ambani said it is a deeply emotional moment for him. The proposed IPO is through a fresh issue of up to 27 crore shares with face value of Rs 10.
The filing will mark a key milestone for Reliance Industries as it prepares to list its digital business, nearly six years after Jio Platforms raised over Rs 1.5 lakh crore from global strategic investors. The IPO is expected to value the telecom and digital services company among India's most valuable listed firms.
The proposed issue is expected to overtake NSE's nearly Rs 30,000 crore and Hyundai Motor India's Rs 27,870 crore (about $3.3 billion) public offering to become the country's largest-ever IPO. The listing plans, however, have undergone multiple changes over the past year.
"The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth, Ambani said.
Reliance had initially planned a predominantly offer-for-sale structure but later shifted towards a largely fresh issue. The filing, which was earlier expected in March, was delayed as heightened geopolitical tensions in West Asia and volatile equity markets prompted the company to revisit the timing.
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A fresh issue means the proceeds will flow directly into the company rather than existing shareholders.
Ambani said the listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value. "I assure you, and all prospective new investors, that a brighter future awaits Jio," he said.
Analysts said a fresh issue means capital going directly into the business, unlike many IPOs, which are largely liquidity events for existing investors. "That can improve investor perception because the market sees growth capital rather than shareholder exits," said Paresh Bhagat, Chairman, Mangal Keshav Financial.
Read More: Jio IPO: Akash, Isha and Anant Ambani to lead IPO process, says Mukesh Ambani
Jio IPO: Strong earnings provide support
The IPO comes at a time when Jio's operating performance continues to improve. For the March quarter of FY26, Reliance Jio reported a 13% year-on-year rise in operating revenue to Rs 44,928 crore, while net profit increased 13% to Rs 7,935 crore. EBITDA grew 18% as operating margins expanded by 230 basis points.
Average revenue per user (ARPU) improved to Rs 214, helped by tariff hikes, better subscriber quality and higher customer engagement. Data consumption remained robust at 42.3 GB per user per month, with overall data traffic rising around 35% from a year ago.
Analysts believe these operating trends will be closely watched by investors as they assess the company's long-term earnings potential after listing.
Jio today has more than 500 million subscribers, nationwide 5G coverage and an expanding digital ecosystem spanning broadband, enterprise connectivity, cloud services and digital platforms.
Jio Platforms attracted one of India's biggest private fundraising rounds in 2020 from 13 global investors, including Google, Meta, Saudi Arabia's Public Investment Fund, Vista Equity Partners, KKR, Silver Lake, General Atlantic, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital and Qualcomm Ventures.
The fundraising helped Reliance Industries turn net debt-free and laid the foundation for the company's expansion.
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