Shares of Bharti Airtel jumped more than 2% on Friday after Reliance Industries Chairman Mukesh Ambani announced that the company has approved Jio Platforms' DRHP, which will be filed with market regulator SEBI today.

Bharti Airtel shares rose to Rs 1,914.50 apiece on the NSE on Friday afternoon. This came while shares of Reliance Industries (RIL) dropped 2%. Notably, Airtel and Jio hold the biggest market shares among broadband (wired and wireless) service providers. Jio’s subscriber base stood at 527 million at the end of April 2026, while that for Bharti Airtel stood at 373 million.

Speaking at the company’s 49th Annual General Meeting (AGM) on Friday, Mukesh Ambani said, “This is a deeply emotional moment for me, for the entire Reliance family, and millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth.”

The industrialist added that the proposed listing of Jio will show the world that India can build technology companies of global scale, capability and value. “I assure you, and all prospective new investors, that a brighter future awaits Jio,” he further said.

“The Jio revolution is truly a result of the courage, creativity and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. Today, Jio is not merely integrating technology. It is creating original technology,” Mukesh Ambani further said.

Also read: Reliance Jio to file IPO DRHP today, plans fresh issue of up to 27 crore shares

Equirus Securities values Jio at a 10% premium to Bharti Airtel, pegging Jio's enterprise value at Rs 5.62 trillion ($67 billion) for the current fiscal year. “The worst of the downcycle appears behind,” the brokerage said.

Here’s what Akash Ambani said

Reliance Jio Infocomm Chairman Akash Ambani said Jio’s user base has crossed 524 million, while its 5G user base has crossed 268 million, the largest for any single-country operator outside China. “Jio is evaluating the development of a sovereign Low Earth Orbit satellite constellation for India, while also partnering with leading global constellation providers. Jio is also building its own ground station infrastructure in India, strengthening India’s atma nirbharta in space,” he added.

The proposed Jio IPO 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.

Also read: LIVE updates from RIL AGM