Jio Platforms has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), moving a step closer to launching what could become the biggest IPO in India’s corporate history. Backed by Reliance Industries, the company plans to raise money through a fresh issue of up to 27 crore equity shares.
One of the biggest highlights of the IPO is that it will be a 100% fresh issue. There will be no Offer for Sale (OFS), which means existing investors will not sell their shares through the IPO. Instead, all the money raised will go directly to Jio Platforms and be used for business growth and debt reduction.
According to market estimates, the IPO size could be between ₹30,000 crore and ₹50,000 crore. If that happens, it could become the largest IPO ever launched in India, surpassing previous records.
Most of the IPO Money to Be Used for Debt Repayment
Jio Platforms plans to use a large portion of the IPO proceeds to reduce its debt. As per the DRHP, around ₹27,500 crore will be used to repay or prepay loans taken by its telecom subsidiary, Reliance Jio Infocomm Limited.
The company’s net debt stood at about ₹27,579 crore as of March 2026. By reducing this debt, Jio aims to strengthen its financial position and create more room for future investments.
The remaining funds will be used for general corporate purposes. These may include expanding its 5G network, investing in artificial intelligence (AI), strengthening cloud services, and supporting new technology partnerships.
The IPO structure has also benefited from a recent SEBI rule change. The amendment allows very large companies with a market value above ₹5 lakh crore to list by offering a smaller percentage of shares to the public. Jio’s proposed issue is expected to represent around 2.5% to 2.9% of its post-listing equity.
Strong Financial Performance Ahead of Listing
Jio Platforms is entering the public market with strong financial numbers. During FY26, the company reported revenue from operations of ₹1,46,885 crore, showing a growth of 14.6% compared to the previous year.
Its profit after tax increased by 15.1% to ₹30,049 crore. The company also reported EBITDA of ₹76,255 crore, with margins of nearly 52%, reflecting strong operational performance.
Jio continues to lead India’s telecom market with a subscriber base of more than 524 million users. Its 5G subscriber count has crossed 268 million, making it one of the largest 5G networks in the world outside China.
The company has also expanded its broadband business through JioFiber and JioAirFiber services. It now has more than 27 million broadband connections across the country.
Another positive sign is the improvement in Average Revenue Per User (ARPU), which reached ₹214 during the fourth quarter of FY26. This indicates that Jio is earning more revenue from each customer despite strong competition in the telecom sector.
AI, Satellite Broadband and Digital Growth in Focus
Looking ahead, Jio Platforms is betting heavily on artificial intelligence and digital technologies. The company has announced plans to build one of the world’s largest AI computing infrastructures in Jamnagar using green energy.
It is also working on several AI-based products, including JioBrain, Jio Teleframe, and an AI-powered voice assistant called Jio Call Agent. These initiatives are expected to support the company’s long-term digital growth strategy.
Apart from AI, Jio is also focusing on satellite broadband services. The company plans to use low-earth orbit satellite technology to provide internet access in remote and underserved areas of India.
Another major growth opportunity is converting millions of 2G users to 4G and 5G services. Affordable devices such as JioBharat phones are expected to help speed up this transition.
Reliance Industries Chairman Mukesh Ambani has also confirmed that Akash Ambani, Isha Ambani, and Anant Ambani are leading the IPO process and will play a key role in shaping Jio’s next phase of growth.
The IPO will include a reserved quota for eligible Reliance Industries shareholders and employees. Meanwhile, major global investors such as Meta, Google, KKR, Silver Lake, PIF, and ADIA are not expected to sell their stakes during the IPO, showing confidence in the company’s future prospects.
SEBI will now review the DRHP before giving its observations. Once approvals are received, Jio Platforms will announce the final price band and subscription dates. With its massive scale, strong financial performance, and ambitious growth plans, the Jio Platforms IPO is expected to be one of the most closely watched market events in India.