Reliance Industries Chairman Mukesh Ambani’s digital crown jewel, Jio Platforms Ltd, filed its Draft Red Herring Prospectus (DRHP) with SEBI on Friday, 19 June, for what is set to become the largest initial public offering in Indian stock market history. The IPO proposes a fresh issue of up to 27 crore equity shares of face value ₹10 each, representing around 2.9 per cent of Jio Platforms’ post-issue equity capital.

The public offering is targeting to raise close to ₹37,700 crore, valuing the company at approximately $131–137 billion, as per multiple estimates based on the DRHP.

Top 3 shareholders of Jio Platforms

According to the filing, Reliance Industries Limited is the dominant shareholder, holding 66.43 per cent of Jio Platforms.

Meta Platforms (as its unit Jaadhu Holdings LLC) is the largest foreign shareholder, having invested ₹43,574 crore in 2020 for a 9.98 per cent stake.

Google is the third-largest major investor, having committed ₹33,737 crore in 2020 for a 7.73 per cent holding.

The business and the bet

Jio Platforms is far more than a telecom company. Through its subsidiary Reliance Jio Infocomm (RJIL), it is the world’s second-largest mobile operator by single-country subscribers, behind only China Mobile. Jio, as of March 2026, had 524.4 million subscribers, and 268.5 million of them are already on its 5G network.

In FY2026, Jio reported revenue of around ₹1.47 lakh crore and a profit after tax of around ₹30,000 crore.

The bulk of the IPO proceeds, up to ₹27,500 crore, will be used to prepay debt at RJIL, which carried outstanding borrowings of ₹71,529 crore as of March 2026. The remaining amount will be used for general corporate purposes, as per the DRHP.

Earlier on Friday, Ambani announced the filing at Reliance’s annual general meeting, calling it “the most important value creation milestone this year” and saying the IPO process is being led by his children Akash Ambani, Isha Ambani, and Anant Ambani as part of the group’s leadership transition.

If successfully completed at the targeted size, the offering will surpass Hyundai Motor India’s ₹27,870-crore IPO from October 2024, which currently holds the record for India’s largest-ever public issue. It could also overshadow the ₹30,000-crore upcoming issue by NSE.