India’s telecom giant, Jio Platforms, has officially started the process of going public after filing draft IPO papers with SEBI. Reliance Industries Chairman Mukesh Ambani made the announcement during the company’s 49th Annual General Meeting (AGM). The move brings Jio closer to what could become the biggest IPO in Indian corporate history. The draft prospectus proposes a fresh issue of up to 270 million (27 crore) equity shares with a face value of ₹10 each. The final issue price will be determined through the book-building process. Notably, the filing does not include an offer-for-sale (OFS) component, meaning all proceeds from the IPO will flow directly to Jio Platforms rather than existing shareholders selling their stakes.

The proposed offering is expected to raise around $3.8-4 billion (around ₹30,000-35,000 crore), which would surpass previous Indian IPO records. Estimates have placed Jio Platforms’ valuation anywhere between $120 billion and $180 billion. If listed at these valuations, Jio would immediately become one of India’s largest listed companies by market capitalisation, showing the massive scale it has achieved since launching commercial services in 2016.

During the 49th AGM, Reliance Industries also highlighted the massive scale Jio has achieved over the past decade. According to figures shared at the AGM, Jio now serves more than 524 million subscribers, making it India’s largest telecom operator. The company accounts for about 60% of the country’s mobile data traffic and carries around 240 billion gigabytes of data every year. Its network also handles more than 6 trillion minutes of voice calls annually.

Financially, the business has become one of the strongest assets within Reliance Industries. Jio generates annual revenue of about ₹1.72 lakh crore and EBITDA of more than ₹76,000 crore. Its average revenue per user (ARPU) has climbed to around ₹214 per month, helped by tariff increases and growing data usage.

A major factor supporting investor interest is Jio’s dominance in next-generation digital infrastructure. The company claims to have executed the world’s fastest 5G rollout, deploying more than 1 million 5G cells across India and attracting over 191 million 5G users within a short period. Jio’s standalone 5G network now covers almost 8,000 cities and towns, while the company estimates it contributes around 85% of India’s overall 5G capacity. Beyond wireless services, Jio is expanding aggressively in fiber broadband, enterprise connectivity, cloud computing, AI infrastructure, data centres and digital platforms.

In parallel, Jio is also entering the satellite internet race by planning a homegrown Low Earth Orbit (LEO) satellite broadband network to directly compete with Elon Musk’s Starlink. During the AGM’26, the firm revealed that it has submitted plans to deploy over 1,600 satellites to provide low-latency internet and direct-to-device connectivity to India’s most remote areas. This massive deep-tech venture, estimated to cost between $10 billion and $15 billion, will significantly diversify Jio’s digital infrastructure.

The upcoming listing is also the result of years of investment from some of the world’s biggest technology and private-equity firms. In 2020, Jio Platforms raised over $20 billion from investors including Meta, Google, Silver Lake, KKR, Vista Equity Partners, General Atlantic and several sovereign wealth funds. Those investments valued the company among the world’s largest private technology businesses and gave global investors around one-third ownership. However, Reliance Industries still holds a controlling stake of more than 66%, while Meta and Google remain important strategic shareholders. For Reliance Industries, the IPO is about more than raising money, as a separate public listing will allow investors to value Jio on its own strengths and growth prospects.

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