‘This is a deeply emotional moment for me, for the entire Reliance family’: Ambani after Jio files IPO papers

Jio Platforms has formally entered India’s IPO pipeline after filing its DRHP with the Securities and Exchange Board of India on June 19.

The move comes after Reliance Industries chairman Mukesh Ambani told shareholders at the company’s annual general meeting that the board of Jio Platforms had approved the offer document and that it would be filed with SEBI the same day.

The filing marks the beginning of the regulatory review process and opens the door for a listing that market participants expect to attract intense attention over the coming months.

Also Read | LIC banks on the future of NSE, declines to exit IPO despite multi-fold gains

IPO structure and share allocation

The issue is structured as a pure fresh issue, with up to 27 crore equity shares on offer and no existing shareholder selling stock through an offer for sale, Financial Express reported.

The final issue size in rupee terms will depend on the price band, which has not yet been announced. The issue will include separate reservation portions for eligible employees and eligible shareholders of Reliance Industries before the remaining shares are allotted among institutional and retail investors under standard regulatory norms.

Under those rules, up to 50% of the net issue can go to qualified institutional buyers, at least 15% to non-institutional investors, and a minimum of 35% to retail investors.

Ambani calls it a milestone moment

At the AGM, Ambani described the filing as a significant moment for the group and its shareholders.

“This is a deeply emotional moment for me, for the entire Reliance family, and for 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,” he said.

Ambani framed the IPO as a major milestone for value creation. The DRHP filing now gives investors a first detailed look at Jio Platforms’ operations, financial performance, risks, and growth plans once the document is examined by regulators.

The numbers behind the ambition

Jio Platforms is anchored by Reliance Jio Infocomm, India’s largest telecom operator, which has built one of the world’s biggest digital subscriber bases since launching in 2016.

Jio’s customer base crossed 524 million subscribers by the end of the March quarter, with 9.1 million additions during that period. The company’s March 2026 quarter revenue stood at Rs 33,381 crore, up 1.9% sequentially, while EBITDA rose to Rs 18,771 crore from Rs 18,408 crore in the previous quarter. Its EBITDA margin was 56.2%, and average revenue per user was Rs 214 a month, compared with Rs 206.2 a year earlier.

A place among the record books beckons

The filing has also sharpened comparisons with India’s biggest listings so far.

Hyundai Motor India holds the current record after raising Rs 27,870 crore in 2024, followed by LIC at Rs 21,008 crore and Paytm at Rs 18,300 crore.

Jio’s IPO could be India’s largest to date if it proceeds as planned, with the filing putting one of the market’s most closely watched potential listings into formal motion. For now, the focus will move to SEBI’s review, valuation discussions, and the eventual launch timeline.

Also Read | Jio’s market debut nears? Listing ‘fairly imminent’, says executive; IPO papers may be filed within days

FAQs

Q1: What is the size of Jio Platforms’ IPO?

Ans: Jio Platforms has proposed a fresh issue of up to 27 crore equity shares, with no offer for sale component.

Q2: Why is the Jio IPO significant?

Ans: The IPO could become India’s largest-ever public issue, marking a major milestone for Mukesh Ambani-led Reliance Industries’ digital business.