Billionaire businessman Mukesh Ambani-led Jio Platforms has filed draft papers for its much-anticipated initial public offering (IPO), marking a major milestone for India’s largest telecom and digital services company.
According to an exchange filing on Friday, the IPO will involve the issuance of up to 270 million shares. The listing is expected to be one of the biggest public offerings in Indian market history and could further strengthen India’s position in the global technology sector.
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Speaking at the annual general meeting of Reliance Industries, Ambani said the proposed listing would showcase India’s ability to build technology companies with global scale, capability and value.
Jio Platforms is majority-owned by Reliance Industries, which holds more than a 66 per cent stake in the company. Global technology giants Google and Meta Platforms are among its key investors, holding approximately 7.7 per cent and 10 per cent stakes respectively.
The company owns Reliance Jio Infocomm, India’s largest wireless operator with more than 526.9 million subscribers. Data from the Telecom Regulatory Authority of India indicates that Jio accounts for nearly half of the country’s wired and wireless internet market.
The IPO comes after Ambani had previously indicated that Jio would be listed before the middle of 2026. However, uncertainty arising from tensions in the Middle East delayed several large public offerings and dampened investor sentiment.
India’s stock market has faced challenges this year, declining by more than 9 per cent and losing ground to markets such as Taiwan and South Korea. However, improving geopolitical conditions and renewed investor confidence have sparked hopes of a recovery.
Jio Platforms and the National Stock Exchange, which recently filed its own IPO papers, are both expected to deliver record-breaking listings. Currently, the largest IPO in Indian history remains Hyundai Motor India’s 3.3 billion-dollar offering in 2024.
