Reliance Jio board approves draft IPO papers; filing planned before Reliance AGM

“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Mukesh Ambani

At its annual shareholder meeting on Friday, Reliance unveiled two things at once: paperwork for what could be India’s biggest-ever stock-market listing, and a plan to put a Starlink rival into orbit. Jio Platforms, the digital and telecom arm of Mukesh Ambani’s Reliance Industries, filed draft papers for an initial public offering widely expected to […] This story continues at The Next Web

Jio Platforms is set to launch India's largest IPO, aiming to raise $4 billion and valuing the digital giant at $137 billion. This move by Reliance Industries aims to unlock value from its expansive digital services, including connectivity, broadband, and AI. The offering exclusively involves fresh capital, with no existing shareholder exits, and proceeds will primarily reduce debt.

Mumbai: Jio Platforms, the digital services arm of Reliance Industries, has filed draft papers for its much-awaited initial public offering (IPO).The proposed IPO is expected to become the largest public issue in India’s history, with an estimated fundraise of around USD 4 billion, or nearly Rs 37,700 crore.This will be Reliance Group’s first public offer since 2008.Fresh Issue of 27 Crore SharesAccording to the draft red herring prospectus (DRHP), Jio Platforms plans to issue up to 27 crore fresh equity shares.Jio May File For IPO Before Mukesh Ambani's June 19 AGM AddressThis will account for around 2.9 percent of the company’s total equity base after the issue.Market sources estimate the IPO could value Jio Platforms at nearly USD 137 billion, reflecting strong investor confidence in the company’s digital growth story.Funds to Reduce DebtThe company said a large portion of the IPO proceeds will be used to repay existing borrowings.Around Rs 27,500 crore will go towards repayment or prepayment of debt raised by Reliance Jio Infocomm Limited (RJIL).The remaining funds will be used for general corporate purposes.Lower debt could strengthen the company’s balance sheet and improve its future growth potential.War-Induced Uncertainty May Again Delay Jio’s $4 Billion Public ListingStrong Backing from Global InvestorsJio Platforms has attracted several global technology and investment giants over the years.In 2020, Meta invested Rs 43,574 crore for a 9.99 percent stake, while Google invested Rs 33,737 crore for a 7.73 percent stake.Other major investors include Silver Lake, KKR, Mubadala, ADIA, TPG, Intel Capital and Qualcomm Ventures.Currently, Reliance Industries holds a 66.43 percent stake in Jio Platforms.The IPO marks a major milestone in Jio’s journey as it prepares for its next phase of expansion.(With PTI Inputs)

MUMBAI: Indian billionaire Mukesh Ambani's Reliance Jio Platforms plans to raise around $3.8 billion via a ​Mumbai listing, sources say, in what could ​be the country's largest-ever initial public offering.Here are facts and numbers on Jio Platforms, which ​houses the world's second-largest telecom company by users after China Mobile.TELECOM BUSINESSReliance Jio Platforms is a unit of Ambani's oil-to-retail conglomerate Reliance Industries. It is most known for the telecom business - Reliance Jio Infocomm, which is the country's biggest player with more than 500 million subscribers.Launched in 2016, the ‌telecom business, popularly ⁠just called Jio, ⁠hit rivals such as Bharti Airtel and Vodafone Idea hard by offering free voice and data plans initially.Also read | Reliance AGM 2026 Key TakeawaysThe move, in line with Ambani's typical strategy of ​offering ultra-low prices to lure consumers, drove up its customer base and allowed many Indians to access platforms such as YouTube and Facebook for ​the first time.Jio says it currently has a roughly 60% share of India's data traffic.In recent years, Reliance Jio Platforms has diversified beyond telecom into AI, cloud and enterprise network services, as well as app development. In 2023, Nvidia announced an AI ​partnership with Reliance to develop cloud infrastructure and language models.THE LEADERSHIPMukesh Ambani, Asia's ⁠richest man, ‌is the chairman of Jio Platforms. His three children - Akash, Anant and Isha - serve on its board. ​Akash Ambani, his ​elder son, is the chairman of the company's flagship telecom unit, Reliance Jio Infocomm.Also read | Forget chatbots, Mukesh Ambani wants to own India's entire AI economyReliance Industries ⁠holds a 66.43% stake in Jio Platforms.Kiran Thomas is the CEO of Jio ​Platforms.KEY FINANCIALS, VALUATIONReliance Jio Platforms' operating revenue in the last financial year ending March ​2025 stood at $13.65 billion. But 90% of that came just from the telecom business, which the company says has grown annually by 13% since 2020-21.Reliance Jio Platforms posted a profit after tax of $2.8 billion in the year.In November, investment bank Jefferies estimated that Reliance Jio's valuation stood at $180 billion. Sources told Reuters in January the IPO could be worth as much as $4 billion, though final numbers will only be decided later.MARQUEE INVESTORSIn 2020, Jio Platforms raised more than $20.5 billion from 13 global ‌investors in exchange for a roughly 33% equity stake, at a valuation range of $57 billion to $65 billion.Global names such as Meta Platforms, Alphabet and KKR invested in the firm, as Ambani sought to ​turn Jio Platforms into ​the centerpiece of his technology ambitions.Other ⁠investors include General Atlantic, Silver Lake and the Abu Dhabi Investment Authority. Meta owns a 9.9% stake in the company, followed by Google's 7.7% stake.THE IPO JOURNEYThe filing, which had been targeted for as early as March, had been pushed back ​as IPO activity slowed following the outbreak of conflict in West Asia, with investors losing their appetite for new listings.The IPO, previously expected to be a pure offer-for-sale where foreign investors would have sold some of their holdings, will now only be a fresh fund raise.The company's IPO has been long delayed. In 2019, Ambani said Jio would "move towards" a listing within five years, but later the plans were delayed in 2025.The company had hired 17 banks to manage its offering.

Reliance Industries Chairman Mukesh Ambani announced on Friday that the company’s board has approved the much-awaited draft red herring prospectus (DRHP) of Jio Platforms IPO, and his children Akash Ambani, Anant Ambani and Isha Ambani Piramal will lead the IPO process.The industrialist said the company will file its DRHP with SEBI later today. This comes after he announced Jio’s IPO plans at the company's previous AGM last year.What Mukesh Ambani said about Jio IPOSpeaking at the company’s 49th Annual General Meeting (AGM) on Friday, Mukesh Ambani said, “This is a deeply emotional moment for me, for the entire Reliance Family, and 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.”The industrialist added that the proposed listing of Jio will show the world that India can build technology companies of global scale, global capability, and global value. “I assure you, and all prospective new investors, that a brighter future awaits Jio,” he further said.Mukesh Ambani announced that Reliance Jio Infocomm Chairman Akash Ambani, Reliance Retail Ventures Executive Director Isha Ambani Piramal and Reliance Industries Executive Director Anant Ambani will lead the IPO process.“The Jio revolution is truly a result of the courage, creativity, and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. Today, Jio is not merely integrating technology. It is creating original technology,” Mukesh Ambani said.Also read: Reliance Jio to file IPO DRHP today, plans fresh issue of up to 27 crore shares Here’s what Akash Ambani saidReliance Jio Infocomm Chairman Akash Ambani said that the telecom major’s user base has crossed 524 million, while its 5G user base has crossed 268 million, the largest for any single-country operator outside China. “Jio is evaluating the development of a sovereign Low Earth Orbit satellite constellation for India, while also partnering with leading global constellation providers. Jio is also building its own ground station infrastructure in India – strengthening India’s atma nirbharta in space,” he added.The proposed Jio IPO is expected to overtake NSE's nearly Rs 30,000 crore and Hyundai Motor India's Rs 27,870 crore (about $3.3 billion) public offering to become the country's largest-ever IPO. The listing plans, however, have undergone multiple changes over the past year.Also read: LIVE updates from RIL AGM(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)