In the Annual General Meeting (AGM) of Reliance Industries, Chairman Mukesh Ambani made the announcement for which investors were waiting for a long time. Ambani said that the company’s board has approved the Draft Red Herring Prospectus (DRHP) for Jio Platforms IPO and it will be filed with SEBI on Friday. With this move, one of India’s most talked about and most awaited IPOs is now on its way to becoming a reality.
Market experts believe that Jio’s proposed IPO could be one of the largest public issues in the country so far. It is expected to surpass the records of NSE’s proposed IPO (which is valued at around ₹30,000 crore) and Hyundai Motor India’s IPO (which is valued at ₹27,870 crore). The offer plans to issue up to 27 crore new shares, each of which will have a face value of ₹10.
**Company’s focus on new issue**
Although Reliance had initially considered the offer-for-sale (OFS) model, it ultimately opted for a fresh issue. The main advantage of this approach is that the proceeds from the IPO will go directly to Jio, which will provide funds for business expansion and investment in new technology and digital services. This signals to investors that the company aims to raise capital for growth rather than simply providing an exit route for existing investors. At the AGM, Ambani said that Jio’s listing will show the world India’s ability to create world-class technology companies. He stressed that the relationship between Reliance and its shareholders is based on trust and respect, and Jio has a very bright future.
**Strong performance boosts investor confidence**
This IPO is coming at a time when Jio’s business is continuously strengthening. In the March quarter of FY 2025-26, the company’s operating revenue increased by 13% to ₹44,928 crore, while net profit also increased by 13% to ₹7,935 crore. EBITDA grew by 18% and operating margins strengthened. Due to increase in tariff and better customer quality, average revenue per user (ARPU) increased to ₹214. Meanwhile, data consumption per subscriber stood at 42.3 GB per month and total data traffic increased by nearly 35% year-on-year.
**Strong customer base of over 500 million**
At present the number of Jio customers is more than 500 million. The company is rapidly expanding its 5G network, broadband, enterprise connectivity, cloud services and digital platforms across the country. In 2020, several global investors including Google, Meta, KKR, Silver Lake and Saudi Public Investment Fund invested in Jio Platforms. This investment helped Reliance become net debt-free and laid the foundation for the company’s next phase of growth. Investors are now closely keeping an eye on SEBI approvals and IPO launch timelines. The market is hopeful that Jio’s listing could create a new record in the history of the Indian capital market.
