Jio Platforms DRHP Filed: $136B–$180B Valuation and India’s Largest-Ever IPO

Reliance Industries filed the draft red herring prospectus for Jio Platforms on Monday. The IPO is set to be India's largest ever. Bankers on the deal estimate the telecom and digital services arm could be valued between $136 billion and $180 billion.

Jio Platforms houses Reliance Jio's telecom network, the JioMart e-commerce platform, and Jio Financial Services. It reported revenue of roughly ₹1.2 lakh crore for the fiscal year ended March 2026. The subscriber base crossed 520 million, making it India's largest mobile operator by active users. The DRHP did not set a price band or a firm valuation. Those numbers typically come in the final offer document. The range cited by lead bankers reflects the premium investors assign to Jio's integrated play on India's digital economy.

The IPO structure includes a fresh issue of shares worth ₹65,000 crore and an offer-for-sale component from existing shareholders, including Reliance Industries. Proceeds from the fresh issue are earmarked for debt reduction and capital expenditure on the 5G network rollout. Jio has been expanding 5G into smaller cities and rural districts. Reliance Industries will retain a majority stake post-listing, the filing said.

What the DRHP does not disclose – and what will matter most to institutional investors – is the trajectory of average revenue per user. Jio's ARPU has hovered near ₹200 for the past four quarters. Analysts at Kotak Institutional Equities said the ₹250–₹300 range would justify the upper end of the valuation band. The company has signalled tariff hikes in the coming months. The timing and magnitude remain unclear.

The IPO comes at a moment when India's telecom sector is consolidating. Vodafone Idea, the third-largest carrier, has been losing subscribers and market share. Bharti Airtel has held steady. Jio's ability to convert its subscriber base into higher-spending customers – through JioMart, JioFinancial, and its fiber-to-the-home business – is the core of the bull case. The bear case rests on whether tariff competition caps ARPU growth and whether the capital spending required for 5G coverage eats into free cash flow.

The Securities and Exchange Board of India will now review the DRHP. The process typically takes three to four months. The final offer document, including the price band, is expected by late September or early October. A listing before the end of 2026 remains the target, bankers on the deal said.

Reliance Industries shares closed 1.2% higher on the National Stock Exchange on Monday, in line with the broader market.