Jio Platforms IPO to List by End of October at $143-146 Billion

Jio Platforms is expected to list on stock exchanges by the end of October at an enterprise valuation of $143-146 billion, or at least Rs 12 lakh crore, banking and other sources who did not wish to be identified told PTI.

The digital services arm of Reliance Industries is preparing for what would be India's largest public offering, with an estimated size of $3.8 billion. The company has concluded overseas roadshows in the US, UK, Dubai, Hong Kong and Singapore, led by Jio Platforms Managing Director Akash Ambani and Reliance Retail Ventures Executive Director Isha Ambani.

"Based on interest received from overseas roadshows, Jio Platforms is likely to list at a base enterprise valuation of $143-146 billion or at least Rs 12 lakh crore by end of this month," one of the banking sources said.

The company is expected to file its final papers with the Securities and Exchange Board of India (SEBI) in the week starting October 12, after which it will hold a domestic roadshow. The anchor round is expected to begin before Dussehra, and the issue is likely to open after the festival but before October 23, the sources said.

SEBI issued its final observations on the draft prospectus on August 28. Jio Platforms had filed its initial IPO papers in June. According to the draft prospectus, the company plans to issue up to 27 crore fresh equity shares, equivalent to about 2.9 per cent of its post-issue equity base.

Jio Platforms houses Reliance's digital businesses, including its telecommunications operations. Reliance Jio Infocomm dominates the Indian telecom market with a 32.89 per cent share in fixed-line connections, serving 157.9 million customers, and a 39.29 per cent share in mobile connections, with 506 million customers.

The company operates the largest 5G Standalone network outside China, with 26.85 crore 5G customers as of June 2026. Jio also leads the global Fixed Wireless Access segment with about 1.5 crore subscribers, roughly 1.5 times the second-largest player, US-based T-Mobile. Jio claims its 5G network handles close to 60 per cent of India's wireless data traffic.

Using its network capacity, Jio has expanded into cloud and AI services as well as enterprise network services. For the fiscal year ended March 2026, Jio Platforms posted a 15 per cent rise in profit after tax to Rs 30,053 crore and a 14.5 per cent increase in annual revenue to Rs 1,46,885 crore. Analysts at Nuvama Research expect Reliance Jio's profit after tax to grow at a compounded annual rate of 18 per cent between FY26 and FY30.

Jio Platforms has drawn major global technology and financial investors. In 2020, Meta invested Rs 43,574 crore for a 9.99 per cent stake, while Google invested Rs 33,737 crore for a 7.73 per cent holding. Other investors including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital and Qualcomm Ventures collectively invested about Rs 74,745 crore for roughly a 15.2 per cent stake.

Reliance Industries owns about 66.4 per cent of Jio Platforms, while Meta and Google together hold about 17.7 per cent, according to the draft prospectus. The IPO would be the first public offering from the Reliance group since 2008 and the first IPO of a consumer-focused business within the conglomerate.