Jio files for IPO that could become India’s largest share sale

• Jio’s IPO could surpass Hyundai Motor India’s record INR278.7bn listing.
• Jio reported 524.4 million subscribers, including 268.5m 5G customers.
• Part of the IPO proceeds could be used to reduce debt at Jio Infocomm.

Reliance Industries-owned Jio Platforms has filed for an initial public offering (IPO) in Mumbai, potentially becoming one of the largest share sales in India’s history.

As reported by Reuters, Reliance Industries’ chairman Mukesh Ambani confirmed the company’s board had approved a prospectus, which has now been submitted to Indian regulators. 

Reports indicate Jio aims to raise around $3.8 billion to $4bn. If achieved, the fundraising would surpass the INR278.7bn ($2.9bn) raised by Hyundai Motor India’s IPO in 2024, making it the country’s biggest public offering to date.

The funding could also see Jio valued at approximately INR12.3 trillion ($147bn). 

Growth plans 

Launched in 2016, Jio operates within India’s telecom sector and has since expanded into artificial intelligence, cloud services and enterprise networking. 

The company reported 524.4 million subscribers at the end of March, including 268.5m 5G users. Around INR275bn ($2.9bn) of the proceeds could be used to reduce debt at Jio Infocomm, the group’s telecom business.

The IPO announcement follows the National Stock Exchange’s filing for its own long-awaited market debut, adding momentum to India’s capital markets.

Jio also revealed plans to explore building its own low Earth orbit satellite constellation, potentially competing with Starlink while pursuing partnerships to accelerate satellite broadband services in India.