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Reliances Jio Platforms to File IPO Draft for Up to 27 Crore Shares, Aiming to Accelerate 5G, AI and Broadband Expansion
On June 19 2026, Reliance Industries Limited (RIL) confirmed that its digital‑telecommunications arm, Jio Platforms Ltd, will submit a draft red‑herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The filing could open the door to an initial public offering of up to 27 crore equity shares, though the company has yet to set a price band or finalize the offering size.
RIL has dubbed the listing "the most important value‑creation milestone this year," according to statements from Chairman and Managing Director Mukesh Ambani. Ambani said the IPO would unlock value for existing Reliance shareholders while inviting new investors to share in Jio’s expansion. He also highlighted that the move would showcase India’s capacity to build globally competitive technology firms and noted that the next phase of growth is being steered by his children—Akash, Isha and Anant—who will lead the company.
The post‑IPO agenda centers on scaling Jio’s 5G network, expanding broadband coverage, boosting services for small‑medium enterprises (SMEs), and deepening artificial‑intelligence (AI) capabilities. Jio plans to migrate its entire subscriber base to 5G by 2030 and to play an active role in shaping 6G standards. In the broadband arena, the company is accelerating the rollout of JioAirFiber, a fixed‑wireless access service that has completed more than 90 % of installations within 24 hours and is adding up to 60,000 home broadband connections daily.
In the SME space, Jio will continue to promote JioPC—a cloud‑based virtual desktop delivered through a set‑top box—and will expand AI use across consumer services, network operations and customer support. The company expects higher revenue per user from premium 5G offerings, AI‑enabled services and enterprise solutions. Since its launch in 2016, Jio has reshaped India’s telecom landscape with aggressive pricing and free voice and data services, and has since evolved into a broader digital platform that includes connectivity, cloud, enterprise solutions and AI.
Reliance has positioned Jio at the heart of its AI strategy. In 2023, the conglomerate partnered with Nvidia to build AI infrastructure and develop language models tailored for India. Earlier this year, Ambani announced that Reliance and Jio would invest Rs 10 lakh crore in AI‑related initiatives over the next seven years. Jio Intelligence, a wholly‑owned subsidiary, focuses on expanding access to AI services through large‑scale data‑centre infrastructure and edge computing.
The IPO comes amid a more cautious primary‑market environment. After a record run of public offerings over the past two years, investor sentiment has weakened amid geopolitical tensions and volatility in global energy markets. Several high‑profile companies, including PhonePe, Curefoods and Sify Infinit Space, have delayed or reassessed their listing plans.
Jio Platforms has previously attracted significant investment from global technology and private‑equity firms. In 2020, it raised more than USD 20 billion from Meta, Google, KKR, Silver Lake and General Atlantic, valuing the company between USD 57 billion and USD 65 billion. Reliance currently owns 66.43 % of Jio Platforms, while Meta holds a 9.99 % stake acquired in 2020 through a USD 5.7 billion investment.
At present, the company has not released a price band or the final size of the offering, and it remains to be seen how the market will respond to the listing. The DRHP filing marks a key step toward a potential market debut that could unlock significant value for shareholders and accelerate India’s digital transformation through expanded 5G, AI and broadband services.
RIL has dubbed the listing "the most important value‑creation milestone this year," according to statements from Chairman and Managing Director Mukesh Ambani. Ambani said the IPO would unlock value for existing Reliance shareholders while inviting new investors to share in Jio’s expansion. He also highlighted that the move would showcase India’s capacity to build globally competitive technology firms and noted that the next phase of growth is being steered by his children—Akash, Isha and Anant—who will lead the company.
The post‑IPO agenda centers on scaling Jio’s 5G network, expanding broadband coverage, boosting services for small‑medium enterprises (SMEs), and deepening artificial‑intelligence (AI) capabilities. Jio plans to migrate its entire subscriber base to 5G by 2030 and to play an active role in shaping 6G standards. In the broadband arena, the company is accelerating the rollout of JioAirFiber, a fixed‑wireless access service that has completed more than 90 % of installations within 24 hours and is adding up to 60,000 home broadband connections daily.
In the SME space, Jio will continue to promote JioPC—a cloud‑based virtual desktop delivered through a set‑top box—and will expand AI use across consumer services, network operations and customer support. The company expects higher revenue per user from premium 5G offerings, AI‑enabled services and enterprise solutions. Since its launch in 2016, Jio has reshaped India’s telecom landscape with aggressive pricing and free voice and data services, and has since evolved into a broader digital platform that includes connectivity, cloud, enterprise solutions and AI.
Reliance has positioned Jio at the heart of its AI strategy. In 2023, the conglomerate partnered with Nvidia to build AI infrastructure and develop language models tailored for India. Earlier this year, Ambani announced that Reliance and Jio would invest Rs 10 lakh crore in AI‑related initiatives over the next seven years. Jio Intelligence, a wholly‑owned subsidiary, focuses on expanding access to AI services through large‑scale data‑centre infrastructure and edge computing.
The IPO comes amid a more cautious primary‑market environment. After a record run of public offerings over the past two years, investor sentiment has weakened amid geopolitical tensions and volatility in global energy markets. Several high‑profile companies, including PhonePe, Curefoods and Sify Infinit Space, have delayed or reassessed their listing plans.
Jio Platforms has previously attracted significant investment from global technology and private‑equity firms. In 2020, it raised more than USD 20 billion from Meta, Google, KKR, Silver Lake and General Atlantic, valuing the company between USD 57 billion and USD 65 billion. Reliance currently owns 66.43 % of Jio Platforms, while Meta holds a 9.99 % stake acquired in 2020 through a USD 5.7 billion investment.
At present, the company has not released a price band or the final size of the offering, and it remains to be seen how the market will respond to the listing. The DRHP filing marks a key step toward a potential market debut that could unlock significant value for shareholders and accelerate India’s digital transformation through expanded 5G, AI and broadband services.
