Jio IPO 2026: DRHP Filed, 27 Crore Shares Offer

AGM sets the agenda for Reliance’s next phase

Reliance Industries’ 49th Annual General Meeting (AGM) sharpened investor focus on three big themes: the Jio IPO process, artificial intelligence infrastructure, and satellite-based internet connectivity. The meeting also reiterated that Reliance is working on a broader growth roadmap spanning new energy, consumer businesses, and technology-led expansion. Markets tracked the AGM closely because several of these initiatives are expected to shape the group’s next phase of value creation. The key headline was the formal movement on the long-awaited listing of Jio Platforms.

Alongside the IPO update, Reliance outlined a sovereign low earth orbit satellite constellation plan and a major AI programme under “Reliance Intelligence”. The company also spoke about inclusive language models that can work across 22 Indian languages. Taken together, the announcements positioned the group around digital infrastructure and AI-led services, while keeping the emphasis on scale.

Jio Platforms IPO: DRHP approved and filed with SEBI

At the AGM, Reliance chairman Mukesh Ambani said the board of Jio Platforms approved the draft red herring prospectus (DRHP) and that it would be filed with SEBI the same day. Subsequent reporting in the provided material also states that Jio Platforms filed its DRHP with the Securities and Exchange Board of India (SEBI). The filing marks a key procedural step in what has been described as one of India’s most anticipated stock market debuts.

Reliance has said the listing of Jio is underway. The IPO is structured as a fresh issue of up to 27 crore equity shares. The face value is Rs 10 per share, and the final issue price will be determined via the book-building process. The IPO remains subject to regulatory approvals before it can proceed.

Offer structure and scale: what the numbers show

The DRHP details cited in the provided information indicate that up to 27 crore new shares will be issued. Another detail included is that these shares will represent approximately 2.9% of Jio Platforms’ expanded equity capital after the offering. The issue is expected to be among the largest listings in India’s capital markets history, with multiple references to its potential scale.

One set of figures in the provided material links the IPO to nearly $1 billion (around Rs 37,700 crore). Separately, sources cited in the same material indicate Reliance is targeting a fundraise of about Rs 37,700 crore and that this could make it the country’s biggest public issue. Based on the expected issue size, Jio Platforms was also described as likely to command a valuation of roughly $137 billion.

Who is leading the IPO process

Reliance has indicated that Isha, Akash, and Anant are heading the Jio IPO process. The same context also framed this as part of the next generation of value creation opportunities. Akash Ambani, in particular, featured prominently in outlining Jio’s technology priorities, including making artificial intelligence accessible and exploring a sovereign LEO satellite constellation.

Jio’s operating scale: 520 million-plus customers

Reliance Jio, launched in 2016, has grown into a large telecommunications and digital systems business. The provided information states that Jio delivers 4G and 5G internet services to more than 520 million customers. This scale is relevant to how investors view Jio’s listing, because it provides context for Jio’s distribution reach as new services such as AI features and satellite connectivity are positioned for adoption.

Reliance Intelligence: AI infrastructure and Jamnagar data centre

Artificial intelligence was a central theme at the AGM, with Reliance framing its ambition as building “India’s sovereign AI backbone.” Reliance Intelligence, announced last year as a growth engine, is intended to build a profitable AI infrastructure, platform, and services business serving consumers, enterprises, and governments at scale.

As part of this initiative, Reliance announced an AI-powered data centre to be installed in Jamnagar, Gujarat, with a stated capacity of 168 MW. Another detail in the provided material says the first phase will include 120 MW of AI infrastructure and is expected to become operational by the end of 2026, while also noting the first phase will be inaugurated later this year. Reliance also said the facility will run entirely on renewable energy generated in Kutch. It additionally indicated it is deploying Nvidia GB300 GPUs as part of the compute build-out.

Language models for 22 Indian languages

Reliance also said it wants to make AI models more inclusive. The company plans to unveil AI that does not only work in English but can understand 22 Indian languages. This is aligned with the stated objective of making AI affordable, secure, and accessible in Indian languages, and embedding AI across consumer technology platforms for smarter and more personalised experiences.

Satellite internet: 1,600 LEO satellites and project cost

Reliance Jio’s plans include launching at least 1,600 satellites into low earth orbit (LEO) to provide internet coverage across India, including remote regions. The provided information states these LEO satellites would be stationed about 650 km above India and would beam internet services directly to phones.

The estimated cost of the satellite project is around $10 billion to $15 billion. The satellite plan was discussed as part of expanding broadband access and building sovereign digital infrastructure, in parallel with the group’s push in AI data centres.

Five value creation pathways Reliance highlighted

At the AGM, Reliance outlined five major value creation pathways for its next phase of growth. These were described as transforming crude oil into high-value materials, accelerating new energy revenues, building AI infrastructure through Reliance Intelligence, scaling the FMCG business into a multi-billion-dollar growth engine, and expanding global markets for Made-in-India brands. The AGM commentary also linked a combination of new energy, materials, and AI-driven operations to a model that is difficult to replicate at global scale.

Key data points from the AGM

Market impact: what investors are watching

The DRHP filing provides a concrete milestone for the Jio IPO process and is likely to keep Reliance in focus as markets track regulatory review and the next steps in the listing timeline. The scale of the proposed issue, the fresh equity structure, and the book-building route set the framework for valuation discovery once the process progresses.

The AGM’s AI and satellite announcements add context on how Reliance intends to build new lines of business around digital infrastructure. Investors are also tracking references to Jio Platforms potentially being listed separately with a market capitalisation discussed at 8 to 10 lakh crore, as noted in the provided material. Meanwhile, the satellite project cost estimate of $10 billion to $15 billion and the Jamnagar AI infrastructure build-out highlight the capital intensity of the roadmap.

Why these announcements matter

Reliance’s AGM linked the Jio IPO to a wider strategy centred on AI, connectivity, and large-scale infrastructure. The filing of the DRHP turns earlier guidance about listing plans into an actionable step, while the details on share count and equity impact help investors anchor expectations.

On operations, the combination of an AI data centre build in Jamnagar, multilingual AI plans for 22 Indian languages, and a 1,600-satellite LEO constellation suggests Reliance is targeting control over critical layers of the digital stack. The group also framed its next phase through five value creation pathways spanning materials, new energy, AI, FMCG, and global market expansion.

What to watch next

The Jio IPO remains subject to regulatory approvals, making SEBI’s review process a key near-term checkpoint. Reliance has also indicated the AI infrastructure build-out is progressing quickly and is expected to become fully operational over the next couple of years, with the first phase timelines highlighted at the AGM. Future updates from Reliance on sequencing, execution milestones, and any further IPO-related disclosures will remain central for investors tracking the group’s roadmap.