Jio Platforms IPO 2026: DRHP approved, 27 crore shares

Reliance sets the IPO process in motion

Reliance Industries Limited (RIL) has initiated a key step toward listing Jio Platforms Limited (JPL), its material subsidiary, after Jio Platforms’ board approved the Draft Red Herring Prospectus (DRHP) for a proposed initial public offering (IPO). The development was announced by RIL Chairman and Managing Director Mukesh Ambani at the company’s 49th Annual General Meeting (AGM). RIL also disclosed the decision through a stock exchange filing.

The proposed IPO will be a fresh issue of up to 27 crore equity shares. Each share will carry a face value of Rs 10. The issue price will be determined through the book building process, in line with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

What Mukesh Ambani said at the AGM

At the AGM, Ambani said the DRHP would be filed with the market regulator later the same day. The announcement brought formal clarity to a long-anticipated transaction and signalled that Jio Platforms is moving from market speculation to a documented regulatory process.

While the AGM remarks confirmed the timing of the filing, the company did not disclose a price band or the overall size of the public issue in rupee terms. RIL indicated that such details would be determined after regulatory clearances and the finalisation of the offer price.

DRHP filing and the regulators involved

According to RIL’s exchange filing, the DRHP is to be filed with the Securities and Exchange Board of India (SEBI) and also with BSE Limited and the National Stock Exchange of India Limited (NSE). This filing is a foundational step in the IPO process, after which SEBI reviews disclosures and may seek clarifications.

RIL stated that the proposed IPO remains subject to regulatory approvals. That qualification is standard but material, because timelines and final structure can shift depending on regulatory queries and the company’s responses.

IPO structure: fresh issue of up to 27 crore shares

RIL’s filing specified that the offer is proposed “by way of a fresh issue” of up to 27,00,00,000 equity shares. The face value is Rs 10 per share. The issue price will be discovered via book building.

A fresh issue means the company will issue new shares rather than existing shareholders selling their holdings through an offer for sale. Beyond that, RIL did not provide additional transaction details in the information shared, such as whether there will be any anchor allocation, how proceeds may be used, or the intended listing timeline.

Key facts disclosed so far

The announcement contains several concrete datapoints but also leaves major valuation elements open until the book-building process and regulatory review progress.

Timing: June 19, 2026 filing plan

RIL’s exchange filing stated that Jio Platforms’ board approved the DRHP on June 19, 2026. Ambani also said the DRHP would be filed with SEBI on Friday. This places the filing action on June 19, 2026.

How big could it be: market expectations versus disclosed numbers

RIL has not announced the price band, valuation, or total rupee size of the issue. Still, the IPO is being described as a potential record-setter in the Indian primary market. The reporting shared alongside the filing notes that the offering is widely expected to surpass large recent and upcoming issues, including a nearly Rs 30,000 crore offering by NSE and Hyundai Motor India’s Rs 27,870 crore issue (around $1.3 billion), and could become the largest public issue in India’s history.

Separately, Reuters reported in January 2026 that the IPO could be worth as much as $1 billion. Another data point referenced alongside this announcement is an analyst estimate that Jio Platforms could be valued at approximately $180 billion. These are market estimates and not figures confirmed by the company in the filing.

Why the announcement matters for Indian capital markets

The DRHP approval and intended filing mark the formal beginning of the IPO process for Jio Platforms, which is described in the reporting as India’s largest telecom and digital services company. A large, closely watched listing can influence primary market activity by drawing institutional attention and potentially shaping expectations for other big-ticket offers.

The announcement also comes as other large issuers move forward, with the context noting that NSE has filed its own IPO papers. With multiple mega issues in the pipeline, the market’s ability to absorb supply, the timing of launches, and investor appetite will be closely monitored.

What investors should track next

The next concrete set of details should emerge from the DRHP once it is filed and made available through regulatory channels. That document typically provides business details, risk factors, financial information, use of proceeds, and the structure of the offer.

Investors will also watch for SEBI’s review cycle and any updates on the book-building process, including the eventual price band and dates for subscription. For now, RIL’s disclosure is limited to the offer being a fresh issue of up to 27 crore shares, face value Rs 10 each, with pricing via book building, and subject to regulatory approvals.

Conclusion

Jio Platforms’ board approval of the DRHP and RIL’s stated plan to file it with SEBI on June 19, 2026 move the company’s IPO from expectation to a defined regulatory step. The offer is structured as a fresh issue of up to 27 crore equity shares with a face value of Rs 10, and the final issue price will be discovered through book building. The next milestones depend on regulatory review and the disclosures contained in the filed DRHP, after which the company can proceed toward final pricing and a potential listing timeline.