Jio Platforms IPO: DRHP Filed, 27 Crore Shares in 2026

Introduction

Jio Platforms, Reliance Industries’ telecom and digital services arm, has formally started its initial public offering (IPO) process by filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The development was disclosed through exchange filings and public statements by Reliance Industries chairman Mukesh Ambani. The IPO will primarily be a fresh issue, with the company seeking to issue up to 270 million equity shares. Jio Platforms is widely tracked by the market because it houses India’s largest wireless operator and a broader digital services ecosystem. The filing begins the regulatory review process that typically precedes pricing, investor roadshows, and the eventual listing.

Board approval and DRHP filing with SEBI

Mukesh Ambani said the board of Jio Platforms approved the DRHP and that it would be filed with SEBI on Friday. Multiple reports described the submission as a key milestone in Reliance’s plan to list its digital business. Reuters also reported that the prospectus was due to be filed later on Friday, signalling the beginning of the IPO journey. The company’s exchange communication stated that the offering would involve issuing up to 270 million new shares. After the filing, SEBI’s review and observations will guide the next steps toward the public issue.

Issue structure: fresh shares, face value, and book building

According to Reliance’s filing, the IPO will consist of a fresh issue of up to 27 crore equity shares. The face value of each share is set at ₹10. Reliance also said the issue price will be discovered through the book-building process, which is standard for large offerings where demand and pricing are built through institutional bids. The company did not disclose the price band or the final issue size in the filing, stating these will be determined after regulatory clearances and finalisation of the offer price. Separately, another report in the provided material stated the company will raise ₹27,000 crore, indicating that market estimates and reporting may vary as the process evolves.

What Jio Platforms includes inside the Reliance group

Jio Platforms brings together Reliance Industries’ telecom operations, technology ventures, and digital services under one umbrella. It houses Reliance Jio Infocomm, which is described as India’s largest telecom operator by subscriber market share. Reuters noted that the business extends to areas such as AI, cloud, and enterprise network services. This integrated structure is a key reason investors treat the IPO as both a telecom listing and a broader digital services play. The DRHP filing is expected to contain more detail on business segments, risk factors, and use of proceeds once it becomes publicly available.

Subscriber scale and operating footprint

As of the end of March, Jio’s subscriber base stood at 524.4 million, according to the provided exchange-linked reporting. That scale makes it one of the largest telecom operators globally by user base and a central asset within Reliance Industries. The subscriber figure also matters for investors because it frames Jio’s market position in mobility and the potential distribution reach for digital services. Reuters similarly characterised the platform as having over 500 million users. These numbers provide context for why the IPO is expected to be among the most closely watched Indian listings.

Deal team and proposed listing venues

The draft papers state that Jio has appointed Kotak Mahindra Capital Co, Morgan Stanley, and Goldman Sachs as book running lead managers. These investment banks typically coordinate marketing, demand building, price discovery, and allocation for the issue. The shares are proposed to be listed on the National Stock Exchange (NSE) and BSE, as per the draft papers referenced in the article material. This dual listing is common for large Indian IPOs and supports liquidity across trading venues. The choice of lead managers and exchanges also signals the scale and institutional focus expected for the offering.

Why the filing is a milestone for Reliance

The DRHP filing is described as a significant step in Reliance’s efforts to take its digital business public, nearly six years after Jio Platforms raised more than ₹1.5 lakh crore from global strategic investors. That earlier capital raise is frequently cited as a turning point that brought global investor scrutiny to Jio’s business model and valuation. The IPO process now shifts attention toward public market benchmarks and disclosures. Ambani framed the move as an effort to unlock shareholder value through a listing of one of Reliance’s most important growth businesses. Another report in the provided material said the IPO process is being led by Isha Ambani, Akash Ambani, and Anant Ambani.

How this IPO is being compared with other large issues

The offering is widely expected, according to the provided material, to surpass some of India’s biggest recent IPO benchmarks. The text references the National Stock Exchange’s draft filing earlier in the week, pegging the size of its IPO at ₹30,000 crore based on unlisted market valuations. It also references Hyundai Motor India’s ₹27,870 crore issue (around $1.3 billion). In this context, market watchers have described the Jio Platforms IPO as a candidate to become the country’s largest public issue, though the final size will depend on regulatory clearances and final pricing.

Key facts disclosed so far

Market impact and what investors will watch next

In the near term, the market impact is centered on process milestones rather than financial results, since the company has not disclosed a price band or final issue size in the statements cited. The filing triggers SEBI review, after which the company can proceed based on SEBI’s observations. Investors will watch for details once the DRHP is available, including segment-level information, competitive positioning, and the company’s stated use of proceeds. Another clear watchpoint is how the company frames its telecom business alongside technology and digital services, as Reuters noted the platform’s presence in AI, cloud, and enterprise offerings. The timing of subsequent steps will depend on the regulator’s review cycle and the company’s readiness to move to marketing and bidding.

Conclusion

Jio Platforms’ DRHP filing with SEBI and the board-approved plan to issue up to 270 million new shares formally begins one of India’s most closely tracked IPO processes. While the company has not yet disclosed pricing details, it has confirmed the structure, share count, face value, book-building approach, and proposed listing on NSE and BSE. The next milestone is SEBI’s review and observations, which will determine when Jio can move to the next stage of the public issue and listing process.