Jio Platforms IPO: DRHP approved for 27 crore shares

Reliance confirms a key step toward Jio listing

Reliance Industries Ltd (RIL) has announced that the Board of Directors of Jio Platforms Limited (JPL), a material subsidiary, has approved the Draft Red Herring Prospectus (DRHP) for its proposed Initial Public Offering (IPO). The development was also highlighted by RIL Chairman and Managing Director Mukesh Ambani during RIL’s 49th Annual General Meeting (AGM). Ambani told shareholders that the DRHP would be filed with the Securities and Exchange Board of India (SEBI) later the same day. RIL’s stock exchange communication is dated June 19, 2026. The IPO process remains subject to necessary regulatory approvals. Jio Platforms is the group’s digital arm that combines telecom operations, technology ventures, and digital services. The DRHP approval is an early, formal milestone that typically precedes regulatory review and final IPO terms.

What Jio Platforms’ board approved on June 19, 2026

RIL said the board meeting approving the DRHP was held on June 19, 2026. The approval covers the draft offer document for a proposed IPO by Jio Platforms. According to the filing, the IPO is structured as a fresh issue. The company disclosed the maximum number of equity shares proposed in the fresh issue but did not provide the price band or final offer size in rupee terms. Those details are expected only after regulatory clearances and the finalisation of the offer price. In his AGM remarks, Ambani described the development as a step toward taking the digital business public. The company’s communication positions the DRHP filing as part of the standard process for a listing.

DRHP to be filed with SEBI, and also with stock exchanges

Ambani said the DRHP would be filed with SEBI later in the day. RIL’s disclosure also states that Jio Platforms plans to file the draft offer document with SEBI, BSE, and the National Stock Exchange of India (NSE). This aligns with the typical IPO pathway where the draft prospectus is submitted to the regulator and shared with the exchanges. The filing begins the regulator’s review of disclosures, risk factors, business overview, and financial statements presented in the draft document. RIL has explicitly stated that the IPO remains subject to the receipt of necessary regulatory approvals. The company has not indicated a timeline for those approvals in the information provided.

Offer structure: fresh issue of up to 27 crore shares

RIL said Jio Platforms’ IPO will comprise a fresh issue of up to 27 crore equity shares. At this stage, the company has provided the maximum issue quantity rather than an exact final number. The face value has been disclosed as ₹10 per equity share. In other words, the company has outlined the capital-raising structure but not the final pricing or valuation. The fresh issue format means the company will issue new shares, rather than solely offering existing shares for sale. RIL has not provided any further breakdown of allocations or categories in the information shared.

Pricing route: book-building process under SEBI rules

The issue price will be determined through the book-building process, RIL said. Book-building is the standard pricing mechanism used for many large Indian IPOs, where demand bids help discover the price within a specified band. The company’s filing notes that the price will be set in accordance with SEBI regulations using this approach. As of the announcement, the company has not revealed the price band. It also has not disclosed the overall size of the public issue in rupee terms. Those details will depend on regulatory clearances and the final offer price.

Who will lead the IPO project

In addition to announcing the DRHP approval, Ambani said that Isha Ambani, Akash Ambani, and Anant Ambani will lead the Jio IPO project. The statement was shared in the AGM context and indicates internal leadership for the listing initiative. The company has not detailed governance structures, bankers, or timelines in the information provided. No additional operational milestones were disclosed alongside the leadership announcement. The focus of the update remained on the DRHP approval and planned filing.

Background: Jio Platforms’ earlier investor fundraise

The announcement comes years after Jio Platforms raised capital from global strategic investors. RIL’s context notes that the move to take the digital business public is happening almost six years after Jio Platforms raised more than ₹150,000 crore from global strategic investors. That earlier fundraising is frequently cited as a key moment in the company’s ownership and capital structure evolution. The current IPO step, however, is framed as the next phase in the public markets route. RIL has not provided details in this update on how the previous fundraising translates into the present IPO structure.

How large could the IPO be compared with recent landmark issues

While RIL has not disclosed the IPO size in rupee terms, market expectations around the listing have been widely discussed alongside other large planned offerings. The proposed offering has been described as potentially among the largest in India’s history. The coverage referenced comparisons to the nearly ₹30,000 crore offering expected from NSE and Hyundai Motor India’s ₹27,870 crore issue. Separately, analysts have estimated that Jio Platforms could be valued in the range of $130 billion to $180 billion, according to the information provided. These are external estimates rather than company guidance, and RIL has not confirmed a valuation.

Market impact: what the DRHP approval changes now

The DRHP approval and filing statement provides a clearer procedural marker for investors tracking a long-anticipated listing. It signals that the company is moving from expectation to regulatory submission, which is required before an IPO can proceed. For the broader market, the development also adds to the pipeline of large public issues, coming close to the timing of NSE’s own IPO papers being filed, as referenced in the coverage. Still, key offer terms such as price band, offer size in rupees, and schedule have not been disclosed. The company has also noted that the IPO is contingent on regulatory approvals, underlining that the process is not yet final.

Key facts table

What to watch next

The next formal step is the DRHP filing with SEBI, as stated by Ambani and in the company communication, followed by regulatory review. Only after that process will the market typically get the detailed disclosures that define the IPO’s size, price band, and timing. RIL has not provided those specifics in the information shared. For now, the confirmed elements are the DRHP approval, the fresh issue ceiling of up to 27 crore shares, and pricing through book-building. The company’s June 19, 2026 announcement places the IPO process on a documented regulatory track, with the outcome dependent on required approvals.