Jio Platforms has filed draft papers with the Securities and Exchange Board of India for what could become the country’s largest initial public offering. The company plans to issue 270 million fresh equity shares with a face value of ₹10 each. The issue size is estimated at nearly ₹36,700 crore. Reliance Jio Infocomm will use ₹27,500 crore, which is about 75% of the proceeds, to repay debt. The remaining funds will be used for general corporate purposes.
Existing investors including Meta with 9.98%, Google with 7.73%, KKR, Vista, Silver Lake, Mubadala, General Atlantic and ADIA will not sell their holdings in this offering. Reliance Industries currently owns 66.43% of Jio Platforms.
Analysts value Jio Platforms at around $133 billion, nearly 13 times its expected earnings before interest, tax, depreciation and amortisation for fiscal year 2027. In fiscal year 2026, Jio Platforms reported revenue of ₹1.47 trillion, an increase of 14.6%. Its EBITDA rose 18.8% to ₹76,225 crore, while net profit climbed 15% to ₹30,053 crore.
The company has 524.4 million subscribers with average revenue per user of ₹214. Airtel reported ₹259 and Vodafone Idea ₹172. The shares will be listed on both the National Stock Exchange and the Bombay Stock Exchange.