Jio Platforms, the telecom unit of billionaire Mukesh Ambani’s Reliance Industries, has unveiled plans for what analysts say could be one of India’s largest initial public offerings.
Ambani told shareholders at Reliance’s annual meeting that the company’s board has approved a draft prospectus for the IPO, BBC reports.
India’s biggest telecom operator, with more than 500 million subscribers, is expected to raise about $4bn (£3.02bn), according to media reports.
The listing will be closely watched as a test of investor appetite after months of volatility in Indian markets. “The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Ambani said.
Launched in 2016, Jio disrupted India’s telecom sector with low‑cost mobile data plans, quickly amassing millions of users.
It has since expanded into cloud computing, enterprise services and artificial intelligence. Last year, Jio and rival Bharti Airtel signed separate deals with Elon Musk’s SpaceX to bring Starlink internet to India.
The IPO follows a year‑long wait. Ambani had earlier said Jio would be listed in the first half of 2026. Unlike secondary markets, IPOs allow privately held firms to sell shares to investors for the first time and debut publicly.
The announcement came a day after the National Stock Exchange filed papers for its own long‑awaited market debut, expected to raise more than $3bn. Together, the Jio and NSE listings would rank among India’s largest in recent years, rivalling Hyundai Motor India’s $3.3bn blockbuster sale two years ago.
Analysts say Jio’s offering will be a key sentiment driver for India’s IPO market, which has slowed in recent months. The company has broadened ambitions beyond telecom into AI and digital infrastructure.
Earlier this month, Meta announced it would lease capacity at a Reliance‑built AI‑enabled data centre in Gujarat, with 168 megawatts of capacity.
The deal builds on Meta’s $5.7bn investment in Jio in 2020 and subsequent collaborations to make open‑source AI models more accessible to Indian businesses.
Investment bank Jefferies estimated Jio’s valuation at around $180bn last November, potentially making it one of the world’s most valuable telecom firms.
The listing would also mark Reliance’s first major public offering since Reliance Petroleum’s debut in 2006.
