Jio Platforms board approves IPO plan with 27 crore fresh shares

Jio Platforms has received board approval to file draft IPO papers with SEBI for a fresh issue of up to 27 crore equity shares. Mukesh Ambani said the listing would unlock shareholder value and support Jio's next phase of growth

Mumbai: The board of Jio Platforms Ltd, the digital and telecommunications arm of Reliance Industries, approved the filing of draft papers for an initial public offering involving a fresh issue of up to 27 crore equity shares, RIL said on Friday.

Addressing the 49th annual shareholders’ meeting of Reliance, chairman and managing director Mukesh Ambani said the draft red herring prospectus (DRHP), approved by the board of Jio Platforms, will be filed with the Securities and Exchange Board of India (SEBI) on Friday.

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The proposed IPO comprises a fresh issue of up to 27 crore shares with a face value of Rs 10 each. The issue price will be determined through a book-building process in accordance with SEBI regulations.

Jio Platforms is a subsidiary of Reliance Industries and houses the group’s telecommunications, digital services and technology businesses.

The company did not disclose the price band or the total size of the offering, which will depend on the final issue price and regulatory approvals.

Ambani called the Jio IPO the company’s most significant value-creation event of the year, saying the listing would unlock value for Reliance shareholders while offering new investors an opportunity to participate in the company’s growth.

He said the IPO process is being led by his children – Akash, Isha and Anant – who will spearhead the next phase of growth and value creation at Jio.

“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.

The Jio IPO is described as “the most important value-creation milestone this year”, one that will “unlock great value for Reliance shareholders and offer an attractive investment opportunity to others”.

Alongside the IPO announcement, five strategic priorities for Jio’s next phase of expansion were outlined.

The company plans to accelerate the adoption of its JioTrue5G network, targeting migration of its entire subscriber base to 5G by 2030, while advancing India’s role in the development of 6G standards.

Jio also aims to expand high-speed broadband access through JioAirFiber, its fixed wireless access service. More than 90 per cent of installations are completed within 24 hours, and home broadband additions are running at up to 60,000 connections a day.

The company will continue its efforts to digitise small and medium-sized businesses through products such as JioPC, a cloud computing service delivered through a set-top box, and expand the use of artificial intelligence across consumer services, network operations and customer support.

Jio also plans to commercialise its proprietary technology platforms internationally, leveraging software and infrastructure developed for India’s 5G, fixed wireless and AI markets. Ambani said the company expects higher revenue per user as it rolls out premium 5G services, AI-enabled offerings and enterprise solutions.

“I assure you, and all prospective new investors, that a brighter future awaits Jio,” Ambani said.

Since its launch in 2016, Jio has transformed India’s telecom landscape through aggressive pricing and free voice and data offerings that accelerated internet adoption and forced industry-wide consolidation. Over the past decade, the company has evolved into a broader digital technology platform spanning connectivity, cloud services, enterprise solutions and artificial intelligence.

Reliance has increasingly positioned Jio at the centre of its AI strategy. In 2023, the conglomerate partnered with Nvidia to build AI infrastructure and develop language models tailored for India. Earlier this year, Ambani said Reliance Industries and Jio Platforms would invest Rs 10 lakh crore in AI-related initiatives over the next seven years, beginning in 2026.

The company has also launched Jio Intelligence, a wholly owned subsidiary focused on expanding access to AI services through large-scale data centre infrastructure and edge computing capabilities.

Jio Platforms has previously attracted some of the world’s largest technology and private equity investors. In 2020, the company raised more than USD 20 billion from investors, including Meta, Google, KKR, Silver Lake and General Atlantic, in a fundraising round that valued the business between USD 57 billion and USD 65 billion.

Reliance Industries currently owns 66.43 per cent of Jio Platforms, while Meta holds 9.99 per cent, a stake acquired in 2020 through a USD 5.7 billion investment.

The listing is being launched against a more challenging backdrop for India’s primary market. After a record run of public offerings over the past two years, investor sentiment has weakened amid heightened geopolitical tensions and volatility in global energy markets. Several high-profile companies, including Walmart-backed PhonePe, Curefoods and Sify Infinit Space, have delayed or reassessed listing plans.