Reliance Jio, India's largest telecom and internet company, has filed draft papers for an initial public offering (IPO) with the country's market regulator, following approval from its board on Friday, according to its owner Mukesh Ambani [1][2]. The company will issue up to 270 million shares in what is expected to be India's largest IPO to date [1][2]. Jio Platforms, which owns Reliance Jio Infocomm, is majority-owned by Reliance Industries with a stake of over 66%, while Google International and Meta Platforms hold 7.7% and nearly 10% respectively, as per LSEG data [2].
Reliance Jio reported after-tax profits of 79.35 billion rupees and operating revenue of 382.59 billion rupees for the fiscal year through March, and boasts over 500 million subscribers [1]. According to the Telecom Regulatory Authority of India, Jio Platforms has over 526.94 million subscribers, accounting for nearly 50% of the wired and wireless internet market in India [2]. The IPO is anticipated to attract significant investor interest due to Reliance Jio's dominant market position and robust financial performance [1].
Mukesh Ambani stated at the annual shareholder meeting that the listing will demonstrate India's capability to build technology companies of global scale and value [2]. The IPO comes at a time when the Indian stock market has been underperforming global peers in 2026, falling over 9% and losing its position as the fifth-largest market to Taiwan and then South Korea [2]. The start of the Iran war had delayed many large IPOs in India, but as the Middle East conflict moves towards peace, there are signs of a revival in investor sentiment [2]. On Thursday, the National Stock Exchange (NSE) also filed its IPO papers, and both Jio Platforms and NSE are expected to be among the biggest IPOs in Indian market history [2].
Hyundai Motor India's $3.3 billion IPO in 2024 currently holds the record for the country's largest IPO, which Jio Platforms is expected to surpass [2]. Bharti Airtel, the second-largest telecom provider, holds nearly 35% market share and is valued at over $120 billion, trading at a price-to-earnings ratio above 42 times [2].
CONCLUSION
Reliance Jio's IPO filing marks a significant milestone for India's capital markets, with expectations to set a new record for the country's largest public offering. Despite recent market challenges and subdued investor sentiment, the listing is poised to attract strong interest due to Jio's market dominance and financial strength. The event signals renewed momentum for large-scale listings in India as market conditions improve.