Telecom major Jio Platforms has filed its draft red herring prospectus (DRHP) with market regulator SEBI for what will be one of India's largest IPOs in history, with Reliance Industries Chairman Mukesh Ambani expecting the much-awaited listing to be the most important “value creation milestone” of this year.
Speaking at the company’s 49th Annual General Meeting (AGM) on Friday, Ambani said the IPO will unlock great value for Reliance Industries (RIL) shareholders and offer an attractive investment opportunity to others.
Here are 10 key things investors should know about the Jio Platforms IPO.
1. IPO structure and how proceeds will be used
Jio’s IPO will entirely comprise a fresh issue of up to 27 crore shares with no offer for sale (OFS) component. This means all of the IPO proceeds will go to the company. Up to 50% of the offer size will be reserved for Qualified Institutional Buyers (QIB), while at least 35% will be kept for retail individual investors. The company is yet to announce how much portion of the issue will be reserved for eligible Reliance Industries (RIL) shareholders and employees.
Also read: Reliance Jio IPO | DRHP filed with Sebi to raise around $3 billion
2. One of India’s biggest IPOs in history
While the total size of the Jio Platforms IPO is unknown, analysts expect the maiden public issue of the telecom major to be one of India’s largest ever. At an expected issue size of $3 billion, Jio's IPO would likely eclipse Hyundai Motor India's share sale to become the largest listing in Indian history. However, it will see a tough competition from NSE’s IPO, which is expected to have an issue size of nearly Rs 30,000 crore.
Also read: NSE IPO | 10 key things investors need to know
3. How will the IPO proceeds be used?
Jio Platforms aims to use Rs 27,500 crore (nearly $3 billion) from the IPO proceeds for prepayment of certain borrowings of its Reliance Jio Infocomm Limited (RJIL), and the remaining for general corporate purposes, according to the DRHP.
4. Who are Jio’s biggest shareholders?
Reliance Industries (RIL) is Jio’s biggest shareholder, holding 66.43% stake in the company as of today. Facebook and Instagram-parent Meta meanwhile owns nearly 10% stake in the company through its indirectly held subsidiary Jaadhu Holdings. Google International LLC meanwhile owns an 8% stake in the telecom major.
Saudi Arabia’s The Public Investment Fund, private equity firm KKR’s subsidiary Omicron Asia Holdings II, Vista Equity Partners Management’s VEPF VII AIV I, SLP Redwood Holdings, Mubadala Investment Company PJSC’s subsidiary MIC Redwood 1 RSC, General Atlantic Singapore JP Pte and Platinum Jasmine A 2018 Trust held 1-2% stake each.
5. Jio’s market share
Jio held 49.95% market share in wireless broadband as of March 31, followed by Bharti Airtel at 35.13%, Vodafone Idea at 12.65%, and BSNL at 2.24%, the company said in its DRHP. It served 1.4x more 4G and 5G customers than the second-largest player.
"Jio’s market leadership is built on the superior customer experience that the company offers through its all-IP pan-India network, enabling it to offer better speeds and coverage. Jio has continued to further strengthen its 1 position with ~27 million net active mobility customer additions (excluding M2M) in FY2026, ~3 times the 2 player," it added.
6. Jio’s financials
Jio Platforms reported a consolidated net profit of Rs 30,064 crore for FY26, marking a 15% rise from the Rs 26,110 crore reported in FY25 and 40% jump from Rs 21,421.8 crore reported in FY24. Its revenue from operations also saw a steady growth over the years, rising to nearly Rs 1.47 lakh crore in the financial year which ended on March 31, 2026, marking a 15% rise from FY25 and 34% jump from FY24.
Also read: Reliance AGM | Key facts and numbers about Jio Platforms
7. Jio's dividend policy
Jio Platforms said in DRHP that it may declare dividend based on profits earned during the financial year, retained earnings, earnings outlook for next three to five years, expected future capital or liquidity requirements and any other relevant factors and material events.
External factors on which the company may declare the dividend include significant changes in the macro-economic environment materially affecting the businesses, the introduction of new regulatory requirements or material changes in existing taxation or regulatory requirements, and technological changes that necessitate significant new investments.
“Additionally, the Company may retain all our future earnings, if any, for making investments for future growth and expansion plans, for the purpose of generating higher returns for the Shareholders or any other specific purpose as approved by the Board of Directors subject to compliance with the provisions of the Companies Act, 2013. Accordingly, there is no guarantee that any dividends will be declared or paid in the future on the Equity Shares,” it said.
8. Risks to Jio’s IPO
Listing out possible risks, Jio Platforms highlighted that inability to maintain or renew telecom licenses or to successfully bid for any spectrum may adversely impact its business. Further any possible disruption to network or tech, failure to cater to the evolving customer demands, disruption in the services under various agreements with promoters, negative publicity by other Reliance companies, cybersecurity, data or privacy breach, ‘significant indebtedness’, regulatory moves, failure to increase ARPU, high competition, and more were among the risks mentioned in the DRHP.
9. What Mukesh Ambani said about Jio
Speaking at the company’s 49th Annual General Meeting (AGM), Mukesh Ambani assured that Jio's IPO will unlock great value for Reliance Industries (RIL) shareholders and offer an attractive investment opportunity to others. The IPO comprises a fresh issue of up to 27 crore shares.
“This is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth.” The industrialist added that the proposed listing of Jio will show the world that India can build technology companies of global scale, global capability, and global value. “I assure you, and all prospective new investors, that a brighter future awaits Jio,” he further said.
“The Jio revolution is truly a result of the courage, creativity, and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. Today, Jio is not merely integrating technology. It is creating original technology,” Mukesh Ambani said. Reliance Jio Infocomm Chairman Akash Ambani, Reliance Retail Ventures Executive Director Isha Ambani Piramal and Reliance Industries Executive Director Anant Ambani will lead the IPO process, the RIL Chairman announced.
10. Jio takes the SpaceX route ahead of IPO
Akash Ambani, Chairman of Reliance Jio Infocomm, said that Jio aims to extend digital access beyond terrestrial networks. "Jio connected India on the ground, now we must connect from the skies," he said, adding that satellite communications would act as the bridge for connecting people and regions that remain beyond the reach of conventional networks.
In its latest push beyond conventional telecom services, Reliance Jio is planning to build its own low Earth orbit (LEO) satellite constellation comprising around 1,600-1,650 satellites at an altitude of nearly 650 kilometres over the next two to three years, ET had reported on Thursday, citing people in the know. The company has submitted a proposal to space regulator Indian National Space Promotion and Authorisation Centre (IN-SPACe), which is evaluating the proposed configuration and technical architecture. This comes after SpaceX record-breaking IPO.
Also read: Key takeways from Reliance AGM 2026
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Telecom major Jio Platforms has filed its draft red herring prospectus (DRHP) with market regulator SEBI for what will be one of India's largest IPOs in history, with Reliance Industries Chairman Mukesh Ambani expecting the much-awaited listing to be the most important “value creation milestone” of this year.
