Jio files for $3.8 billion IPO that could Be India’s biggest-ever listing

Jio Platforms, controlled by Indian billionaire Mukesh Ambani, has filed regulatory papers for a Mumbai initial public offering (IPO) that could raise around $3.8 billion, according to sources, in what may become the largest listing in India’s history.

The IPO is aimed at unlocking value from a business that includes Jio’s telecom operations, the world’s second-largest operator by single-country subscribers after China Mobile. Jio Platforms counts Meta and Google among its major foreign investors.

Most of the proceeds from the offering will be used to repay debt at the telecom business. Jio Platforms also operates AI, cloud and enterprise network businesses.

The offering comes at a time when India’s capital markets have slowed after the U.S.-Israeli conflict with Iran unsettled global markets and affected investor sentiment.

Three sources familiar with the matter said the IPO is targeting fundraising of around 360 billion rupees ($3.81 billion), representing about 2.9 per cent of its post-issue equity and valuing the company at roughly $131 billion.

The IPO prospectus did not disclose the fundraising target but said the proceeds would be used to repay an estimated 275 billion rupees ($2.92 billion) of Reliance Jio Infocomm’s debt.

It said debt repayment “will position the company favourably for continued investment in its strategic priorities, including 5G network densification and expansion, fixed broadband penetration, AI and cloud services…”

At the annual shareholder meeting, Ambani said, “the Jio IPO is described as the most important value creation milestone this year.”

Reliance did not respond to Reuters queries. The final details could change as the listing process progresses.

India was the world’s second-largest IPO market in 2025, although recent market volatility has slowed the pace of new listings. Companies including the National Stock Exchange of India are continuing with plans to go public.

If Jio raises $3.8 billion, the offering would exceed Hyundai Motor India’s 278.7 billion rupee ($2.95 billion) IPO in 2024, making it the largest public offering in the country’s history.

In 2020, Jio raised funds from global investors including Meta, Google and private equity firms Vista Equity Partners, KKR, General Atlantic and Silver Lake, along with the Abu Dhabi Investment Authority, by selling around 33 per cent of its stake.

Those investors are betting on India’s fast-growing digital economy of 1.4 billion people, where smartphone penetration continues to rise, internet costs remain among the lowest globally and a young, mobile-first population is increasingly moving online.

According to the prospectus, Jio’s telecom business had 524.4 million subscribers as of March 31, including 268.5 million users on its 5G network. It added that headcount declined around 21 per cent to 27,935 during the period, even as subscriber numbers and revenue increased.

Over recent years, Jio Platforms has expanded beyond telecom services into AI, cloud computing, enterprise network services and app development. In 2023, Nvidia announced an AI partnership with Reliance to develop cloud infrastructure and language models.

For the financial year ended March 2026, Jio Platforms reported operating revenue of $15.6 billion and profit after tax of $3.19 billion.

(With inputs from agencies)