Jio's $3.8 Billion Public Offer Moves Closer After Global Investor Roadshows

Jio Platforms is putting the finishing touches to documents for its proposed initial public offering, which could become India’s largest IPO at an estimated $3.8 billion, according to a report by PTI.

The company has completed the first phase of its IPO process after conducting investor roadshows across the US, UK, Dubai, Singapore and Hong Kong.

The overseas meetings were led by Jio Platforms Managing Director and Reliance Jio Chairman Akash Ambani, along with Reliance Retail Ventures Executive Director Isha Ambani.

The digital services arm of Reliance Industries received approval from the Securities and Exchange Board of India (Sebi) last month to proceed with the public offering. Sebi issued its final observations on August 28, after Jio Platforms submitted its draft IPO papers in June.

IPO proceeds to repay Jio debt

According to the draft prospectus, Jio Platforms plans to issue up to 27 crore fresh equity shares, representing about 2.9% of its post-issue equity base. The proposed offering could value the company at around $137 billion, according to earlier reports citing people familiar with the matter.

A substantial portion of the proceeds will be used to repay or prepay around ₹27,500 crore of borrowings held by Reliance Jio Infocomm, Jio Platforms’ material subsidiary. The remaining funds will be allocated towards general corporate purposes.

Jio expands beyond telecom

Jio Platforms houses Reliance’s digital businesses, including its telecommunications operations. Reliance Jio Infocomm has a 39.29% share of India’s mobile connections, with 506 million customers, while its fixed-line market share stands at 32.89%, serving 157.9 million customers.

The company has also expanded into cloud services, artificial intelligence and enterprise networking, building on its telecommunications infrastructure.

As of June 2026, Jio had 26.85 crore 5G customers and the largest 5G standalone network outside China, according to the company. It also had about 1.5 crore fixed wireless access subscribers.

Jio Platforms reported a 15% increase in profit after tax to ₹30,053 crore in FY26, while annual revenue rose 14.5% to ₹1,46,885 crore.