A man speaks on the phone as he walks past a Jio store in Mumbai, India, on March 22, 2023. According to Indian media reports, Reliance Jio has rolled out 5G services in 41 more cities, making its network operational in 406 cities in India.
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Jio Platforms, India’s largest wireless carrier and digital services provider, led by billionaire Mukesh Ambani, filed a draft proposal for an initial public offering on Friday.
The company plans to issue up to 270 million shares in the IPO, according to exchange filings. Jio Platforms said in its draft prospectus that the funds raised will be used to reduce the debt of its subsidiary Reliance Jio Infocomm, India’s largest wireless operator.
“Jio’s proposed listing will demonstrate to the world that India can build technology companies with global scale, global capabilities and global value,” Mukesh Ambani said at Reliance Industries’ annual general meeting on Friday.
Ambani’s flagship company, Jio Platforms. Reliance Industriesowns over 66% of the shares. google International owns 7.7%; meta platform The company owns nearly 10%, according to LSEG data.
Jio Platforms owns Reliance Jio Infocomm, which has over 526.94 million subscribers in India. This translates to nearly 50% share of India’s wired and wireless internet market, according to data from the Telecom Regulatory Authority of India.
Bharti AirtelAccording to LSEG data, the company is the second largest telecommunications service provider with a market share of nearly 35% and is also the third most valuable company in the country with a market capitalization of more than $120 billion. The price-to-earnings ratio is over 42 times.
Ambani had announced at last year’s annual general meeting that the company would go public by the middle of this year. However, many large IPOs in the country have been delayed as investment sentiment worsens due to the outbreak of the Iran war.
The Indian stock market has underperformed global stock markets so far in 2026, declining more than 9%. It lost its position as the fifth largest market to Taiwan, and subsequently fell behind South Korea.
India is seen as anti-artificial intelligence trade and there has been no major movement in this area, which has attracted the attention of global investors. Economic challenges from the Middle East conflict further reduced investor interest from India.
However, there are signs of a revival in the Middle East as wars move towards peace. On Thursday, India’s largest stock exchange, the National Stock Exchange, filed its IPO documents.
Both Jio Platforms and NSE are expected to be one of the largest IPOs ever in the Indian market. Hyundai Motor India’s $3.3 billion IPO in 2024 holds the record for the country’s largest to date.
