Reliance Industries’ digital services arm Jio Platforms has taken a major step towards going public by filing draft papers for an initial public offering (IPO). The proposed listing could become India’s biggest-ever IPO, with the company expected to raise around $4 billion (approximately ₹37,700 crore), according to sources.
The IPO filing marks a major milestone for Jio Platforms, which operates some of India’s largest digital businesses, including telecom and technology services through Reliance Jio.
According to the draft red herring prospectus (DRHP), Jio Platforms plans to issue up to 27 crore fresh shares. The new shares would represent around 2.9% of the company’s total equity base after the issue.
Jio Platforms IPO: Fund Utilisation Plans
The company has stated that the funds raised through the IPO will primarily be used to reduce debt.
According to the filing, a portion of the proceeds will go towards the prepayment or repayment of outstanding borrowings of its material subsidiary, Reliance Jio Infocomm Limited (RJIL).
Sources indicate that around ₹27,500 crore could be allocated towards debt repayment, while the remaining funds may be used for general corporate purposes.
Jio Platforms Valuation After IPO
The upcoming public offering could value Jio Platforms at approximately $137 billion, making it one of the most valuable technology and digital companies in India.
The IPO is expected to attract significant investor attention due to Jio Platforms’ position in India’s digital ecosystem and its strong backing from global investors.
Global Investors Already Back Jio Platforms
Before its public market debut, Jio Platforms secured investments from several major technology companies and global investment firms.
In 2020, Meta, the parent company of Facebook, invested ₹43,574 crore for a 9.99% stake in Jio Platforms.
Google also invested ₹33,737 crore for a 7.73% stake in the company.
Additionally, Jio Platforms raised around ₹74,745 crore from a group of global investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, PIF, Intel Capital and Qualcomm Ventures.
Reliance Industries Remains Largest Stakeholder
Reliance Industries currently owns the majority stake in Jio Platforms, holding around 66.43% ownership in the company.
Meta remains one of the largest external shareholders after acquiring its stake through a $5.7 billion investment in 2020.
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First Major IPO from Reliance Group in Years
The Jio Platforms IPO would be the first public offering from the Reliance group since 2008.
It would also mark the first IPO of a consumer-focused company under the Reliance Industries umbrella, highlighting the growing importance of digital services in the group’s future strategy.
With millions of users across its telecom and digital platforms, Jio Platforms’ market debut is expected to become one of the most closely watched IPO events in India’s stock market history.
