Just a day after the National Stock Exchange (NSE) filed papers for its long-awaited stock market debut, Mukesh Ambani announced that Jio Platforms has filed its draft red herring prospectus (DRHP) with market regulator Sebi, setting the stage for what could become India’s largest-ever public offering.
Speaking at Reliance Industries’ 49th Annual General Meeting (AGM), Ambani described the proposed listing as the company’s most important “value creation milestone” of the year. He said the IPO would unlock value for Reliance Industries shareholders while creating an opportunity for new investors to participate in Jio’s growth story.
If current estimates hold true, the offering could raise as much as $4 billion, or around Rs 37,000 crore. That would comfortably surpass Hyundai Motor India’s Rs 27,859 crore IPO, which currently holds the record as the largest public issue in Indian history.
Even if the final issue size is closer to $3 billion, market participants believe Jio would still challenge the biggest IPOs India has ever seen.
The timing is notable.
After months of geopolitical uncertainty, volatile crude oil prices and muted IPO activity, While NSE is expected to raise nearly Rs 30,000 crore through its public issue, Jio could potentially go even bigger.
According to the filing approved by the board, the with a face value of Rs 10 each.
Unlike many recent large IPOs, there is no offer-for-sale component. This means the money raised will flow into the company rather than existing shareholders selling their stakes.
The listing will also mark the first IPO from the Reliance stable since Reliance Petroleum’s market debut in 2006.
For investors, the offering will provide direct access to one of India’s largest digital businesses, spanning telecom, broadband, enterprise services, cloud computing and artificial intelligence.
If Jio manages to raise the amount currently being discussed by investment bankers, it could leapfrog some of the biggest names in India’s capital market history.
At present, Hyundai Motor India holds the record for India’s largest IPO.
The automobile giant raised Rs 27,859 crore through a public issue that opened in October 2024. The entire transaction was structured as an Offer for Sale, allowing the parent company to sell part of its stake.
Despite concerns about valuations at the time, the issue attracted strong institutional interest and remains the benchmark for large IPOs in India.
The Life Insurance Corporation of India (LIC) IPO remains one of the most significant transactions in India’s market history.
Launched in 2022, the government sold part of its stake in the insurance giant through a Rs 20,557 crore Offer for Sale.
The listing drew massive public attention and was one of the country’s largest disinvestment exercises.
When One97 Communications, the parent company of Paytm, came to the market in 2021, it set a new record at the time.
The Rs 18,300 crore issue combined fresh shares with stake sales by existing investors and marked a milestone for India’s startup ecosystem.
Although the stock’s post-listing journey has been volatile, the IPO remains one of the largest ever launched in India.
Tata Capital’s Rs 15,512 crore IPO in 2025 became one of the biggest listings in the financial services space.
Backed by the Tata brand, the issue attracted strong investor interest and further expanded the group’s presence in India’s listed universe.
Before startups and digital businesses dominated IPO headlines, Coal India set the benchmark.
Its 2010 public issue raised Rs 15,199 crore and was subscribed more than 15 times, making it one of the most successful government disinvestment programmes ever undertaken.
The significance of the Jio IPO goes beyond the amount it raises.
Jio transformed India’s telecom sector after its launch in 2016 and today serves hundreds of millions of users across telecom and digital platforms.
The company is increasingly positioning itself as a technology and AI-driven business rather than just a telecom operator.
For Reliance, the listing is also expected to unlock value in a business that has attracted investments from global names such as Meta, Alphabet, KKR, Silver Lake, Mubadala and the Public Investment Fund of Saudi Arabia.
Ambani said the IPO would demonstrate that India can build technology companies with global scale and global relevance.
Whether Jio ultimately becomes India’s largest IPO or settles slightly below that mark will depend on the final issue structure and pricing. But one thing is already clear: the race for the top spot in India’s IPO history has a powerful new contender.
And with NSE also preparing for its own blockbuster listing, Dalal Street may be entering one of its busiest IPO phases in years.