Jio Platforms IPO: Jio Platforms has received the nod from the markets regulator, Securities and Exchange Board of India (SEBI), for its mega ₹37,700 crore initial public offering (IPO), which is likely to hit the primary market by the end of 2026.
At the 49th (AGM) on 19 June this year, Reliance Chairman Mukesh Ambani announced that the board of Jio Platforms had approved its DRHP, which will be filed with SEBI on 19 June only.
On Friday, 28 August, issued its observation letter on the company’s draft prospectus.
“Jio Platforms Limited (JPL), a subsidiary of the company, has… received the observation letter on the draft red herring prospectus filed for its proposed initial public offer from the Securities and Exchange Board of India,” Reliance Industries Ltd informed the stock exchanges later in the day.
Jio Platforms IPO details
The Jio IPO, expected to be ₹37,000- ₹37,700 crore, could be to date. This record, till today, is with Hyundai Motor India, which raised about ₹27,870 crore in October 2024, overtaking the LIC IPO in May 2022, worth ₹20,557 crore. The Jio IPO will also surpass the proposed ₹30,000 crore IPO of the National Stock Exchange of India (NSE).
As per the DRHP, the Jio IPO will be entirely a fresh issue of 27 crore shares. As there is no OFS portion, the company will utilise the entire amount raised from the issue to pay certain outstanding borrowings availed by its material subsidiary, RJIL and for general corporate purposes.
Jio IPO price band and issue dates are yet to be announced.
Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital Advisors, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, J.P. Morgan India, SBI Capital Markets, UBS Securities India, and 360 ONE WAM are the book-running lead managers of the issue.
KFin Technologies is the registrar of the Jio IPO.
Global financial firms Morgan Stanley and Citi Research have valued at around $133 billion, implying a multiple of about 13 times its estimated enterprise value to EBITDA for FY27.
Jio reported a 9.2% year-on-year increase in its net profit to ₹7,764 crore for Q1FY27, while revenue from operations rose 11.8% year-on-year to ₹39,173 crore.
Reliance Industries currently holds a 66.43% stake in Jio Platforms. Meta Platforms Inc. owns 9.98% through its affiliate Jaadhu Holdings LLC, while Google International LLC holds 7.73%.
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