Jio Platforms Ltd, the digital arm of Reliance Industries Ltd, will file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) today, kicking off the process for what can potentially be the country’s biggest initial public offering (IPO) so far.
The company is looking to raise capital through a fresh issue of 270 million equity shares. The face value of each share is ₹10.
Analysts at Morgan Stanley and Citi Research have pegged Jio Platforms’ valuation at around $133 billion, Reuters reported on 18 March, implying a 13 times multiple on its estimated 2026-27 enterprise value against its earnings before interest, taxes, depreciation and amortization (Ebitda).
The company may raise ₹27,000-30,000 crore, an investment banker aware of the plans said.
Jio’s move comes days after the National Stock Exchange filed its draft papers earlier this week, pegging the size of its IPO at ₹30,000 crore, as per unlisted market valuations. Last week, in a record-setting IPO, Elon Musk-owned SpaceX raised $75 billion.
The developments assume significance as the proposed US-Iran peace deal may also revive India’s IPO market, with investment bankers expecting a stronger second half of 2026, Mint reported on Thursday.
Jio has appointed Kotak Mahindra Capital Co., Morgan Stanley and Goldman Sachs as book running lead managers, the investment banks that run and control the IPO process, especially pricing, demand building, and allocation. The shares are proposed to be listed on the National Stock Exchange (NSE) and BSE, according to the draft papers.
Financial Performance
The DRHP offers the most detailed view yet of Jio Platforms’ financial and operating performance.
For FY26, the company reported revenue from operations of ₹1.47 trillion, up 14.6% year-on-year. Ebitda rose 18.8% to ₹76,225 crore, while net profit increased 15% to ₹30,053 crore.
In the March quarter, net profit rose nearly 13% to ₹7,935 crore. Revenue from operations grew 12.6% to ₹38,259 crore.
Average revenue per user (Arpu), a key metric for telecom operators, stood at ₹214 for Jio as of March end. This trails Bharti Airtel’s Arpu of ₹259 per month, while Vodafone Idea’s Arpu was ₹172 per month, as of December end.
Arpu reflects how much revenue each subscriber contributes and signals an operator’s ability to monetize its customer base.
Beyond telecom
Jio Platforms has evolved beyond its telecom roots into a broader digital ecosystem spanning connectivity, broadband, enterprise services and applications. The company sits at the centre of Reliance’s strategy to build an integrated consumer technology platform combining telecom, retail and digital services.
The company’s telecom business under Reliance Jio is the largest by subscriber market share in the country. As of March end, Jio’s subscriber base stood at 524.4 million.
The IPO papers will now undergo regulatory review. Following Sebi’s observations, the company will proceed with the next steps toward listing.
On Friday, shares of Reliance Industries were trading 1.30% lower at ₹1,310 on the NSE as of 2:55 PM.
