Jio Platforms Ltd (JPL), the Reliance Industries-controlled company that houses India’s largest telecom operator and a growing portfolio of digital businesses, filed its draft red herring prospectus (DRHP) on Friday for what could become India’s largest-ever public offering. The company could raise about ₹37,700 crore through the listing, according to people familiar with the matter, valuing the business nearly ₹9.5 trillion. The filing comes as Jio Platforms prepares its next growth phase, including plans for a sovereign low-earth-orbit (LEO) satellite constellation and AI-native services embedded directly into its network.
The DRHP is set to lead to the first public listing of a consumer-facing Reliance business. It comes a decade after Reliance Jio’s launch in 2016, which reshaped India’s telecom industry through free voice services and low-cost mobile data. It will be the second IPO from RIL in recent years. It demerged its erstwhile subsidiary Jio Finance into a separate entity and listed it on BSE in August 2023.
According to the DRHP, the IPO will comprise a fresh issue of up to 270 million shares with a face value of ₹10 each. The final issue price will be determined through the book-building process in accordance with Securities and Exchange Board of India (Sebi) regulations. People familiar with the matter said the issuance represents aboutN 2.9 per cent of post-issue share capital.
At an implied valuation of nearly ₹9.5 trillion (more than $100 billion), the offering would surpass the size of the National Stock Exchange’s proposed public issue, which filed its own DRHP earlier this week and is expected to raise about ₹30,000 crore, according to industry insiders.
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