Mukesh Ambani, chairman of Reliance Industries.© 2026 Bloomberg Finance LPJio Platforms—controlled by billionaire Mukesh Ambani’s Reliance Industries—has filed the draft prospectus for the much-anticipated IPO of India’s biggest mobile carrier by revenue.“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Ambani said at the company’s shareholders meeting earlier Friday. “I assure you, and all prospective new investors, that a brighter future awaits Jio.” Ambani said his three children—Akash, Isha and Anant—will lead the IPO process. In a separate exchange filing, Reliance Industries said that Jio Platforms will sell 270 million new shares in the IPO, whose price will be determined after a book building process. While it didn’t provide pricing details, the IPO is expected to raise about $3.8 billion in what could be the country’s largest-ever maiden share sale, surpassing the $3.3 billion raised by Hyundai India in 2024, according to Reuters. About 275 billion rupees ($2.9 billion) of the net proceeds will be used to repay debts, according to the prospectus. At last year’s shareholders meeting, Ambani said Jio Pltaforms could list by June 2026 but plans were delayed amid geopolitical tensions. With more than 520 million subscribers as of April, Jio Platforms is India’s largest mobile carrier. For the fiscal year ended March 31, 2026, it reported revenue rose 14.6% to 1.46 trillion rupees from the previous year, while net profit rose 15% to 300 billion rupees.MORE FOR YOUIn 2020, it raised over $20.5 billion by selling 33% of the company from 13 global investors, including Facebook parent Meta Platforms, Google parent Alphabet, and U.S. private equity firm KKR. The deal valued Jio Platforms at between $57 billion and $65 billion.Jio Platforms is a key driver of Reliance’s AI ambition with a pledge to invest $110 billion over the next seven years in data centers, renewable energy, and other infrastructure facilities across India. Earlier this month, Reliance announced that it will build the first AI-driven data center designed for Meta Platforms in the western Indian state of Gujarat.With an estimated real-time net worth of $90.5 billion, Ambani is among the wealthiest in India. He leads Reliance Industries, which has interests in energy, petrochemicals, telecommunications, retail, media and financial services.