Jio Platforms, the digital and telecom subsidiary of Mukesh Ambani’s Reliance Industries, filed draft IPO papers on June 19 for what would be India’s largest-ever initial public offering. The target: roughly $3.8 billion, or around ₹360 billion, through the issuance of up to 270 million new shares.
To put that in perspective, the current record holder for India’s biggest maiden IPO is Hyundai Motor India, which raised $3.3 billion in 2024. Jio is aiming to blow past that mark by about 15%.
A subscriber base the size of the European Union
Jio Platforms serves nearly 525 million wireless subscribers, a user base roughly equivalent to the entire population of the European Union.
The IPO is structured as a pure fresh issue, meaning new shares are being created to raise capital rather than existing shareholders cashing out. Proceeds from the offering will primarily go toward reducing debt at subsidiary Reliance Jio Infocomm.
