India’s largest IPO is about to get a new record holder. Jio Platforms, the telecom and digital services arm of Mukesh Ambani’s Reliance Industries, filed its Draft Red Herring Prospectus with India’s Securities and Exchange Board (SEBI) on June 19, targeting roughly $3.8B to $4B through a fresh share issuance.
If the deal clears at the upper end of that range, it would surpass Hyundai India’s $3.3B listing from October 2024 as the country’s biggest-ever IPO. For a company with over 500 million subscribers, the move has been a long time coming.
What Jio is actually selling
The offering involves a fresh issuance of up to 270 million shares. That’s new equity, not existing shareholders cashing out, which means the capital raised flows directly into the company’s balance sheet.
Jio Platforms sits at the center of Reliance’s sprawling digital ecosystem. The unit bundles telecom services, broadband, media streaming, and a growing suite of enterprise and consumer digital products. With more than 500 million subscribers on its network, it commands a user base roughly 50% larger than the entire population of the European Union.
