After SpaceX's biggest-ever IPO, Jio Platforms targets India's largest listing | Know all about it

Elon Musk's SpaceX recently made financial history with what was described as the world's largest ever IPO, raising $75 billion and debuting at a valuation of $1 trillion. The listing transformed the global space technology sector and triggered a sharp rise in the company's stock price, pushing Musk's personal wealth beyond the trillion-dollar mark.

Against this backdrop, India is preparing for what could become its largest stock market listing. Jio Platforms, the digital arm of Reliance Industries, has filed draft papers with the Securities and Exchange Board of India (Sebi) for an initial public offering that could raise about $4 billion, or nearly ₹37,700 crore.

What is Jio Platforms planning?

Jio Platforms Ltd, which houses India's largest telecom operator along with several digital businesses, submitted its Draft Red Herring Prospectus on Friday.

The IPO is structured entirely as a fresh issue of shares, meaning the company will retain all funds raised through the offering. The draft filing states that the IPO will consist of a fresh issue of up to 270 million shares with a face value of ₹10 each. The final price will be determined through the book-building process under SEBI regulations.

Why is the IPO significant?

At an implied valuation of nearly ₹9.5 trillion, the proposed listing could surpass the National Stock Exchange's own planned public issue, which is expected to raise around ₹30,000 crore.

The offering would also mark 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 sector through free voice services and affordable mobile data.

This would be Reliance Industries' second major listing in recent years after the demerger and stock market debut of Jio Finance in August 2023.

For FY26, Jio Platforms reported revenue of ₹1.47 trillion and profit after tax of approximately ₹30,000 crore.

Notably, the IPO does not include any offer for sale by existing investors. Shareholders such as Meta, Google, KKR, Silver Lake and General Atlantic, which together invested about $20 billion in Jio Platforms in 2020, will continue to hold their stakes. Collectively, these investors own 30.89 per cent of the company, while Reliance Industries holds 66.43 per cent.

“This is a deeply emotional moment for me, for the entire Reliance family, and millions of its shareholders,” Reliance Industries Chairman Mukesh Ambani, 69, told shareholders at the company's 49th annual general meeting on Friday, describing the Jio Platforms IPO as the group's “most important value-creation milestone this year.”

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What comes next for Jio?

Alongside the IPO plans, Jio Platforms outlined its future growth strategy. Managing Director Akash Ambani said the company intends to build an indigenous low-earth-orbit communications satellite constellation while also leasing capacity from leading global satellite operators to expand broadband connectivity in underserved regions.

Reliance also highlighted its growing focus on artificial intelligence. Akash Ambani said Jio plans to launch an AI agent integrated directly into its network later this year, removing the need for users to download separate applications.