Jio Platforms Announces Potential $4 Billion IPO, India's Largest Share Sale

Jio Platforms, the telecom unit of billionaire Mukesh Ambani's Reliance Industries, has announced what analysts say could be one of India's biggest share sales.

The company's board has approved a draft prospectus for the initial public offering (IPO), Ambani said at Reliance's annual shareholder meeting on Friday.

India's largest telecom operator, which has more than 500 million subscribers, is expected to raise around $4bn (£3.02bn), according to media reports.

Investors will be watching the listing closely as a test of appetite for new offerings after months of volatility in the country's stock markets.

"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, one of the world's richest men, said.

Launched in 2016, Jio shook up India's telecom sector with low-cost mobile data plans, soon racking up millions of users. The company has since expanded into areas including cloud computing, enterprise services and artificial intelligence.

Last year, Jio and rival Bharti Airtel signed separate deals with Elon Musk's SpaceX to bring the Starlink internet service to India.

The IPO comes after a year-long wait for Jio to go public. Last year, Ambani had said the company would be listed in the first half of 2026.

Unlike the secondary markets, where investors buy and sell existing stocks of companies, IPOs are used by privately held firms to sell their shares to investors for the first time, and debut on the public markets.

The Jio IPO was announced a day after the National Stock Exchange (NSE) filed papers for its long-awaited market debut, adding momentum to India's capital markets.

While details of the offer price and valuation have not yet been disclosed, media reports have estimated that the NSE IPO could raise around more than $3bn.

Together, the Jio and NSE listings would be among India's largest IPOs in recent years, rivalling Hyundai Motor India's $3.3bn blockbuster share sale two years ago.

Jio's listing is especially a close watch for investors and analysts who say a successful offering could boost sentiments in India's IPO market after a recent slowdown in new listings.

In recent years, Jio has expanded its ambitions beyond telecommunications into artificial intelligence and digital infrastructure.

Earlier this month, Meta announced it would lease capacity at an AI-enabled data centre being built by Reliance in the western state of Gujarat. The facility is expected to have a capacity of 168 megawatts.

The agreement builds on a partnership that began in 2020, when Meta invested $5.7bn in Jio.

Since then, the companies have broadened their collaboration, including initiatives aimed at making Meta's open-source AI models more accessible to Indian businesses and developers.

Investment bank Jefferies estimated in November that Jio was worth around $180bn, potentially making it one of the world's most valuable telecoms companies.

The listing would also be a landmark moment for the Reliance group, marking the first major public offering by one of its businesses since Reliance Petroleum was listed in 2006.