Jio Platforms prepares red herring prospectus after global roadshows for mega public offer

Jio Platforms is giving final touches to its public offer documents after concluding worldwide roadshows for what is touted as India's largest initial public offering at an estimated USD 3.8 billion.

Leadership and Roadshows

The overseas roadshows were led by Jio Platforms Managing Director and Reliance Jio Chairman Akash Ambani along with Reliance Retail Ventures Limited Executive Director, Isha Ambani. The company held these investor meetings in the US, UK, Dubai, Singapore and Hong Kong before starting preparations to file its red herring prospectus. Markets regulator Sebi issued its final observations after Jio Platforms filed its draft papers in June.

Share Details and Use of Funds

The company plans to issue up to 27 crore fresh equity shares, which equals about 2.9 per cent of its post-issue equity base. The offering could value Jio Platforms at about USD 137 billion. The money raised will be used mainly to repay or prepay about Rs 27,500 crore of outstanding borrowings of Reliance Jio Infocomm Ltd, while the rest is for general corporate purposes.

Financials and Market Position

For the financial year 2026, Jio Platforms posted a 15 per cent rise in profit after tax to Rs 30,053 crore and a 14.5 per cent increase in annual revenue to Rs 1,46,885 crore. The digital services firm houses telecom operations that dominate the Indian market with a 39.29 per cent share in mobile connections and 506 million customers, alongside a 32.89 per cent share in fixed-line connections. It also has the largest 5G Standalone network outside China with 26.85 crore 5G customers.

Context

Large corporate initial public offerings allow companies to raise huge amounts of capital from public markets while giving everyday investors a chance to buy stakes in major businesses. This listing marks the first public offering from the Reliance group since 2008 and reflects active primary market participation from both domestic and institutional investors in India.