[Update] Jio Files For DRHP For A Fresh Issue-Only IPO

Jio Platforms has filed its draft red herring prospectus (DRHP) with the SEBI today (June 19) for a fresh issue only IPO. The IPO comprises fresh issue of 27 Cr equity shares with a face value of ₹10 each.

According to the DRHP, the company plans to use the net proceeds to prepay or repay, in full or in part, certain borrowings of its material subsidiary, Reliance Jio Infocomm Limited (RJIL), as well as for general corporate purposes.

Of the total amount that would be raised via the IPO, ₹27,500 Cr would be used towards the prepayment of certain outstanding borrowings of its material subsidiary Reliance Jio Infocomm Ltd.

“If the actual utilisation of the Net Proceeds towards the prepayment of certain outstanding borrowings availed by RJIL is lower than ₹27,500 Cr, the balance of the Net Proceeds will be used for general corporate purposes subject to the total deployment towards general corporate purposes not exceeding 25% of the Gross Proceeds,” the DRHP read. 

RJIL entered external commercial borrowing – term loan facility agreements in 2024 for a loan of $676 Mn and JPY 44,923 Mn. The lenders include Australia and New Zealand Banking Group, The Bank of Nova Scotia, Citibank, SBI, Standard Chartered Bank, MUFG Bank, among 16 lenders. 

Meanwhile, the general corporate purposes may include strategic initiatives, funding organic and inorganic growth opportunities, payment of deferred payment liability, marketing, capital expenditure, among others.

Earlier during the day, Reliance Industries’ (RIL) 49th annual general meeting (AGM), chairman Mukesh Ambani had announced that the board of Jio Platforms has approved its DRHP. The telecom giant was slated to file its IPO papers with the SEBI today, formally kicking off the telecom giant’s IPO process.

Calling it an “emotional moment”, Ambani said Jio’s IPO reflects RIL’s long-standing commitment to create value for shareholders. He added that Jio’s public listing will demonstrate that India can build technology companies with global scale, capabilities and value.

The development comes days after reports suggested that Jio was preparing to file draft papers for a roughly $4 Bn IPO ahead of RIL’s AGM. The issue will comprise only a fresh issue of shares as plans for an offer-for-sale component were said to be dropped during the final stages of preparation.

Ambani first announced Jio’s IPO plans at RIL’s 2025 AGM, targeting a listing in the first half of 2026. However, speculations around the telecom major’s separate listing have been going on for years now. It has been said that Jio’s IPO could potentially be the largest IPO to hit the Indian markets.

Since entering the telecom market in 2016, Jio has grown into India’s largest telecom operator and one of the country’s most valuable digital platforms, attracting over $20 Bn from investors including Meta, Google, KKR, Silver Lake and General Atlantic. 

Reliance Industries currently owns 66.43% of Jio Platforms, while Meta holds a 9.99% stake. Google, via its holding entity Google International LLC, owns 7.73% stake or 69.09 Cr shares in the company. Other shareholders include Saudi Arabia’s sovereign wealth fund Public Investment Fund, KKR’s Omicron Asia Holdings, General Atlantic, among others.

On the financial front, Jio’s net profit for the fiscal year FY26 rose 15% YoY to ₹30,053 Cr. Its operating revenue also jumped 15% YoY to ₹1.72 Lakh Cr

Beyond the IPO announcement, Jio used the AGM to outline its next phase of growth across satellite connectivity and artificial intelligence. 

Jio Platforms is evaluating a sovereign LEO satellite constellation for India, potentially partnering with global operators while building its own network to expand rural connectivity. The company is also developing a renewable energy-powered AI infrastructure hub in Jamnagar and plans to offer sovereign AI hosting and enterprise AI services through Reliance Intelligence.

Shares of Reliance Industries ended today’s trading session 1.39% lower at ₹1,309.35 on the BSE.

Update Note: The story was updated at 17:00 IST after Jio filed its DRHP with the SEBI.

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