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Jio Platforms files for $4B IPO, to be India's largest
20 Jun 2026

Jio Platforms, the digital subsidiary of Reliance Industries, has filed a draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO) expected to raise around ₹37,000 crore ($4 billion).

The move is aimed at raising funds primarily to pay off debt.

The proposed offering includes a fresh issue of 270 million equity shares, which would account for around 2.9% of the post-issue share capital.

IPO proceeds to be utilized for debt repayment
Fund allocation

The net proceeds from the IPO will be used to repay or prepay outstanding borrowings of ₹27,500 crore. The remaining funds will be used for general corporate purposes.

Notably, this issue is entirely a primary offering with no existing shareholders selling their shares.

Morgan Stanley and Kotak Mahindra Capital are the lead bookrunners for this historic IPO.

Financial performance in last 2 years
Business performance

As of March 2026, Jio Platforms had a customer base of 524.4 million across consumer and business segments.

The company accounts for nearly 60% of India's wireless data traffic in fiscal 2026, with an average monthly data consumption of 42.3GB per customer in Q4.

Its revenue from operations grew from ₹1,09,558 crore in fiscal 2024 to ₹1,46,885 crore in fiscal 2026 at a CAGR of 15.8%.

Other key operational metrics of Jio Platforms
Market leadership

Jio Platforms has a 5G subscriber base of 268.5 million on India's first standalone 5G network.

It also has 27.1 million fixed broadband home customers with a net additions market share of 67.56% in fiscal 2026.

The company is the leader in both mobile and fixed broadband markets, outpacing its closest competitor by a wide margin (1.4 times for mobile and 1.9 times for fixed).

Technology and employee details
Tech innovation

Jio Platforms' EBITDA rose from ₹54,959 crore to ₹76,255 crore between fiscal 2024 and fiscal 2026 at a CAGR of 17.8%.

The company's EBITDA margins also expanded to 51.91% in fiscal 2026 from 50.16% in fiscal 2024.

In terms of technology, Jio employs 11,303 employees (40% of its total workforce) in tech and digital product development and has filed for 6,817 patents across various technologies, including AI-driven network automation.