Reliance Industries has officially unveiled plans for the initial public offering (IPO) of its digital and telecom arm, Jio Platforms, marking what is expected to be the largest-ever public issue in Indian market history. The company aims to raise Rs 30,213 crore through a fresh issue of 27 crore equity shares. The offering is scheduled to open for subscription on October 21, 2026, and will close on October 23. Tentative listing on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) is slated for October 28, following the finalisation of share allotments on October 26.
During a press conference announcing the move, non-executive director Isha Ambani revealed that the origins of the digital giant date back to 2009-10. While visiting Mumbai for a break from their studies in the United States, she and her brother, Akash Ambani, encountered persistent connectivity issues. The inspiration for Jio struck when Isha was unable to submit a college assignment online due to a lack of functional internet access. This frustration sparked a wider family discussion about the state of digital infrastructure in India.
Isha Ambani recounted that the core of the conversation focused on the disparity in access, prompting Akash Ambani to champion the idea of building a comprehensive digital technology platform. The vision evolved beyond merely improving internet connectivity to creating an ecosystem that could foster broader digital inclusion across the nation. Launched formally in 2016, Jio has since become a central pillar of Reliance Industries' growth strategy, eventually leading to this landmark public offering.
The IPO comes at a time when Reliance is seeking to unlock value from its digital business. At the upper end of the proposed price band, Jio Platforms is expected to command a valuation of approximately Rs 10.3 lakh crore. By comparison, this issue is set to surpass the Rs 27,900 crore IPO of Hyundai Motor India, conducted in 2024, to become the largest in India’s history. Akash Ambani emphasised that the company’s priority is to price the issue attractively, ensuring that shareholders can participate in the long-term value creation of the platform.
Addressing the objective of the capital raised, Akash Ambani stated that the primary goal for the proceeds is the reduction of corporate debt. Specifically, Rs 27,500 crore of the funds will be directed toward debt repayment or prepayment, a move intended to make Jio Platforms a net debt-free entity. Any remaining balance from the fresh issue will be allocated for general corporate purposes. The fresh issue structure ensures that the capital flows directly into the business operations rather than providing an exit for existing stakeholders.
This public listing is also viewed as a significant valuation discovery exercise for Reliance Industries, which currently retains a 66.43% stake in Jio Platforms. Other major shareholders include Meta Platforms with 9.98% and Google with 7.73%. By opening the company to public market investors, Reliance aims to align its current scale with the philosophy of founder Dhirubhai Ambani, who famously took Reliance Industries public in 1977 to invite mass participation in the country’s economic growth.
As the family prepares to list the business, the narrative remains focused on continuing the legacy of Dhirubhai Ambani. For the third generation of the Ambani family, the IPO represents a commitment to the group’s historical vision. By transitioning Jio Platforms into a publicly traded company, Reliance intends to solidify its position in the evolving digital economy while simultaneously strengthening its balance sheet through the significant infusion of capital provided by the public offering.
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