Jio Platforms’ FRESH ISSUE SIZE: Up to 270,000,000 Equity Shares of face value of Rs10 each for cash, resulting in an equity dilution of 2.7%.
FinTech BizNews Service
Mumbai, 19 June 2026: Jio Platforms has filed the DRHP with the SEBI today for an IPO that could raise up to approximately Rs37,700 crore ($4 Billion). This becomes the largest stock market listing in India.
Jio Platforms’ FRESH ISSUE SIZE: Up to 270,000,000 Equity Shares of face value of Rs10 each for cash, resulting in an equity dilution of 2.7%.
The Company proposes to deploy the Net Proceeds towards the Objects in accordance with the estimated schedule of deployment of funds. The Net Proceeds of the Issue, i.e., Gross Proceeds of the Issue less the Issue related expenses are proposed to be utilised for Prepayment, in full or in part, of certain outstanding borrowings, which stood at Rs27579 Cr as of 31st March, 2026, availed by the Material Subsidiary, namely, RJIL; and for General corporate purposes.
This being the first public issue of Equity Shares of the Company, there has been no formal market for the Equity Shares. The Floor Price, Cap Price and Issue Price each as determined by the Company in consultation with the Book Running Lead Managers (“BRLMs”), in accordance with the SEBI ICDR Regulations, on the basis of the assessment of market demand for the Equity Shares by way of the Book Building Process, as stated in “Basis for Issue Price” on page 115 should not be considered to be indicative of the market price of the Equity Shares after the Equity Shares are listed.
DETAILS OF BOOK RUNNING LEAD MANAGERS
Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital Advisors, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, JM Financial, J.P. Morgan India, SBI Capital Markets, UBS Securities India, ONE WAM.
The Company, in consultation with the BRLMs, may consider participation by Anchor Investors, in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be the Working Day immediately prior to the Bid/ Issue Opening Date. 2. The Company, in consultation with the BRLMs, may decide to close the Bid/ Issue Period for Qualified Institutional Buyers, the Working Day immediately prior to the Bid/ Issue Closing Date, in accordance with the SEBI ICDR Regulations. 3. UPI mandate end time and date shall be at 5:00 p.m. IST on the Bid/ Issue Closing Date.
Name of the Registrar: KFin Technologies.
RIL CMD Shri Mukesh D Ambani on Friday spoke to Shareholders at the 49th Annual General Meeting (Post – IPO) of the Company. Here is a proposed JIO IPO relevant text of his speech delivered at the AGM on 19th June, 2026:
My Dear Shareholders,
With great delight, let me tell you that the Board of Jio Platforms has approved the Draft Red Herring Prospectus earlier today, and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth. The commitment to shared growth was deeply personal to Dhirubhai. It is equally sacred to me. Imbibed in the same spirit, Isha, Akash, and Anant are heading the Jio IPO process, and will lead the next generation of value creation opportunities in the future. The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value. I assure you, and all prospective new investors, that a brighter future awaits Jio.
Friends, Ten years ago, Jio began its journey with an audacious dream – to remove digital inequality from India. At that time, voice was costly. Data was expensive. Speeds were poor. Jio made voice free, and high-speed data affordable. It made Digital Life possible for every Indian. Jio empowered students to learn, small businesses to grow, families to connect, entrepreneurs to dream, and India to become the world's largest data market. Now, Jio is preparing for its next big mission. Friends, In the past, I have spoken to you about the revolutionary power of Artificial Intelligence. I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter, and global leader in AI. This is why we announced Reliance Intelligence last year as our newest growth engine. Our objective is to build a profitable AI infrastructure, platform, and services business serving consumers, enterprises, and governments at scale. We set out with a clear vision, identified the focus areas, and began building the right partnerships with Google, Meta, and NVIDIA. Now, we are entering the next phase – Execution. A decade ago, Jio promised broadband connectivity to everyone, everywhere. And we delivered on that promise. Today, Reliance Intelligence promises AI to everyone, everywhere. And we shall deliver on this promise too.
My Dear Shareholders,
The Jio revolution is truly a result of the courage, creativity, and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. They built, tested, deployed, and operated technologies at an unprecedented scale. Today, Jio is not merely integrating technology. It is creating original technology.
Reliance Intelligence offers an even bigger opportunity to our young engineers. They will get to work on problems of national scale and impact. They will build and deploy technology for 1.5 billion Indians. They will create India-born innovation that the world can adopt. To them, I say: Come, build with us. And build for India. Build AI that serves humanity; AI that is powerful, trusted, yet affordable; AI that is fluent in every Indian language; AI that empowers farmers, students, doctors, shopkeepers, workers, creators, and families; AI that improves efficiency while creating more opportunities to work and prosper for every Indian; AI that contributes to productivity and job creation. We will give you the scale, the resources, the freedom, and the responsibility to solve some of the most important challenges of our age.
My Dear Shareholders,
In 10 years, Jio has reached an operational scale that is simply extraordinary:
· The Jio user base has crossed 524 million, cementing our No. 1 position.
Our 5G subscriber base has crossed 268 million, the largest for any single-country operator outside China, with 77 million net additions during the year.
· On fixed broadband, JioAirFiber has continued to scale rapidly after becoming the world's largest fixed wireless broadband operator last year. With 13 million connected homes, JioAirFiber is making reliable home broadband available across the country at unprecedented scale and speed. · Total data traffic on Jio's network in FY26 stood at 241 exabytes, growing 30.8% year-on-year, placing us among the largest data operators on the planet. The financial results of FY26 are a fitting tribute to this journey:
· Jio Platforms delivered revenue of Rs1,46,885 crore ($15.5 billion), growing 14.6% year-on-year. · EBITDA reached Rs76,255 crore ($8.0 billion), an 18.8% growth with EBITDA margin improving by 190 basis points to 51.9%.
· For the first time in our history, Profit After Tax crossed Rs30,000 crore ($3.2 billion), growing 15.1% year-on-year. These numbers are proof of the trust India has placed in Jio. More importantly, they demonstrate that Jio's growth remains both broad-based and profitable.
Dear Friends,
The next chapter of Jio's growth will be powered by Five Commitments.
First, to make JioTrue5G the foundation of India's next big digital leap. Our dedicated network slicing will enable a new tier of high-performance connectivity for consumers and enterprises. Our cyclic beam-formed cell design significantly enhances coverage and capacity at high-footfall locations. Our target is to migrate all subscribers to 5G by 2030 while advancing India's leadership position in 6G standards.
Second, to take high-speed home broadband to every part of India through JioAirFiber. Our new non-line-of-sight capability has dramatically expanded the reach of home broadband to locations where fibre was never viable. Over 90% of JioAirFiber installations are completed within 24 hours, and home connections are now growing at a phenomenal rate of up to 60,000 per day. Per capita data usage has reached 42.3 GB per month, one of the highest in the world. This number will only grow as Jio migrates more Indians to 5G and as AI-enabled use cases proliferate.
Third, to digitise Indian enterprises and small businesses. The JioPC initiative, which delivers cloud compute to small businesses through a simple Set-Top-Box, brings enterprise-grade technology within reach of every micro, small, and medium business in India.
Fourth, to ensure AI for everyone, everywhere. Jio is already embedding AI in consumer technology to deliver a smoother, smarter, and more personalised user experience. AI will make our networks more efficient, our homes more intelligent, our customer service more responsive, and our platforms more useful to every Indian.
Fifth, to take India's technology to the world. The proprietary deep-tech stack at Jio, built for 5G, fixed wireless access, and AI services, is now ready for deployment with international partners in select geographies. The technology we built to solve India's challenges will also serve the world and become a key pillar of our export strategy. As we launch more value-added services, such as premium 5G, AI-bundled services, and enterprise solutions, our ARPU will grow significantly.
Dear Friends,
There is one more frontier I would like to mention: Satellite Communications.
Jio connected India on the ground. Now, we must connect India from the skies. There are still remotest villages, island communities, and border outposts where the Jio network cannot reach. For them, satellite connectivity will be the bridge to the rest of India. Jio is evaluating the development of a sovereign Low Earth Orbit satellite constellation for India. We are also partnering with the leading global constellation providers by leasing satellite capacity, so that we can accelerate service availability while building our own long-term sovereign capability. This dual approach will enable Jio to meet India's connectivity needs faster, while laying the foundation for the Indian satellite broadband platform of global scale. To anchor this ambition, Jio is also building its own ground station infrastructure in India. These ground stations will support our partner constellations, as well as our own future satellites, creating an end-to-end satellite broadband ecosystem from space to ground. With this initiative, Jio is strengthening India's atma nirbharta in space, placing India firmly on the global satellite broadband services map. All these initiatives show that the best of Jio is yet to come.
