Quick Take
- Jio Platforms filed its IPO DRHP with SEBI on June 19, 2026.
- The fresh issue of 27 crore shares targets a $4 Bn (Rs 37,000 Cr) size.
- Up to Rs 27,500 Cr of proceeds will prepay RJIL foreign borrowings.
In This Article
The Jio IPO DRHP was filed with the Securities and Exchange Board of India (SEBI) on June 19, 2026, opening India’s largest ever public offering with a pure fresh issue of 27 crore equity shares.
Jio Platforms Ltd (JPL), the telecom and digital arm of Mukesh Ambani led Reliance Industries (RIL), confirmed the filing through its Draft Red Herring Prospectus (DRHP, filed with SEBI before an IPO). Bankers expect the issue to raise close to $4 Bn (Rs 37,000 Cr), according to multiple reports tied to RIL’s 49th AGM. You can read the filing on the SEBI public issues portal.
StartupFeed Insight
The structure is the real signal here. A 100% fresh issue with no Offer for Sale means RIL is raising fresh capital, not cashing out early backers like Google and Meta. That choice tells founders watching the Jio IPO DRHP that Reliance wants the listing to fund deleveraging, not exits. Anyone tracking India’s primary market should watch the price band closely, since a low float plus huge demand could push a steep premium. StartupFeed predicts SEBI observations will clear by Q3 FY27, with listing on BSE and NSE likely before March 2027. By StartupFeed Desk.
Jio IPO DRHP: Deal Breakdown and Numbers
The Jio IPO DRHP outlines a fresh issue of 27 crore equity shares with a face value of Rs 10 each, with no Offer for Sale component (DRHP). The table below maps the core deal terms.
| Metric | Detail | Notes |
|---|---|---|
| Expected Issue Size | $4 Bn (Rs 37,000 Cr) | India’s largest ever (bankers, AGM reports) |
| Issue Structure | 27 crore fresh shares | 100% fresh issue, no OFS (DRHP) |
| Use of Proceeds | Up to Rs 27,500 Cr | Prepay RJIL foreign borrowings (DRHP) |
| Promoter Stake | RIL holds 66.43% | Google and Meta are key shareholders (DRHP) |
| Face Value | Rs 10 per share | Price band via book-building (DRHP) |
| Filing Date | June 19, 2026 | Announced at RIL 49th AGM (company announcement) |
The most striking fact is the zero OFS design. Every rupee raised flows to the company, mainly to cut debt held by material subsidiary Reliance Jio Infocomm Ltd (RJIL).
About Jio Platforms
Jio Platforms Ltd is the holding company for Reliance’s telecom and digital businesses, founded in 2019 and headquartered in Mumbai. It is led by the Ambani family under RIL, with Akash Ambani chairing Reliance Jio Infocomm. The company runs India’s largest mobile network with 524.4 million subscribers as of FY26 (company announcement). Key investors include Google, Meta, KKR, and Mubadala.
How will Jio use the IPO proceeds?
Jio will use up to Rs 27,500 Cr of the IPO proceeds to prepay foreign currency borrowings of RJIL, with the rest for general corporate purposes (DRHP). These external commercial borrowings (ECBs) carry foreign currency fluctuation risk, so early repayment lowers that exposure. Chairman Mukesh Ambani framed the listing in personal terms at the AGM.
This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders, Mukesh Ambani.
For Jio, cutting ECB debt strengthens the balance sheet ahead of a heavy artificial intelligence (AI) capital plan. Ambani has pledged Rs 10 lakh crore in AI spending over seven years (company announcement). A cleaner debt profile gives Jio room to fund that build internally.
How does the Jio IPO DRHP valuation compare?
The Jio IPO DRHP is set to value JPL above listed rival Bharti Airtel, with brokerages pegging enterprise value near Rs 12-13 lakh crore (Elara Capital). ICICI Securities earlier estimated a JPL valuation of around $148 Bn by FY27. The expected issue size of $4 Bn (Rs 37,000 Cr) would make this India’s biggest IPO, ahead of Hyundai Motor India‘s Rs 27,000 Cr listing in 2024 (company announcement). JPL last raised about Rs 1.52 lakh crore from 13 investors in FY21 at a $65-70 Bn valuation, so the IPO marks a sharp step up. A low public float paired with strong demand could support a premium price band.
Is Jio bigger than rival Airtel?
Jio leads on scale while Airtel leads on monetisation, a clear contrast in the FY26 head-to-head. Jio ended FY26 with 524.4 million subscribers against Airtel’s 482.4 million (company filings). Airtel earns more per user, with ARPU (Average Revenue Per User) of Rs 257 versus Jio’s Rs 214.
| Metric (FY26) | Jio | Airtel |
|---|---|---|
| Customer base (million) | 524.4 | 482.4 |
| ARPU (Rs/month) | 214 | 257 |
| Net customers added (million) | 36.2 | 58.0 |
Jio’s edge is sheer reach across value and mass-market users, which powers higher absolute profit despite a lower ARPU.
What’s Next
SEBI will now review the Jio IPO DRHP and issue observations before the price band is set. Watch for the final issue size and listing date, expected on BSE and NSE in the first half of FY27. The shareholder quota for eligible RIL investors will draw heavy retail interest. Will Jio’s debut top every record in Indian market history?
Frequently Asked Questions
Last updated: June 20, 2026 at 09:30 IST
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
Written by Avinash. Published: June 20, 2026. Updated: June 20, 2026. Have a tip? Write to us at editorial@startupfeed.in.
