Summary:
Jio Platforms has officially filed its DRHP with SEBI, marking the first major step towards its highly anticipated IPO. The public issue will comprise a fresh issue of up to 27 crore equity shares, with proceeds earmarked for debt repayment at Reliance Jio Infocomm and general corporate purposes. Backed by a subscriber base of over 524 million, strong revenue growth and a roster of global investors including Meta and Google, Jio is positioning itself as a leading digital and technology platform. Investors will now closely track SEBI's review process and further updates on the IPO timeline and valuation.
On June 19, 2026, Reliance Jio Platforms Limited submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), setting off the regulatory process for the Jio Platforms IPO. The announcement came from Mukesh Ambani himself, during Reliance Industries' 49th Annual General Meeting held the same day. For investors who have been following the Jio IPO news closely, this filing is the first concrete, official step in what could shape up to be among the biggest public listings the Indian market has seen.
IPO Structure: Pure Fresh Issue, No OFS
The Jio IPO fresh issue, as detailed in the Jio Platforms DRHP, will comprise up to 27 crore equity shares, each with a face value of ₹10. The offering carries no Offer for Sale portion, which means no pre-existing shareholder is using this route to exit. Every rupee raised through the Jio IPO SEBI filing process will go to the company itself.
Two uses have been identified for the money raised. The primary purpose is to repay, partly or fully, the outstanding debt at Reliance Jio Infocomm Limited (RJIL); the subsidiary that holds the telecom licences and runs the network on the ground. The remainder will go towards general corporate purposes. As with all book-built issues, the final Jio IPO price will emerge from the bidding process once a price band is set.
Pre-IPO Ownership: A Global Investor Base
One of the more notable aspects of the Jio IPO details disclosed in the DRHP is the depth of the existing investor base. Reliance Industries Limited, as the promoter, holds 66.43% of Jio Platforms ahead of the issue. The remaining shareholding sits with some of the world's largest institutional investors.
Meta Platforms, through Jaadhu Holdings LLC, holds 9.98%. Google International LLC holds 7.73%. The Public Investment Fund of Saudi Arabia, KKR, and Vista Equity Partners each hold 2.31%. Silver Lake has a 1.88% stake, Mubadala Investment Company holds 1.85%, General Atlantic 1.34%, Abu Dhabi Investment Authority 1.16%, and TPG Capital 0.93%. All of these investors came in during 2020, when Jio Platforms raised upwards of ₹1.5 lakh crore through a series of private placements in a short span of time.
Subscribers and Network Metrics
According to the Jio IPO details in the DRHP, Reliance Jio Infocomm had 524.4 million active subscribers as of March 31, 2026. The company added 36.2 million net subscribers during FY26. Within the total base, 268 million users are on 5G, Jio brought in 77 million new 5G subscribers through the year, putting it ahead of every other single-country 5G operator in the world outside China.
Jio AirFiber, the fixed wireless home broadband product, is now live in over 13 million homes. Average Revenue Per User (ARPU), a key metric that tracks how much the company earns per subscriber each month came in at ₹214 for the exit quarter of FY26. That compares to ₹206.2 in FY25 and ₹181.7 in FY24, showing a steady rise. Annual data traffic on the Jio network hit 241.4 billion gigabytes in FY26, up 30.8% from 184.5 billion gigabytes in FY25. Per-user monthly data consumption in the exit quarter reached 42.3 GB, against 33.6 GB a year earlier. Monthly subscriber churn stood at 1.67%.
Financials: A Consistent Three-Year Growth Story
The Jio Platforms DRHP carries restated financials for FY24, FY25, and FY26. Revenue from operations stood at ₹1,09,558 crore in FY24, rose to ₹1,28,218 crore in FY25, and reached ₹1,46,885 crore in FY26. EBITDA moved from ₹54,959 crore in FY24 to ₹64,170 crore in FY25 and ₹76,255 crore in FY26. The EBITDA margin came in at 51.91% for FY26, a step up from 50.05% in the previous year. Net profit after tax went from ₹21,423 crore in FY24 to ₹26,109 crore in FY25, closing at ₹30,049 crore in FY26. For anyone assessing the Jio public listing from a fundamental standpoint, these numbers reflect steady and consistent financial improvement year after year.
Explore: Q4 Results of Jio
Beyond Telecom: AI and Satellite Plans
The Reliance Jio IPO comes at a point when the company is broadening its scope well beyond mobile and broadband services. Reliance Intelligence, set up as a dedicated AI unit, is constructing a sovereign AI computing facility at Jamnagar in Gujarat. The opening phase of 120 megawatts is slated to be operational before the end of 2026, running on Nvidia GB300 GPU infrastructure.
On the partnership side, Jio and Google have moved their collaboration into AI territory, with Google AI Pro powered by Gemini being offered to Jio subscribers at no cost. Jio Teleframe, a platform created specifically for AI agents, was also unveiled at the AGM. In addition, Jio is actively exploring a sovereign low Earth orbit satellite network to extend broadband connectivity across geographies where ground-based infrastructure is hard to build or commercially unviable. In the interim, the company is leasing satellite capacity from existing global operators.
With the submission of its DRHP to SEBI on June 19, 2026, Jio Platforms has formally initiated the process for its public listing. The Jio IPO fresh issue of 27 crore equity shares, aimed at reducing debt at RJIL and meeting corporate requirements, outlines a straightforward use of funds. Revenue of ₹1,46,885 crore, an EBITDA margin of 51.91%, a subscriber base crossing 524 million, and a roster of established global investors already holding stakes, these figures provide the financial and operational context for investors evaluating the Jio IPO 2026. The Jio IPO listing date is yet to be confirmed. What comes next depends on SEBI's review of the Jio Platforms DRHP, and investors will be watching that process closely in the period ahead.
