Jio Platforms announces what could be India’s biggest share sale

The telecom unit of billionaire Mukesh Ambani’s Reliance Industries has approved a draft prospectus for an initial public offering that could raise roughly $4 bn (≈ £3 bn). Jio, which topped 500 million subscribers when it launched in 2016, is poised to become one of the world’s most valuable telecoms companies, according to a Jefferies valuation in November of about $180 bn.

The listing follows a year‑long wait and a series of strategic moves, including a partnership with Elon Musk’s SpaceX to bring Starlink internet to India and a $5.7 bn investment by Meta into Jio’s AI‑enabled data centre in Gujarat.

Ambani said at the company’s annual shareholder meeting that the IPO would demonstrate India’s ability to create technology firms with global scale, capability and value. The move will also mark the first major public offering by a Reliance business since Reliance Petroleum went public in 2006.

Investors and analysts are watching the listing closely, hoping a successful IPO will boost sentiment in India’s capital markets after a slowdown in new listings. The combined Jio and NSE listings would be among the largest in India’s recent history, a potential rival to Hyundai Motors India’s $3.3 bn share sale two years ago.