Akash Ambani calls Jio IPO a ‘great responsibility’ as India’s biggest-ever issue nears

Jio Platforms' proposed initial public offering is set to become India's largest-ever IPO, with the Reliance Industries-backed company expected to raise around ₹37,700 crore. The IPO is likely to open later this month, with reports indicating October 21 as the proposed opening date and October 28 as the likely listing date. The final issue dates are yet to be officially announced.

Speaking to media on Thursday on the sidelines of India Mobile Congress in New Delhi, Jio chairman Akash Ambani described the IPO as a major responsibility towards shareholders and said the listing would mark the beginning of Jio's next phase of growth.

“I see it as a great responsibility for our shareholders. The group has had a very firm philosophy on shareholder value ... this is the first public issue from the Reliance group in nearly three decades,” Ambani said.

He added that the listing would mark the start of Jio's next growth phase. “It is the start of the journey...after that it is to provide shareholders with growth and value,” Ambani said.

Jio IPO details

Jio Platforms' draft red herring prospectus provides for a fresh issue of up to 27 crore equity shares, with no offer-for-sale component. The company has not yet announced the price band for the IPO.

At the reported issue size of around ₹37,700 crore, Jio's IPO would surpass Hyundai Motor India's ₹27,870-crore issue in 2024, which currently holds the record for India's largest IPO. It would also be larger than the National Stock Exchange's roughly ₹22,500-crore IPO earlier this year.

The Securities and Exchange Board of India issued its observation letter for the proposed IPO in August, clearing the way for Jio Platforms to proceed with the issue.

A sizeable portion of the IPO proceeds will be used to reduce debt. Jio Platforms has proposed using up to ₹27,500 crore to repay or prepay borrowings of its subsidiary Reliance Jio Infocomm. The remaining proceeds will be used for general corporate purposes.

Jio's financials

Jio Platforms reported ₹1.47 lakh crore in revenue from operations in FY26, compared with ₹1.28 lakh crore in FY25. Consolidated profit for the year stood at around ₹30,049 crore, while EBITDA increased to ₹76,255 crore.

According to the latest Trai data, Jio had 508.43 million mobile subscribers at the end of August, giving it a 39.31% market share. The company added 2.40 million mobile subscribers during the month, the highest among telecom operators.

The IPO comes nearly three decades after the Reliance group last brought a company to the public market, according to Ambani.

Ambani also reiterated that affordability would remain central to Jio's strategy as the company expands beyond telecom connectivity into technology platforms and solutions.

“We will always play our part of being the most affordable for consumers,” he said.