Jio Platforms may start global IPO roadshow next week, eyes November listing: Report

Jio Platforms is preparing to start its global investor roadshow as early as next week as Reliance Industries' digital and telecom arm moves ahead with plans for what could become one of India's largest-ever initial public offerings, Bloomberg reported on Monday.

The company is planning meetings with investors across the US, Singapore, Hong Kong, London and the Middle East, people familiar with the matter told Bloomberg. Jio is targeting a November IPO in discussions with its bankers, although the timing, valuation and size of the offering are still being worked out.

Market estimates peg the offering at around $4 billion, which could potentially make it larger than the National Stock Exchange’s IPO, expected to be launched in the second half of September.

At Reliance Industries' AGM in June, chairman Mukesh Ambani said the proposed Jio listing would “demonstrate to the world that India can build technology companies of global scale, global capability, and global value”.

He also said Isha, Akash and Anant Ambani were leading the IPO process.

Jio takes IPO to global investors

Jio Platforms filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on June 19 and received the regulator's observations on August 28. The proposed IPO comprises a fresh issue of up to 270 million equity shares, with no offer for sale by existing shareholders.

The 270 million shares would reportedly amount to about 2.9% dilution. The final issue price, price band, rupee value of the issue and listing date have not been fixed yet.

Under the DRHP, up to ₹27,500 crore of the net proceeds is proposed to be used to prepay certain borrowings of Reliance Jio Infocomm Ltd, Jio Platforms' material subsidiary. The remaining proceeds are earmarked for general corporate purposes.

That makes the IPO different from an offer where existing investors cash out. The money raised will largely go towards strengthening Jio's balance sheet.

What investors are buying

Jio Platforms describes itself in the DRHP as “a technology platform company offering digital connectivity and digital services to our customers.” Its businesses span mobile and fixed broadband connectivity as well as digital services, enterprise solutions, cloud, IoT and entertainment.

Telecom, however, remains the core of the business.

Its subsidiary Reliance Jio Infocomm had 524.4 million customers as of March 31, 2026, up from 488.2 million a year earlier. ARPU, or average revenue per user, rose to ₹214 in the fourth quarter of FY26, from ₹206.2 a year earlier. Monthly data consumption per customer increased to 42.3 GB.

The financial numbers show a business that has moved well beyond its initial phase of subscriber acquisition.

Jio Platforms' FY26 revenue from operations stood at ₹1.47 lakh crore, while EBITDA came in at ₹76,255 crore, giving it an EBITDA margin of 51.91%. Profit after tax stood at ₹30,049 crore.

Debt, valuation in focus

The proposed debt repayment comes as Jio's leverage has already fallen sharply. Net leverage declined from 0.88 times in FY24 to 0.36 times in FY26, while total borrowings stood at ₹70,781 crore as of March 31, 2026.

The bigger question now is valuation.

Jio has not disclosed a final valuation, and the reported potential $4-billion fundraise should not be treated as a fixed issue size. The eventual valuation will depend on the price at which the 270 million shares are offered.

That makes the upcoming roadshow particularly important. Institutional investors will get their first detailed look at how Jio intends to position itself in public markets—as India's largest telecom operator, or as a broader technology and digital platform built on that telecom base.

A Jio Platforms listing would also come at a busy time for India's primary market. The National Stock Exchange has received SEBI approval for its own IPO, with the offering expected to come to market in September and raise roughly $3 billion.