RIL AGM 2026: Jio board approves DRHP for IPO; plans fresh issue of up to 27 crore shares

Jio Platforms has taken a key step towards its much-awaited stock market debut, with its board approving the draft red herring prospectus (DRHP) for filing with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).

In a stock exchange filing made during Reliance Industries Ltd's (RIL) annual general meeting on Friday, the company said Jio Platforms plans to launch its IPO through a fresh issue of up to 27 crore equity shares of face value ₹10 each. The issue price will be determined through the book-building process and remains subject to regulatory approvals.

Announcing the development at the AGM, Reliance Industries chairman Mukesh Ambani said the board of Jio Platforms had approved the DRHP earlier in the day and that it would be filed with Sebi on Friday.

"This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders," Ambani said.

He also provided an insight into the leadership behind the listing process.

"Isha, Akash and Ananth are heading the Jio IPO process and will lead the next generation of value creation opportunities in the future," Ambani said.

Jio's scale and financial performance

Ambani said the proposed listing would demonstrate that India can build "technology companies of global scale, global capability and global value".

Jio enters the IPO process after reporting another year of strong operational and financial growth.

Speaking at the AGM, Akash Ambani said Jio's user base had crossed 524 million subscribers, while its 5G subscriber base stood at more than 268 million. He said Jio AirFiber now connects 13 million homes, making it the world's largest fixed wireless broadband operator.

For FY26, Jio Platforms reported revenue of ₹1.47 lakh crore, up 14.6% year-on-year. EBITDA rose 18.8% to ₹76,255 crore, with margin expanding 190 basis points to 51.9%. Profit after tax crossed ₹30,000 crore for the first time, growing 15.1%.

"These numbers are proof of the trust India has placed in Jio," Akash Ambani said.

AI, satellite broadband to drive next phase of growth

While the IPO dominated investor attention, Reliance used the AGM to outline Jio's next growth drivers.

Akash Ambani said the company aims to migrate all subscribers to 5G by 2030 while advancing India's position in 6G standards. He also said home broadband connections through Jio AirFiber are growing at up to 60,000 per day.

On artificial intelligence, Mukesh Ambani said that Reliance Intelligence would be the group's next growth engine, built around infrastructure, platforms and services for consumers, enterprises and governments.

Akash Ambani said Reliance Intelligence is building a sovereign AI infrastructure platform in Jamnagar, with the first 120 MW of compute capacity scheduled to be commissioned by the end of 2026.

The company is also operationalising an initial fleet of Nvidia GB300 graphics processing units (GPUs) and plans to offer AI services across sectors including agriculture, healthcare, education, financial services and enterprise productivity.

In another major announcement, Akash Ambani said Jio is evaluating the development of a sovereign low-earth orbit (LEO) satellite constellation for India while simultaneously partnering with global satellite operators to expand broadband connectivity to remote regions.

The comments indicate that beyond its telecom and broadband businesses, Jio is positioning artificial intelligence, enterprise technology and satellite communications as key pillars of growth ahead of its public market debut.