Will Akash Ambani be named MD of Jio Platforms before the blockbuster IPO?

The IPO-bound Jio Platforms Ltd (JPL) is likely to witness a recomposition of its board, with the elevation of Akash Ambani as managing director. He is currently the executive director of JPL and chairman of its step-down subsidiary, Jio Infocomm Ltd (JIL), the telecom services arm.

“JPL is expected to see a leadership rejig, with Akash Ambani being appointed MD before the IPO,” said two sources in the know. Mukesh Ambani is likely to remain chairman of the company, at least in the first year, they added. “The leadership revamp is essentially to boost investor confidence and provide clarity on succession,” said one senior executive.

According to JPL’s FY25 financial statements, Mukesh Ambani is chairman of the company but does not hold the position of managing director. While Akash Ambani is executive director, his siblings Isha and Anant serve as directors.

There are two levels of chief executive officers in the company. Mathew Oommen serves as Group CEO of JPL, while Kiran Thomas is CEO. Saurabh Sancheti is the chief financial officer.

“Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals,” Mukesh Ambani said at the last annual general meeting. The company had planned to file its Draft Red Herring Prospectus (DRHP) with Sebi by March, but this has not yet been initiated due to the market fall following the US-Israel war on Iran, as well as the government’s decision on reducing the stake required to be floated in large IPOs such as that of JPL.

Considering a conservative valuation of around $130 billion, the IPO is expected to be one of the largest in India and will require the right liquidity conditions for successful completion. The finance ministry recently relaxed IPO rules, allowing companies with a post-issue market value exceeding ₹5 lakh crore to dilute a minimum of 2.5% equity, down from the earlier 5%. At a $130 billion valuation, a 2.5% dilution would translate into an IPO size of $3.25 billion. “The pricing will provide upside for shareholders at listing, as Reliance typically leaves something on the table for investors,” said a company official.

“We favour free cash flow (FCF) yield as the best metric when comparing Jio to global telcos and value it at an enterprise value (EV) of $161–190 billion as of March 2027/March 2028, based on a 15% premium to global peers,” CLSA said in its January report.

Reliance Industries owns a 66.4% stake in Jio Platforms Ltd (JPL), while global technology majors Meta and Google hold 9.99% and 7.73%, respectively. The remaining stake is held by private equity firms and sovereign wealth funds, effectively meeting the 25% public shareholding norm required for listed companies.

JPL houses businesses such as 5G mobile network operator Jio Infocomm, digital applications, home broadband, and enterprise business solutions. In the first nine months of FY26, JPL’s gross revenue rose 15.4% to ₹1,27,389 crore, while net profit increased 15.8% to ₹22,118 crore.

Akash Ambani is now leading JPL operationally and preparing the company for the DRHP filing. “He leads discussions with investors and bankers for the book-building process,” said sources.

The younger Ambani has served as chairman of Reliance Jio Infocomm Ltd (RJIL) since June 2022 and was a non-executive director on its board since October 2014. He spearheads the creation of products and services leveraging new-age technologies such as 5G, artificial intelligence, blockchain, and the Internet of Things (IoT) to drive a generational shift in commerce, education, and healthcare across India, the company said. Under his leadership, Jio crossed the 100 million subscriber mark in less than six months of its 2016 launch and today serves over 450 million customers.