Jio IPO Can Be India's Largest Ever Listing: Know The Details

India’s capital market is on the edge of history. Reliance Jio Platforms Limited, owned by Mukesh Ambani, is the second-largest telecom and digital empire. Reliance Jio Platforms is getting closer to what could be India’s biggest-ever IPO potentially raising Rs 37,700 crore. After months of anticipation, the company has now taken a major step towards the public markets.

As Jio’s IPO plans take shape, investors want to know how big the issue could be, what the company may be worth, and what it could mean for investors. 

Let’s take a closer look at the latest Jio IPO developments.

Jio IPO Latest Update - September 2026

Jio filed its DRHP on 19th June ,2026 which got SEBI's approval on 28th August 2026. The company is planning to raise around Rs 37,700 crore through a fresh issue and not an offer for sale. This money will be around 27 crore fresh equity shares (each with a face value of Rs 10 per share) which is 2.9% of Jio's post-issue equity capital.

According to the DRHP, up to Rs.27,500 cr of the net proceeds is proposed for this purpose, with the remaining proceeds intended for general corporate purposes. A significant portion of the IPO proceeds is proposed to prepay or repay borrowings of Reliance Jio Infocomm Limited (RJIL).

However, the final IPO price band, subscription dates, lot size and listing date have not yet been announced. 

Jio IPO: Key Details

Source: Jio DRHP

Jio IPO Valuation: How Much Could Jio Be Worth?

Under the proposed IPO structure, the deal values the company at about $131 billion, Reuters reported. This is a rough estimate, though. Jio's final valuation will be known once the company announces the IPO price band and final price.

Jio IPO Financial Analysis

In FY26, Jio’s EBITDA grew faster than its revenue, and its EBITDA margin reached 51.9%. This shows the company expanded its business while maintaining strong profitability. Let's look at some business fundamentals of Jio

A)Jio’s Subscriber Base and 5G Growth

In March 26, Jio built over 524 million users, with 268 million using 5G. During FY26, the company added about 75 million new 5G users. Jio also grew its home broadband service reaching around 13 million homes.

B) Average Revenue Per Unit Growth

ARPU is the Average Revenue Per User that Jio earns from each customer. Jio ARPU rose to about Rs. 214 per month in the last quarter of FY26, rising from Rs 206.2 in the same period previous year.

C) Jio’s Opportunity in Digital, Cloud and AI

Jio has diversified from telecom to 5G, broadband, digital entertainment, cloud, enterprise solutions, AI and IoT. Its increasing focus on AI and digital infrastructure might support Jio’s long-term growth beyond its core connectivity business.

D) Growth Beyond Telecom

Jio has grown beyond telecom into broadband, digital entertainment, cloud, enterprise services, AI and other technology businesses. As of March 31, 2026, Jio had 524.4 million customers, including more than 268 million 5G users.

Who are the Bankers to the Jio IPO?

Jio Platforms has named 19 book-running lead managers for its IPO including Morgan Stanley, Goldman Sachs, JPMorgan and others.

Who is the owner of Jio Platforms?

Reliance Industries holds the largest stake of 66.43%, while Meta and Google are other stakeholders in Jio Platforms.

Meta and Google are Jio’s largest external shareholders, reflecting the strong interest of global technology companies and investors in Jio’s digital business.

The Regulatory Catalyst: New SEBI Listing Rules

A major regulatory development also helped make the Jio IPO possible. Under the revised framework, very large companies with post-issue valuations above Rs.5 lakh crore can initially list with a lower public shareholding requirement of 2.5%, with the public shareholding then increasing progressively over time.

For a company of Jio's size, the ability to list with relatively limited initial dilution matters because it lets the company access public markets without having to sell a very large stake at the time of listing. Jio's proposed issue of 27 crore shares represents approximately 2.9% of its post-issue equity capital. 

Why Does the Jio IPO Matter for the Indian Market?

JIO IPO is a big for many reasons:

1.India's Largest Listing

With a funding size of around Rs. 37,700 cross, Jio can cross Hyundai Motor India's Rs. 27,870 cr IPO to become India's largest IPO by issue size.

2.Investment opportunity

Jio is one of India's largest digital businesses. The IPO will give public company investors a direct access to invest in the company's growth.

3.Benchmark for Technology Valuations

The valuation investors are willing to assign to Jio could become an important reference point for other large Indian technology and digital businesses.

4.Global Investor Interest

Jio's existing shareholder base includes global technology and institutional investors such as Meta, Google and the Public Investment Fund of Saudi Arabia.

Jio IPO Vs India’s Past Landmark IPO

*Jio's valuation is an estimated/implied valuation based on reported IPO pricing expectations, not its final IPO valuation 

Source: SEBI public issue

What Does the Jio IPO Mean for Jio Unlisted Shares?

Before listing, unlisted Jio shares trade without the continuous price discovery available on NSE or BSE. The IPO can therefore provide an important valuation reference once the company announces its issue price. However, the IPO price would not automatically be treated as the fair value of Jio unlisted shares. Investors could consider factors such as:

• The IPO valuation

• The price at which unlisted shares were purchased

• Any applicable transfer restrictions

• The eventual listing price

• Post-listing market volatility

• The difference between private-market expectations and public-market valuation

For readers, the Jio IPO is therefore not only a major IPO event but also an important development for how the valuation changes before IPO listing.

To know more about Pre-ipo unlisted shares on Stockify.