India Business Journal - Jio files IPO papers; likely to mop up Rs 36,000 cr to slash debt and fund 5G, AI growth

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Jio files IPO papers; likely to mop up Rs 36,000 cr to slash debt and fund 5G, AI growth

IBJ Bureau
Jun 20, 2026

Billionaire Mukesh Ambani’s Reliance Jio Platforms has filed regulatory papers for an initial public offer (IPO) to ‌raise around $3.8 billion (around Rs 36,000 crore), according to people familiar with the matter.

The Jio IPO could be a record listing for the country based on the price band, which will be announced at a date closer to the public offer process.

The public issue aims to unlock value from a company that includes Jio’s telecom business, the world's second-largest operator by single-country subscribers after China Mobile.

Jio Platforms counts Meta and Google among its major foreign investors.

The IPO prospectus, which does not contain the fund-raising target, reveals that the proceeds will be used to repay an estimated Rs 27,500 crore of Jio’s debt.

Jio Platforms also runs AI, cloud and enterprise network businesses.

The IPO will test India’s capital markets, which have cooled in recent months after the ⁠US-Israeli conflict with Iran rattled global markets and weighed on investors’ sentiment.

The public issue is likely to dilute about 2.9 per cent of its post-issue equity, valuing the business at around $131 billion (Rs 12.36 lakh crore).

The draft IPO papers add that repayment of debt “will position the company favourably for continued investment in its strategic priorities, including 5G network densification and expansion, fixed broadband penetration, AI and cloud services.”