Jio Platforms board approves ₹34,000 cr IPO papers, DRHP to be filed with SEBI soon: Mukesh Ambani

Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani on Friday announced that the board of Jio Platforms has approved its Draft Red Herring Prospectus (DRHP) and that the company will file the document with market regulator SEBI today.

Addressing RIL's 49th Annual General Meeting, Ambani said the proposed initial public offering (IPO) of Jio would showcase India's ability to build technology companies of global scale and value.

As per unconfirmed reports, Jio Platforms is planning to raise ₹34,000 crore from the IPO. It will surpass NSE's proposed IPO in fundraising as India's largest IPO. 

He said the listing of Jio Platforms would demonstrate to the world that India can create technology enterprises with global capabilities and scale.

Recalling the company's journey, Ambani said Jio was launched a decade ago with the objective of eliminating digital inequality in India.

Jio currently has more than 524 million subscribers, making it India's largest digital platform. Its 5G services have attracted 268 million subscribers, while JioAirFiber has connected around 13 million homes across the country.

India's largest IPO to date remains that of Hyundai Motor India, which raised ₹27,870 crore ($2.95 billion) in October 2024.