Jio Ambani goes public: up to $3.2 billion and a valuation of about $108 billion

Jio Platforms, the digital arm of Mukesh Ambani's Reliance Industries, has announced an IPO of up to $3.2 billion — potentially the largest public offering in India's history. Subscriptions open on October 21, and the company's valuation could reach about ₹10.3 trillion (~$108.3 billion).

tafs uz editorial deskFirst published on tafs uz 15 October 2026 at 22:003 min readAI translation

The key facts

Jio Platforms is offering up to 270 million new shares priced at ₹1,065–1,119; subscriptions run October 21–23, with anchor investors on October 19
Valuation at the top of the range is about ₹10.3 trillion (~$108.3 billion); the IPO will surpass Hyundai Motor India's 2024 record
Revenue for the quarter ended June rose ~12% to ₹391.7 billion, with net profit up 9% to ₹77.6 billion

India's largest IPO in history

Jio Platforms, the digital arm of billionaire Mukesh Ambani's Reliance Industries, is seeking to raise up to $3.2 billion in an initial public offering that could become the largest in India's history. The offering will test public market interest in a company that raised more than $20 billion from global investors in 2020, including Google and Meta.

Offering terms

According to Reliance Industries' exchange filing, the price band has been set at ₹1,065–1,119 (about $11.19–11.76) per share, with up to 270 million new shares being offered. Subscriptions open on October 21 and close on October 23; bids from anchor investors will be accepted on October 19. At the top of the band, the IPO will value Jio at roughly ₹10.3 trillion (about $108.3 billion) based on the expected number of shares outstanding after the offering. The offering will surpass Hyundai Motor India's record 2024 issue of ₹278.7 billion ($3.3 billion at the time) even at the bottom of the price band.

Valuation has grown since 2020

In 2020, Jio was valued at a maximum of ₹4.91 trillion (about $65 billion at the time). Meta, then still Facebook, invested $5.7 billion, while Google invested $4.5 billion.

India's largest telecom operator

Launched in 2016, Jio has become India's largest telecom operator with more than 524 million subscribers as of March 31, ahead of Bharti Airtel, Vodafone Idea and state-owned BSNL. The company initially attracted customers with free data and cheap tariffs, although its prices are now comparable to competitors'. Over time, Jio has expanded beyond telecom, moving into broadband, cloud services and other digital areas.

Financials and use of proceeds

According to the IPO prospectus, for the quarter ended June, Jio's revenue rose almost 12% year-on-year to ₹391.7 billion (about $4.1 billion), while net profit increased 9% to ₹77.6 billion (about $816 million). Jio has reserved shares worth up to ₹25 billion (about $263 million) for Reliance Industries shareholders and another ₹5 billion ($53 million) for employees, who will be given a discount of ₹54 per share. Of the proceeds, up to ₹275 billion ($2.9 billion) will go toward repaying the debt of telecom subsidiary Reliance Jio Infocomm, with the rest for general corporate purposes.

Starlink dispute amid the IPO

The IPO comes amid sharpened criticism from Elon Musk, who accuses Ambani of trying to keep Starlink out of the Indian market. This comes more than a year after Jio and rival Bharti Airtel signed agreements with Musk's SpaceX to distribute Starlink satellite internet in India — subject to regulatory approvals. Indian authorities have rejected Musk's claims.