Reliance Industries Limited (RIL) has taken a significant step toward the public listing of its digital arm, Jio Platforms Limited, with Chairman and Managing Director Mukesh Ambani announcing that the company's board has approved the Initial Public Offering (IPO). The Draft Red Herring Prospectus (DRHP) is set to be filed with the Securities and Exchange Board of India (SEBI) on June 19.
The announcement was made by Mukesh Ambani during Reliance Industries’ 49th Annual General Meeting (AGM), where he also outlined the leadership team that will spearhead the public offering process.
"Reliance Board has approved the JIO IPO. Draft Red Hearing Prospectus will be filed today. Isha Ambani, Anand Ambani and Akash Ambani will lead the project," Ambani said at the 49th AGM of the company.
The proposed listing marks a landmark development for Reliance Industries and will be the conglomerate’s first major public offering in nearly two decades. Market observers have long anticipated the move, with preparations for Jio Platforms’ public debut reportedly underway for several years.
Addressing shareholders and prospective investors, Ambani highlighted the broader significance of the listing for India’s technology ecosystem.
"Listing of Jio will demonstrate to the world that India can build technology companies of global scale, capability and value. I assure you and all prospective new investors that a brighter future awaits Jio," Ambani said at the Reliance event on Friday.
An Initial Public Offering enables a company to offer shares to the public and secure capital from investors while becoming a publicly traded entity. According to reports, Jio Platforms’ board has approved the issuance of up to 270 million new equity shares with a face value of ₹10 each as part of the offering.
Earlier reports had indicated that the company was in the final stages of preparing its DRHP for submission to SEBI, paving the way for one of India’s most closely watched public listings.
The IPO plans gained momentum following the government’s decision earlier this year to revise listing norms for large companies. Under the updated framework, companies with a post-issue valuation exceeding ₹5 trillion (approximately $54 billion) are permitted to go public by diluting a minimum of 2.5% equity, significantly lower than the earlier 5% requirement and well below the standard 25% public shareholding norm.
The regulatory change is widely seen as a key enabler for mega-cap companies such as Jio Platforms to access public markets while maintaining greater promoter ownership.
With the DRHP filing expected today, Jio Platforms moves closer to what could become one of the largest and most closely followed technology IPOs in India’s corporate history.
