Jio IPO update: Board approves DRHP; draft papers to be filed with SEBI today

Putting all speculation to rest, Reliance Industries (RIL) Chairman Mukesh Ambani on Friday, June 19, announced a key update on the much-awaited initial public offering (IPO) of Jio Platforms during his address at the company’s 49th annual general meeting (AGM).

Ambani said that the draft red herring prospectus (DRHP) for the IPO has been approved by the board and will be filed with the Securities and Exchange Board of India (SEBI) later today.

Isha, Akash, and Anant Ambani are leading the Jio IPO process, Ambani said.

IPO details

The proposed initial public offering (IPO) of Jio Platforms will comprise a fresh issue of up to 27,00,00,000 (twenty-seven crore) equity shares with a face value of ₹10 each. The issue price will be determined through the book-building process, in accordance with the applicable regulations of the Securities and Exchange Board of India (SEBI).

“The Board of Jio Platforms has approved its DRHP, and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth,” said Mukesh D. Ambani during the AGM.

Ambani added that the proposed listing of Jio would showcase India’s ability to build technology companies with global scale, capability, and value, while expressing confidence that the company offers a promising future for prospective investors.

Reliance holds around a 66.43% stake in Jio Platforms, while global giants Meta and Google own a 17.71% stake out of the remaining 33.57%.

In Reliance’s annual report, the company mentioned that they are taking steps to strengthen Jio’s institutional framework while improving transparency to prepare it for opportunities ahead.

In May 2026, Jio Platforms said it had appointed Akash Ambani as managing director of the company ahead of its initial public offering, according to a regulatory filing.

According to analysts estimate that the Jio IPO can be the biggest public offer till date at a valuation of $130-180 billion.

Reports suggested that the public issue is widely speculated to be around $4 billion although the company has not divulged the IPO size yet.

The proposed listing of Jio Platforms, along with the ₹30,000 crore IPO of the National Stock Exchange, is set to rank among India’s largest public offerings, at a time when global capital markets are also witnessing major listings by several large technology and digital companies.

Annual Report 2026

In its latest annual report that was released on Thursday, May 28, RIL said it was taking “deliberate steps” to strengthen Jio Platforms Ltd.’s governance as it readies for a planned listing of the digital unit that is expected to fetch as much as $4 billion.

Jio represents “one of the most significant transformations in India’s corporate history", RIL Chairman Mukesh Ambani wrote in the company’s annual report released.

“As Jio evolves into a global technology leader, we are taking deliberate steps to strengthen its institutional framework, enhance transparency, and prepare it for the opportunities ahead,” Ambani wrote.

Following the development, Reliance Industries shares were trading at ₹1,312.80 apiece on the National Stock Exchange (NSE), down 1.15%.