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Mumbai: India’s largest telecom operator by subscribers, Reliance Jio Limited, has filed its Draft Red Herring Prospectus (DRHP) for its IPO with SEBI. This highly anticipated IPO coincided with the 49th AGM of parent Reliance Industries Limited, where Chairman Mukesh Ambani outlined the group’s ambitions to become an AI and manufacturing powerhouse.
Though exact numbers have not been revealed, market sources estimate that the IPO is expected to be worth about $4 billion (about Rs.35,000 crore). This would comfortably eclipse the recently filed IPO for NSE and Hyundai Motor’s IPO last year.
Unlike these IPOs, Reliance Jio’s IPO will be a 100% fresh issue with about 27 crore equity shares offering about 2.5% to 2.9% of the company’s equity post dilution. Since 2020, Reliance Jio has seen strategic investments from tech titans like Meta Platforms (with 9.98% stake), Google (with 7.73% stake) along with several marquee sovereign funds like Saudi Arabia’s PIF, Mubadala, KKR and Silver Lake, who are holding their investments in the company.
Despite this, RIL will hold a 66% majority stake in Reliance Jio post issue.
With the proceeds, Reliance Jio will be settling its enormous Rs.27,500 crore outstanding debt while also investing in strengthening its position in AI and 6G infrastructure. This includes high-performance cloud data networks like the JioBrain AI Platform and its nationwide JioAirFiber rollout, besides scaling up its 6G patents.
Dissecting the DRHP Ledger
The financial metrics presented inside the draft prospectus solidify Jio’s position as a high-margin digital monopoly, accounting for roughly 60% of India’s entire wireless data traffic:
| Key Financial Parameter | Full Year FY26 (Audited) | Full Year FY25 (Audited) | Year-on-Year (YoY) Change |
| Revenue from Operations | ₹1,46,885 Crore | ₹1,28,218 Crore | +14.6% |
| Core Operating EBITDA | ₹76,255 Crore | ₹64,170 Crore | +18.8% |
| EBITDA Profit Margin | 51.91% | 50.16% | +175 bps |
| Consolidated Net Profit (PAT) | ₹30,049 Crore | ₹26,109 Crore | +15.1% |
| Active Subscriber Footprint | 524.4 Million | 481.8 Million | Strong structural additions |
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in stocks includes financial risks, and past performance is not indicative of future results. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.
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