Jio Platform is giving final touches to its public offer documents, touted as India's largest at an estimated USD 3.8 billion, after concluding worldwide roadshows, according to a source aware of the development.
The roadshows overseas were led by Jio Platforms Managing Director and Reliance Jio Chairman Akash Ambani and Reliance Retail Ventures Limited Executive Director, Isha Ambani.
"Jio Platforms has completed the first leg of the IPO after roadshows with potential investors globally. The roadshows were held in the US, UK, Dubai, Singapore and Hong Kong. Now, the company has started preparations for filing a red herring prospectus," a source aware of the development told PTI.
An email query sent to Jio Platforms elicited no response.
The digital services arm of billionaire Mukesh Ambani's Reliance Industries, Jio Platforms, last month received approval from markets regulator Sebi to proceed with its initial public offering, paving the way for what would be the country's largest stock-market listing.
The Securities and Exchange Board of India (Sebi) had issued its final observations on August 28. Jio Platforms had filed its draft IPO papers in June.
According to its draft prospectus, the company plans to issue up to 27 crore fresh equity shares, equivalent to about 2.9 per cent of its post-issue equity base. The offering could value Jio Platforms at about USD 137 billion, people familiar with the matter had earlier indicated.
The proceeds will be used primarily to repay or prepay, in whole or in part, about Rs 27,500 crore of outstanding borrowings of Reliance Jio Infocomm Ltd, Jio Platforms' material subsidiary, according to the draft prospectus.
The remainder is earmarked for general corporate purposes.
The public offering comes as India's primary market has remained active, with strong participation from retail investors and domestic institutions.
More than two dozen IPOs have been announced or launched since July 1, nearly matching the 28 recorded in the first half of 2026.
Jio Platforms houses Reliance's digital businesses, including its telecommunications operations.
Reliance Jio Infocomm, the telecom arm of JPL, dominates the Indian telecom market with a 32.89 per cent market share in fixed-line connections, serving 157.9 million customers, and a 39.29 per cent share in mobile connections, with 506 million customers.
JPL has the largest 5G Standalone network outside China, with 26.85 crore 5G customers as of June 2026. Jio leads the Fixed Wireless Access segment globally with about 1.5 crore subscribers, roughly 1.5 times the second-largest player, US-based T-Mobile.
Jio claims that its 5G network's carrying capacity is close to 60 per cent of India's wireless data traffic, one of the largest in the world.
Leveraging its network and data traffic capacity, Jio has expanded its business into other areas of the digital ecosystem, including cloud, artificial intelligence and enterprise network services.
For FY26, Jio Platforms posted a 15 per cent rise in profit after tax to Rs 30,053 crore and a 14.5 per cent increase in the annual revenue to Rs 1,46,885 crore.
Jio Platforms has previously drawn major global technology and financial investors - in 2020, Meta invested Rs 43,574 crore for a 9.99 per cent stake, while Google invested Rs 33,737 crore for a 7.73 per cent holding.
Other investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, Intel Capital and Qualcomm Ventures collectively invested about Rs 74,745 crore for roughly a 15.2 per cent stake.
Reliance Industries owns about 66.4 per cent of Jio Platforms, and Meta and Google together hold about 17.7 per cent, according to the draft prospectus.
The IPO would be the first public offering from the Reliance group since 2008 and the first IPO of a consumer-focused business within the conglomerate. While Jio Platforms is chaired by Ambani, his eldest son Akash is its managing director. Akash is also the chairman of Reliance Jio Infocomm Ltd, the telecom arm of the company.
