Reliance Platforms has moved Jio’s IPO into a new phase. On June 19, 2026, the board approved the Draft Red Herring Prospectus and filed it with India’s market regulator, SEBI, on the same day. Mukesh Ambani disclosed the step during Reliance Industries’ 49th AGM, while on-screen graphics during the event confirmed that the approval and filing happened that day.
The offering consists only of fresh shares
The filing covers a fresh issue of up to 27 crore equity shares, each with a face value of Rs 10. There is no Offer for Sale in this round, meaning existing shareholders are not selling stock through the IPO. According to the filing details, most of the money raised will be used to reduce debt at operating unit Reliance Jio Infocomm, with the rest allocated to general corporate purposes. The listing is expected in 2027, subject to SEBI’s review process and the company’s roadshow schedule.
Subscriber scale and coverage form the core of the valuation case
Jio Platforms serves more than 524 million wireless subscribers, making it India’s largest telecom operator by user base. Its network coverage now reaches more than 99% of India’s population. For FY26, the company reported revenue of Rs 1.47 lakh crore. The source material also notes that average revenue per user has risen, supporting the company’s financial profile.
The business is no longer limited to telecom access. Jio Platforms has expanded into digital services, advertising, fintech partnerships through Jio Financial, AI products including voice assistants in 22 languages, data centers, and LEO satellite plans aimed at rural connectivity.
Estimated valuation ranges from $130 billion to $180 billion
Market estimates place Jio Platforms at roughly $130 billion to $180 billion ahead of listing. If the company raises around $3 billion to $4 billion by floating about 2.5% to 3% of its equity, the deal would rank as the largest IPO in Indian market history. That would put it ahead of Hyundai Motor India’s earlier record of about $3 billion.
Ambani described the filing as a personal milestone and presented it as evidence that Indian companies can build technology businesses at global scale. For the market, the next immediate checkpoint is SEBI’s response to the DRHP in the coming weeks.
SpaceX comparison highlights the gap in scale, not necessarily in revenue
The source also compares Jio’s expected float with SpaceX’s market debut. SpaceX completed its IPO in mid-June 2026, priced shares on June 11, and began trading around June 12 on Nasdaq under the ticker SPCX. That offering raised close to $75 billion, with more than 555 million shares sold at $135 each. Its valuation at listing was about $1.77 trillion, and the source says its market cap has since moved above $2.44 trillion, compared with a cited crypto market capitalization of $2.19 trillion.
On revenue, the gap looks narrower. The article says SpaceX generates about $18 billion to $19 billion in revenue, a level it describes as comparable to Jio Platforms’ Rs 1.47 lakh crore. The distinction lies more in business profile and risk: SpaceX is spending aggressively on rockets and Starlink, while Jio is presented as a more mature and profitable connectivity business inside India.