India’s largest telecom and digital service Jio Platforms files for IPO
A man talks on his phone, walking past a Jio store in Mumbai, India, March 22, 2023. Reliance Jio Rolls Out 5G Services in 41 More Cities, Network Now Available in 406 Cities in India, according to a report in Indian media.
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Billionaire Mukesh Ambani’s Jio Platforms, India’s largest wireless operator and digital services provider, We submitted draft documents on Friday for an initial public offering.
The company is expected to issue up to 270 million shares in the IPO, according to a stock exchange filing.
“The proposed listing of Jio will show the world that India can build technology companies of global scale, global capacity and global value,” Mukesh Ambani said at Reliance Industries’ annual shareholders meeting on Friday.
Jio Platforms, Ambani’s flagship Trust IndustriesIt owns more than 66% of the shares. Google International owns 7.7% and Meta Platforms According to LSEG data, it has about 10%.
Jio Platforms owns Reliance Jio Infocomm, India’s largest wireless operator. 526.94 million subscribers in India. This accounts for almost 50% of the wired and wireless internet market in the country, according to Telecom Regulatory Authority of India data.
Bharti AirtelAccording to data from LSEG, which is the second largest telecom service provider with a market share of approximately 35%, it is also the country’s third most valuable company with a market value exceeding $120 billion. It is trading at over 42 times price-to-earnings ratio.
At last year’s annual shareholders’ meeting, Ambani had announced that the business would go public before the middle of this year. However, the start of the Iran war caused many major public offerings in the country to be postponed due to the deterioration in investment sentiment.
The Indian stock market has underperformed its global peers so far in 2026, falling over 9%. It lost its fifth-largest market position to Taiwan and subsequently fell below South Korea.
India is seen as an anti-AI trade, with no significant moves in the sector attracting the attention of global investors. Economic difficulties arising from the Middle East conflict have further weakened investor interest in India.
But there are signs of revival as war moves towards peace in the Middle East. On Thursday, India’s largest stock exchange, the National Stock Exchange, filed IPO documents.
Both Jio Platforms and NSE are expected to be among the largest IPOs ever in the Indian market. Hyundai Motor India’s $3.3 billion IPO in 2024 holds the record for the country’s largest-ever IPO.
