Jio Platforms, the digital services and telecom arm controlled by billionaire Mukesh Ambani, filed a draft prospectus today for an initial public offering that could include up to 270 million shares. At the same time, the National Stock Exchange of India, the country’s largest bourse, filed its own listing papers yesterday.
At Reliance Industries’ annual shareholder meeting, Ambani said Jio’s planned listing would show that India can build technology companies with global scale, value, and capabilities. Reliance holds more than 66% of Jio. Alphabet’s Google International owns 7.7% and Meta Platforms holds just under 10%, according to LSEG data.
Jio Platforms owns Reliance Jio Infocomm, India’s largest mobile operator, with more than 526.94 million subscribers. Regulatory data cited in the report says that gives it nearly 50% of India’s wired and wireless internet market. Its main rival, Bharti Airtel, has almost 35% market share and is India’s third-most valuable company, with a market capitalization above $120 billion and a price-to-earnings ratio above 42.
Ambani said last year that Jio would list before midyear, but the war with Iran delayed many large Indian offerings as investor sentiment weakened. India’s stock market is down more than 9% so far in 2026, has fallen behind Taiwan as the world’s fifth-largest market, and then slipped below South Korea as well. Even so, the article says conditions are improving as the fighting in the Middle East nears an end.
If completed, both Jio Platforms and NSE would rank among the biggest IPOs ever in India. The current record belongs to Hyundai Motor India, which raised $3.3 billion in 2024.
