India’s IPO market could be heading for its biggest-ever listing after Jio Platforms, the digital and telecommunications group controlled by billionaire Mukesh Ambani, filed preliminary documents for a stock market flotation.
The company plans to issue up to 270 million new shares, according to its draft prospectus. Proceeds from the offering are expected to be used partly to reduce debt at Reliance Jio Infocomm, the group’s mobile network subsidiary and India’s largest wireless operator.
“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” said Mukesh Ambani at the annual shareholder meeting of Reliance Industries on Friday.
The move represents a major milestone for Jio, which has transformed India’s telecommunications industry since launching commercial services in 2016. Its inexpensive data packages and rapid nationwide expansion helped bring millions of people online, forcing competitors to cut prices and invest heavily in their networks.
Jio has since grown beyond mobile services, developing businesses across broadband, streaming, cloud computing, digital payments, and online retail. Its telecommunications arm now has more than 526 million subscribers, giving the company close to half of India’s combined wired and wireless internet market.
Reliance Industries remains Jio Platforms’ largest shareholder, with a stake of more than 66 per cent. Meta owns nearly 10 per cent, while Google International holds about 7.7 per cent. Both companies invested during Jio’s fundraising campaign in 2020, when Ambani secured billions of dollars from global technology and investment groups.
The flotation had been expected before the middle of 2026, but uncertainty surrounding the conflict in the Middle East weakened investor appetite and disrupted several planned offerings. Indian shares have also struggled this year, losing ground against markets with greater exposure to artificial intelligence and semiconductor companies.
However, signs of renewed confidence are beginning to emerge as geopolitical tensions ease. The National Stock Exchange has also submitted documents for its long-awaited public offering, raising the prospect of two landmark listings.
Both transactions could surpass Hyundai Motor India’s $3.3 billion flotation in 2024, which currently holds the record as the country’s largest IPO.