Reliance Industries Chairman and Managing Director Mukesh Ambani announced at the company’s Annual General Meeting (AGM) that the board has approved the Draft Red Herring Prospectus (DRHP) for the initial public offering (IPO) of Jio Platforms.
Ambani said that Jio has also filed its DRHP with the Securities and Exchange Board of India (SEBI), marking a significant step in the company’s public listing process.
Addressing Reliance Industries’ 49th Annual General Meeting, Ambani said the proposed listing of Jio would represent not only a corporate milestone but also a reflection of India’s technological capabilities and global competitiveness. He described the development as an emotional moment and said it would demonstrate India’s ability to build globally competitive technology companies.
According to the DRHP filed by the company, the Jio IPO will involve the issuance of approximately 270 million new equity shares with a face value of ₹10 each. The offering will primarily be a fresh issue, and the capital raised will be used to support the company’s expansion plans and investments in new technology projects.
Ambani said the Jio IPO represents the next phase of value creation for the Reliance Group. He stated that the offering is expected to create opportunities for existing shareholders while allowing new investors to participate in one of India’s largest digital companies. He also said that Reliance founder Dhirubhai Ambani’s vision of inclusive growth is being carried forward by the next generation, with Akash Ambani, Isha Ambani and Anant Ambani leading future growth initiatives and business opportunities.
During the AGM, Akash Ambani outlined the company’s future technology strategy, stating that Jio is developing artificial intelligence platforms designed “for India, by India and eventually for the world.” He said the company’s objective is to create AI solutions that can support daily life, businesses and education for millions of people across the country.
Jio currently operates as India’s largest digital platform, serving more than 520 million customers. The company continues to expand its 5G services, while JioAirFiber is delivering high-speed internet connectivity to millions of homes.
Reliance had previously considered an offer-for-sale structure for the listing but later shifted its focus to a fresh issue model. The IPO timeline was also revised amid global economic uncertainties and geopolitical conditions. Following the DRHP filing, market participants are now awaiting SEBI’s approval and further details regarding the final size of the offering.
