Jio Platforms has submitted a request for India's largest IPO to date, planning to allocate nearly $3 billion for the repayment of debts.

      TL;DR: Jio Platforms has submitted a $3.8 billion IPO application, set to become the largest in India’s history, with $2.9 billion allocated for repaying its telecom unit's foreign debt.

      On Friday, Jio Platforms, which is the digital and telecom division of Mukesh Ambani’s Reliance Industries, filed its draft red herring prospectus with India's securities regulator for what could be the largest initial public offering in the country. The draft includes a fresh issue of up to 270 million shares without an offer-for-sale component, meaning all funds raised will go directly to the company's balance sheet.

      The IPO is projected to generate around $3.8 billion, potentially exceeding the current record of $3.3 billion set by Hyundai Motor India’s listing in October 2024.

      The DRHP indicates that 275 billion rupees ($2.9 billion) of the net proceeds will be used to prepay external commercial borrowings from Reliance Jio Infocomm, its telecom subsidiary. The rest of the funds are intended for general corporate purposes.

      These borrowings encompass three loan facilities denominated in dollars and yen, totaling 300.6 billion rupees, with lenders including Australia & New Zealand Banking Group, Bank of America, Barclays, BNP Paribas, and Citibank. Although these loans are scheduled for repayment between March and June 2028, Jio Platforms plans to repay them either fully or partially with the proceeds from the IPO.

      Ambani announced the IPO filing at Reliance Industries’ 49th annual general meeting on June 19, referring to the listing as a means of unlocking shareholder value. The IPO will be spearheaded by Akash, Isha, and Anant Ambani, the family's next generation.

      Nineteen banks have been appointed as book-running lead managers, including Morgan Stanley, Goldman Sachs, J.P. Morgan, and Kotak Mahindra Capital.

      This deleveraging strategy is crucial, as Jio Platforms’ net debt was 275.8 billion rupees as of March 2026, down from 452.7 billion rupees a year prior and 484.4 billion rupees in March 2024. A successful IPO would significantly reduce the remaining foreign currency exposure and lower the company's annual servicing costs.

      The company stated in its prospectus that settling the debt would enhance its capacity to secure future funding for business growth and position it for ongoing investments in 5G network expansion, fixed broadband development, and AI and cloud services.

      Jio Platforms operates through its telecom subsidiary Reliance Jio Infocomm, the world’s second-largest mobile operator by single-country subscribers, trailing only China Mobile. By March 2026, it had 524.4 million subscribers, with 268.5 million accessing its 5G network, making it the largest single-country 5G operator outside of China in a rapidly evolving digital market.

      In the financial year concluded in March 2026, Jio reported operating revenues of approximately 1.47 trillion rupees ($15.6 billion) and a net profit of around 300 billion rupees ($3.2 billion). EBITDA increased by 18.8% to 762.6 billion rupees, with a margin improvement to 51.9%.

      With a valuation exceeding $130 billion—analyst estimates range between $131 billion and $180 billion—the IPO would position Jio Platforms as one of the most valuable companies to go public in Asia. The offering represents about 2.9% of post-issue equity, facilitated by a March 2026 regulatory change that permits companies valued over 5 trillion rupees to list with just a 2.5% public float.

      Meta holds a 9.99% stake, and Google holds 7.73%, both obtained during a 2020 fundraising round that attracted numerous global investors, including KKR, Vista Equity Partners, Silver Lake, and sovereign wealth funds from Abu Dhabi and Saudi Arabia. The fresh-issue format ensures that none of these investors are selling shares in the IPO, although the DRHP does not preclude future secondary sales after lock-up periods end.

      The timing of Jio’s filing coincides with a broader trend of significant tech listings across Asia. During the same AGM, Ambani announced a $110 billion investment in AI infrastructure over seven years, along with a partnership with Meta to create an AI data center in Jamnagar, Gujarat. The IPO proceeds, by clearing foreign currency debt, would enable greater capacity for these initiatives.

      India's wider strategy for technological self-reliance and sovereign AI infrastructure adds a geopolitical element to the listing. Jio has established itself as a fundamental part of India’s digital economy, and its 5G and AI aspirations align with the government’s aim to reduce reliance on foreign tech platforms.

      Current retail shareholders of Reliance Industries will receive a dedicated allocation in the IPO, with up to 35