The much-awaited Jio IPO DRHP has been filed. It’s expected to be the biggest IPO ever, and the company has said it will issue up to 27 crore fresh equity shares.
The Mukesh Ambani-led telecom major aims to raise proceeds towards the re-payment of its outstanding debt and deploy capital towards general corporate purposes.
Here are the top five highlights from Jio Platform’s DRHP.
#1 Jio Platform IPO: Issue Size and BRLM
The Mukesh Ambani-led Jio Platforms IPO is entirely a fresh issue, as the company will issue up to 27 crore shares, each having a face value of Rs 10.
A total of 19 investment banks have been appointed to handle the issue. These include Kotak Mahindra Capital Company, Morgan Stanley India, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital Advisors, Goldman Sachs (India), HDFC Bank, HSBC Securities, ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, JP Morgan India, SBI Capital Markets, UBS Securities, and 360 One WAM.
KFin Technologies is the registrar to the issue.
| Highlight | Key Detail |
|---|---|
| Issue Size | 27 crore fresh equity shares |
| Shareholders | Reliance Industries holds 66% stake |
| Fund Use | Rs 27,500 crore for debt repayment |
| Financials | FY26 revenue at Rs 1.46 lakh crore |
| Risks | Licensing, debt, and competition |
#2 Jio Platform IPO: Key shareholders
As of June 19, the company had 105 shareholders, with Reliance Industries holding the majority stake of 66%. This is followed by Jaadhu Holding, a wholly-owned subsidiary of Meta, whose stake stands at 9.98%.
Google International holds a 7.73% stake in Jio Platforms, while The Public Investment Fund, Omicron Asia Holdings, and VEPF VII AIV I each hold a stake of 2.31%, respectively.
In total, 97% of the company’s stake, equating to 869 crore shares, is held by the top ten shareholders.
#3 Jio Platform IPO: Utilisation of proceeds
According to Jio Platform’s DRHP, the company will deploy an estimated capital of Rs 27,500 crore towards prepayment of borrowing availed by its subsidiaries, while the remaining capital will be utilised towards funding the company’s general corporate purposes.
Jio Platforms said that these net proceeds will favourably position the company towards strategizing its investments, including 5G network densification, fixed broadband penetration, AI and cloud services, enterprise digital services, and international technology partnerships.
#4 Jio Platform IPO: FY26 financial performance
For fiscal year 2026, the company’s revenue from operations increased to Rs 1,46,885 crore from Rs 1,09,558 crore reported in fiscal 2024, and the company’s EBITDA surged to Rs 76,255 crore from Rs 54,959 crore.
Jio Platform’s profitability has expanded, with its EBITDA margin rising to 51.91% in fiscal 2026 from 50.16% in fiscal 2024, supported by scale benefits, proprietary technology, automation, and network operating leverage.
#5 Jio Platform IPO: Key risks
The IPO DRHP has listed out key risks with the issue. These include risks related to telecom licensing, disruptions in infrastructure and customer experience, and inability to meet consumer demand. Also, risks pertaining to debt repayment, geopolitical risks, customer retention, related party transactions, and reliance on a limited number of vendors should be monitored.
