Jio Platforms, the digital services arm of Reliance Industries Ltd., is poised to begin informal meetings with large investors next week, following the announcement of its quarterly earnings. This soft-marketing phase precedes formal global roadshows planned for the coming months, pending regulatory approval. The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on June 19, initiating the process for an IPO that could raise between ₹32,000 crore and ₹35,000 crore (approximately $4 billion), potentially making it India's largest ever. Sebi approved the IPO on August 28.
The initial outreach will help gauge market appetite before formal roadshows. Analysts at Morgan Stanley and Citi Research have valued Jio Platforms at around $133 billion, which implies a 13 times multiple on its estimated 2026-27 enterprise value against its EBITDA. The IPO aims to issue up to 270 million new equity shares, representing about 2.9% of its post-issue share capital, and will be a fresh issue with no offer-for-sale component. Reliance Industries currently holds a 66.43% stake, while Meta Platforms' affiliate Jaadhu Holdings owns 9.98% and Google International LLC holds 7.73%.
A significant portion of the funds raised, up to ₹27,500 crore (approximately $3.3 billion), is intended to prepay certain borrowings of its subsidiary, Reliance Jio Infocomm Ltd (RJIL). The remaining proceeds will be used for general corporate purposes. The IPO is advised by several prominent firms, including Kotak Mahindra Capital Co., Morgan Stanley India Co., BofA Securities India Ltd, Axis Capital Ltd, BNP Paribas, Citigroup Global Markets India Pvt. Ltd, and Goldman Sachs (India) Securities. The shares are slated for listing on the National Stock Exchange (NSE) and BSE.
