Mukesh Ambani’s Jio Platform, which was initially going to be a mix of fresh issue and Offer-for-Sale, has now changed to 100% fresh issue.
As per the sources, the firm is planning to raise ₹25,000 crore via a fresh issue, using the funds for debt repayment. Moreover, we can expect Jio to file the DRHP in the coming 7 to 15 days. An IPO listing is expected in July 2026.
Reason for removing OFS
Initially, many major investors like Meta Platforms, Google, KKR, Vista Equity Partners, and sovereign funds that hold around 32.9% of Jio were planning to sell 8 to 8.5% of their stake via the OFS component. However, some disagreement happens in the process.
These investors wanted the IPO price band to be very high, so they could benefit from the higher profit upon listing. On which Mukesh Ambani disagreed. According to him, he wants to keep the IPO price reasonable, allowing retail investors to participate, while leaving some room for future growth even after listing.
Since both sides did not come to a single agreement, the company decided to cancel the OFS plan.
Since this issue will now be a pure fresh issue, Jio Platforms is planning to use the funds towards the repayment of existing debt. The debt is already low, currently at a debt-to-equity ratio of just 0.24. After the listing, the firm will be fully debt-free, while the company is planning to use the remaining funds in projects like:
Object to the Issue
- AI cloud services
- 5G network expansion
- Home broadband business
- Satellite internet plans
About Reliance Jio
Reliance Jio, a major arm of Reliance Industries, over the years, has become India’s leading digital service provider, serving over 500 million people with its advanced connectivity and digital services.
Its main aim is to offer affordable internet connectivity for every household, delivering superior customer experiences. Jio remains at the top when it comes to offering high-quality digital solutions at an affordable price point.
Financials
Jio Platforms is serving us with strong financial growth, which is expected from a company like Jio. Let’s take a look at the FY26 financials.
- Revenue rose 14.5% to ₹1,72,317 crore.
- EBITDA grew 19% to ₹76,255 crore.
- PAT increased 15% to ₹30,049 crore.
- EBITDA margin stood at 51.9%.
- The subscriber base reached 524.4 million.
- 5G subscribers touched 268 million.
What investor should keep in mind:
Due to the ongoing war, shortage of electricity, and rising petrol prices, we can expect the Jio platform not to give us massive listing gains.
However, the fact that it’s growing healthy financials, India’s largest telecom company, and holding a strong position in digital services can make it a solid long-term investment opportunity for investors. For more such IPO updates and queries, please follow IPO Watch.
