Jio Platforms Files for India’s Largest-Ever Tech IPO, Valuation Seen at $120-150 Billion
In a historic move for India’s technology and startup landscape, Jio Platforms has filed its Draft Red Herring Prospectus (DRHP) with SEBI, setting the stage for what is expected to be the country’s largest-ever initial public offering .
🏦 The IPO: A Record-Breaking Offering
Jio Platforms’ board approved the IPO on June 19, 2026, with the company proposing a fresh issue of up to 27 crore equity shares with a face value of ₹10 each . The issue is structured entirely as a fresh issue of shares, with no Offer for Sale (OFS) component, meaning existing investors—including Meta, Google, Silver Lake, KKR, Mubadala, ADIA, and Saudi Arabia’s Public Investment Fund—will not dilute their holdings through the offering .
The DRHP states that Jio Platforms reported FY26 revenue of ₹1.47 lakh crore, EBITDA of ₹76,255 crore, and profit after tax crossing the ₹30,000 crore milestone for the first time . Reliance Industries will continue to remain the promoter post-offering .
🤖 AI at the Heart of Jio’s Future
Beyond the IPO, Jio is positioning itself at the centre of India’s digital and AI transformation. At the 49th Reliance AGM on June 19, 2026, the company unveiled its most ambitious technology roadmap since Jio’s launch .
Reliance Intelligence: Building India’s Sovereign AI Backbone
Reliance Intelligence is building one of the world’s largest AI compute facilities in Jamnagar, powered entirely by renewable energy. The first phase, comprising 120 MW of AI compute capacity, is expected by the end of 2026, with plans to scale beyond 200,000 H100-equivalent GPUs .
AI Directly Integrated into Jio’s Network
Jio Call Agent, an AI assistant built directly into Jio’s telecom network, allows users to activate it simply by saying “Hey Jio” during live calls. The AI can:
- Transcribe conversations and identify up to 10 speakers in conference calls
- Generate call summaries and capture action points
- Perform tasks like booking cabs or ordering food during calls
- Work across 22 Indian languages
Five AI Platforms for India
JioBharatIQ, AI Vyapar, JioHealthIQ, JioLearnIQ and JioKrishiIQ will support 22 Indian languages and serve farmers, students, small businesses, and everyday users .
Jio TeleFrame: Agentic AI for Smart Homes
Jio TeleFrame is described as a “voice-first agentic AI operating system” where multiple AI agents work together to assist family members, eliminating the need for standalone apps .
🛰️ Satellite Broadband: India’s Starlink Moment
Jio is also entering satellite communications with a dual-track strategy . The company is evaluating the development of a sovereign Low Earth Orbit (LEO) satellite constellation for India, while partnering with global constellation providers by leasing satellite capacity to accelerate service availability .
Akash Ambani, Managing Director of Jio Platforms, stated that the initiative aims to extend connectivity to remote villages, island communities, and border regions where terrestrial networks remain difficult to deploy. Jio is also building ground station infrastructure in India to support partner constellations and its own future satellites .
🔮 What This Means for India’s Tech Ecosystem
Jio’s IPO marks a defining moment for India’s technology sector. The company’s transformation from telecom disruptor to diversified digital technology and AI powerhouse—now serving over 524 million customers with the world’s largest mobile data network—mirrors the broader maturation of India’s digital economy .
With a reported EV/EBITDA multiple of 13x, the listing would place Jio among India’s most valuable listed companies, potentially surpassing Bharti Airtel’s current valuation . As Mukesh Ambani described it, this is a “deeply emotional moment” for the Reliance family and its millions of shareholders—and a landmark event for India’s journey toward becoming a global technology powerhouse.
