RIL says Jio Platforms receives SEBI observation letter for proposed IPO
Jio Platforms had filed its DRHP with SEBI on 19 June 2026, proposing a fresh issue of up to 27 crore equity shares with a face value of Rs 10 each. The issue will be conducted through the book-building route, with the final issue price to be determined later. The DRHP does not include an offer for sale by existing shareholders.
Reliance Industries will continue to remain the controlling shareholder of Jio Platforms with a 66.43% stake. As of 31 March 2026, Reliance Industries held 593.78 crore shares in Jio Platforms.
The IPO is expected to raise around Rs 37,700 crore, or about $3.8 billion, based on estimates reported following SEBI's observations. If launched at that size, it would become India's largest-ever public issue.
According to the DRHP, up to 50% of the issue size will be allocated to qualified institutional buyers, while at least 35% will be reserved for retail investors. The DRHP also provides for separate reservation portions for eligible Reliance Industries shareholders and employees, although the size of these reservations has not yet been disclosed.
Jio Platforms plans to use up to Rs 27,500 crore of the IPO proceeds to repay or prepay, in full or in part, borrowings of Reliance Jio Infocomm, its material subsidiary. The remaining proceeds are proposed to be used for general corporate purposes.
Jio Platforms reported revenue from operations of Rs 1,46,885.30 crore in FY26, up 14.6% from Rs 1,28,218.40 crore in FY25. EBITDA rose 18.8% to Rs 76,255.40 crore from Rs 64,170 crore, while EBITDA margin improved to 51.91% from 50.05%.
Profit before tax increased 14.9% to Rs 40,353.10 crore in FY26 from Rs 35,127.30 crore in FY25. Profit after tax rose 15.1% to Rs 30,049.10 crore from Rs 26,109 crore a year earlier.
Jio Platforms had a customer base of 524.4 million at the end of FY26, compared with 488.2 million a year earlier. The company houses Reliance Industries' telecom, digital platform and technology businesses.
The proposed listing comes amid continued activity in India's primary market, with the Jio Platforms issue potentially setting a new benchmark for the size of an Indian IPO.
The observation letter represents an important step in the IPO process, but SEBI's observations do not by themselves mean that the IPO has been launched or that the issue dates and price have been finalised. Jio Platforms will still need to complete the subsequent regulatory and offer-document processes before the public issue opens for subscription.
Reliance Industries is India's largest private sector company, with businesses spanning digital services, retail, oil-to-chemicals, exploration and production, new energy and consumer products.
Reliance Industries' consolidated net profit increased 6.12% YoY and 12.66% QoQ to Rs 23,196 crore in Q1 FY27. The figure includes the share of profit from associates and joint ventures. Gross revenue rose 24.50% YoY and 4.60% QoQ to Rs 3,40,257 crore in the June 2026 quarter.
Shares of Reliance Industries rose 0.37% to settle at Rs 1,287 on Friday, 28 August 2026.
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