Mumbai, Oct 14 Jio Platforms Ltd (JPL), the digital and telecom arm of Reliance Industries, filed its red herring prospectus on Wednesday for an initial public offering that is widely expected to be India’s largest, Reliance said in a filing.
The IPO is a fresh issue of up to 27 crore equity shares of Rs 10 face value each. The offer opens for subscription on Wednesday, October 21, and closes on Friday, October 23. Anchor investor bidding is on Monday, October 19.
While the filing did not give a price band, reports suggest the company may be eyeing to raise about Rs 30,000 crore.
The shares are expected to list on October 28.
The issue includes two reserved portions – up to Rs 500 crore for eligible JPL employees and up to Rs 2,500 crore for eligible Reliance shareholders, according to the filing.
These are individuals and Hindu undivided families (HUFs) who hold Reliance shares as of October 14.
According to the draft prospectus filed in June, JPL’s consolidated revenue from operations rose 14.6 per cent to Rs 1,46,885 crore in the year to March 2026, from Rs 1,28,218 crore a year earlier.
Its net profit climbed 15.1 per cent to Rs 30,049 crore from Rs 26,109 crore rupees. Revenue was Rs 1,09,558 crore in FY24, with profit of Rs 21,423 crore.
The company’s EBITDA rose 18.8 per cent to Rs 76,255 crore, a margin of 51.91 per cent. It had more than 524 million subscribers, and average revenue per user (ARPU) was Rs 214 in the March 2026 quarter.
The total borrowings fell 3.1 per cent year-on-year to Rs 70,781 crore, though return on capital employed slipped to 10.76 per cent.
The draft prospectus had said proceeds would be used to prepay certain borrowings of material subsidiary Reliance Jio Infocomm (RJIL) and for general corporate purposes. Because the offer is entirely a fresh issue, the money goes to the company and not to selling shareholders.
The draft prospectus had flagged heavy dependence on the promoter group.
Reliance Retail is the sole distributor of Jio’s pre-paid services, and pre-paid revenue through it made up 77.08 per cent of consolidated revenue from operations in FY26.
JPL filed its draft prospectus on June 19. Reliance held 66.43 per cent of JPL before the IPO. Meta and Google together hold about 17.7 per cent.
The issue has 19 book-running lead managers, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs and JP Morgan, with KFin Technologies as registrar.
(PTI News)
