Jio Platforms Files DRHP: What Investors Need to Know

Reliance Jio Platforms Limited moved closer to its public listing on June 19, 2026, filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The filing happened on the same day as Reliance Industries' 49th Annual General Meeting, where Chairman Mukesh Ambani broke the news to shareholders. With this, the formal regulatory process for what could be one of the largest public offerings in Indian capital market history has now begun.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

What Is a DRHP and Why Does It Matter?

Before a company can launch a public offering, it must file a Draft Red Herring Prospectus with SEBI. This document lays out everything a prospective investor needs to know about the company's business model, financial history, risk factors, and how the offering is structured. SEBI goes through the document, raises queries where needed, and eventually issues its observations. Only after that can the company move to the final prospectus and fix an IPO date.

So the DRHP filing is not the IPO itself. It is the first formal step and the actual listing will depend on how quickly SEBI completes its review, prevailing market conditions, and the required statutory clearances.

Structure of the Proposed IPO

The proposed IPO, as per the DRHP filed with SEBI, will be a pure fresh issue of up to 27 crore equity shares. Each share carries a face value of ₹10. There is no Offer for Sale component in this offering, which means no existing shareholder is exiting through this IPO. All the money raised goes directly into Jio Platforms.

The company has outlined two uses for the IPO proceeds: repayment, in full or in part, of outstanding borrowings at Reliance Jio Infocomm Limited (RJIL); the licensed telecom arm that runs the network and general corporate purposes. The final price at which shares will be sold to investors will be discovered through the book-building process, where bidders place orders within a price band the company sets closer to the opening date.

Nineteen Book Running Lead Managers have been appointed for the issue, including Kotak Mahindra Capital, Morgan Stanley, BofA Securities, Goldman Sachs, J.P. Morgan, Citigroup, Jefferies, HDFC Bank, ICICI Securities, HSBC, Axis Capital, JM Financial, and SBI Capital Markets, among others. KFin Technologies Limited will serve as the Registrar to the Issue.

Who Owns Jio Platforms Today?

The DRHP sets out the pre-issue shareholding structure in full. Reliance Industries Limited, the promoter, holds 59,37,84,16,45 shares, a 66.43% stake in the company. A number of well-known global investors sit alongside the promoter on the cap table. Meta Platforms, through its entity Jaadhu Holdings LLC, holds 9.98%. Google International LLC holds 7.73%. The Public Investment Fund of Saudi Arabia, KKR, and Vista Equity Partners each hold 2.31%. Silver Lake holds 1.88%, Mubadala Investment Company 1.85%, General Atlantic 1.34%, Abu Dhabi Investment Authority 1.16%, and TPG Capital 0.93%.

These investors came in during 2020, when Jio Platforms raised over ₹1.5 lakh crore across a series of fundraising rounds in a matter of months.

Three Years of Financial Growth

The DRHP includes restated consolidated financials covering FY24, FY25, and FY26. Revenue from operations rose from ₹1,09,558 crore in FY24 to ₹1,28,218 crore in FY25, and then to ₹1,46,885 crore in FY26. EBITDA followed a similar trajectory, ₹54,959 crore in FY24, ₹64,170 crore in FY25, and ₹76,255 crore in FY26. The EBITDA margin widened from 50.05% in FY25 to 51.91% in FY26, pointing to improving operational efficiency at scale. Profit after tax grew from ₹21,423 crore in FY24 to ₹26,109 crore in FY25, and reached ₹30,049 crore in FY26.

Subscriber Base and Operating Metrics

As per the DRHP, Reliance Jio Infocomm served 524.4 million customers as of March 31, 2026, adding 36.2 million net subscribers through FY26. Of these, 268 million are 5G users, Jio added 77 million 5G subscribers during the year alone, making it the largest single-country 5G operator outside China by subscriber count.

Average Revenue Per User (ARPU), which measures how much revenue the company earns per subscriber each month, stood at ₹214 for the exit quarter of FY26. That compares to ₹206.2 in FY25 and ₹181.7 in FY24, a steady upward move that reflects both tariff increases and a shift towards higher-value plans. Total data traffic on the network touched 241.4 billion gigabytes in FY26, up 30.8% from 184.5 billion gigabytes the year before. Monthly data consumption per user in the exit quarter stood at 42.3 GB, up from 33.6 GB in the prior year. Monthly churn; the rate at which subscribers leave the network was 1.67% in the exit quarter.

More than 13 million homes are now connected through Jio AirFiber, the company's fixed wireless broadband service. The network also carries around 20 billion minutes of voice traffic each month.

AI and Infrastructure Plans

Jio's ambitions extend well beyond telecom. Reliance Intelligence, a dedicated AI subsidiary, is building a sovereign AI computing backbone at Jamnagar, Gujarat. The first phase of this facility, covering 120 megawatts of capacity, is expected to come online by the end of 2026. It will initially be powered by Nvidia GB300 GPUs.

On the partnership front, Reliance and Google have deepened their collaboration into what they describe as an AI-first arrangement, with Google AI Pro powered by Gemini being offered free to Jio users. A new platform called Jio Teleframe, built specifically for AI agents, was also announced at the AGM. Separately, Jio is evaluating the development of a sovereign low Earth orbit (LEO) satellite constellation for India, and is currently partnering with global satellite providers and leasing capacity while it works on building the underlying infrastructure for a homegrown satellite network.

Conclusion

Jio Platforms' DRHP filing with SEBI on June 19, 2026, opens the regulatory chapter of its journey towards a public listing. The IPO proposes a fresh issue of 27 crore equity shares, with proceeds earmarked primarily for debt repayment at RJIL and general corporate use. Backed by FY26 revenue of ₹1,46,885 crore, an EBITDA margin of 51.91%, over 524 million subscribers, and a global roster of pre-IPO investors already holding stakes, Jio heads into this process with a well-established operational and financial foundation. The listing remains subject to SEBI's observations and statutory approvals, with investors expected to watch the regulatory timeline closely in the weeks ahead.