Jio Platforms, the digital and telecom arm of Reliance Industries and India's largest wireless operator and digital service provider, has filed its draft red herring prospectus for an initial public offering. Billionaire Mukesh Ambani stated that the submission of listing documents would occur by Friday as part of a process to unlock shareholder value.
The filing marks what would be the largest initial public offering in India. The offering covers a fresh issue of up to 270 million shares with no offer-for-sale component, meaning every rupee raised will flow directly to the company.
Jio Platforms plans to use a portion of the proceeds from the share sale to repay almost $3 billion in external commercial borrowings for its telecom unit. In addition to its role as a wireless operator, the company has diversified its services into AI, cloud, and enterprise network services.