Jio Platforms to Kick Off Global Roadshow for India's Largest-Ever IPO, Targets $4 Billion Raise

Jio Platforms, the digital and telecom arm of Mukesh Ambani's Reliance Industries, is set to begin formal investor outreach for its initial public offering as early as next week, according to people familiar with the matter, advancing plans for what is on track to become India's largest-ever stock market listing.

The company is expected to hold roadshow meetings across the United States, Singapore, Hong Kong, London and the Middle East as it courts institutional investors ahead of a planned launch. Reports indicate the roadshow could run roughly three weeks internationally, followed by a further two weeks of meetings within India, as bankers work to build demand for what would be one of the largest IPOs anywhere in the world this year.

Timeline and Size of the Offering

Jio is said to be targeting a listing window around late October or early November, with the last week of October timed to coincide with the Navratri festive period seen as one possible launch date, and the first week of November as a fallback if that window does not work out. The offering is expected to be entirely a fresh issue of up to 27 crore equity shares, with no offer-for-sale component, an approach the company has said is intended to protect retail investor interests by ensuring all proceeds go toward the business rather than allowing existing shareholders to cash out through the listing.

Jio Platforms filed its draft red herring prospectus with India's markets regulator, the Securities and Exchange Board of India, on June 19, and received regulatory approval for the issue on August 28. Various reports have pegged the likely size of the raise at approximately ₹37,000 crore, or roughly $3.8 to $4 billion, which would make it comfortably the largest IPO in Indian corporate history, surpassing prior record listings by a wide margin.

Where the Money Would Go

The company has indicated that proceeds from the offering are intended primarily to reduce high-interest debt on its balance sheet, including obligations tied to spectrum purchases, while also funding continued expansion in artificial intelligence, 5G network build-out and cloud data-centre capacity. Those priorities reflect Jio's ambition to position itself not just as India's largest telecom operator but as a broader digital infrastructure and technology company competing across AI services and enterprise cloud offerings.

A price band for the issue has not yet been finalised. Given Reliance's approach with past listings, including that of Jio Financial Services, the company is widely expected to keep the price band relatively accessible in order to encourage strong retail investor participation, a strategy that has helped past Reliance-linked offerings draw large subscriber bases among individual investors.

Why This Listing Matters

A Jio IPO of this scale would be a landmark event for Indian capital markets, testing investor appetite for a mega-issue at a time when the broader market has been volatile amid rising crude prices and global geopolitical tension. Success would also mark a significant moment for Reliance's broader strategy of unlocking value from its digital businesses through public listings, following the earlier spin-off of Jio Financial Services.

This is an original summary based on public reporting. See our editorial policy for how we source, write, and correct our stories.