Jio Platforms, the digital arm of Reliance Industries, submitted its draft red herring prospectus to SEBI on Friday, initiating an IPO that sources say will raise roughly $3.8bn–$4bn. This would eclipse Hyundai Motor India’s $2.95bn offering in October 2024 to become the country’s largest-ever share sale. The filing, confirmed by chairman Mukesh Ambani at Reliance’s annual general meeting, proposes a fresh issue of up to 27 crore equity shares—representing about 2.9% of the post-issue capital—with proceeds earmarked primarily to repay debt at subsidiary Reliance Jio Infocomm. The structure marks a departure from earlier expectations of an offer-for-sale by existing foreign investors; instead, the company is raising primary capital, signalling a focus on balance-sheet strengthening.

The IPO filing was the centrepiece of an AGM at which Ambani laid out a sweeping strategic reorientation. He said Reliance would, over the long term, convert all the oil it refines into chemicals and advanced materials, transforming its legacy oil-to-chemicals business into a higher-value “Oil-to-Chemicals & Materials” platform. The group pledged to create 200,000 green jobs through its new energy complex and flagged artificial intelligence and satellite broadband as the next growth pillars. The operational leadership transition to the next generation—Akash, Isha and Anant Ambani—is now “nearing completion,” the chairman said, embedding the IPO within a broader generational and strategic handover.

Jio Platforms houses India’s largest telecom operator by subscribers (over 500 million) and commands roughly 60% of the country’s data traffic. Its operating revenue reached $13.65bn in the last financial year, with 90% still generated by the core connectivity business. Marquee investors from a 2020 fundraising round—Meta (9.9%), Google (7.7%), KKR, Silver Lake and Abu Dhabi Investment Authority—remain on the register. Investment bank Jefferies has pegged Jio’s valuation at around $180bn, while the expected IPO size implies a valuation closer to $137bn, reflecting differing assumptions about growth and market conditions. Viewed from Mumbai, the listing is a test of investor appetite after a period of equity-market volatility and a signal of India’s capacity to produce technology companies of global scale. In a contrasting approach, Indonesia’s state-owned Telkom has decided not to pursue an IPO for its fibre infrastructure unit Infranexia, opting instead to invite a strategic partner that can bring technology and governance expertise alongside capital—a reminder that the IPO route is not the only path for digital infrastructure assets in the region.

The draft prospectus now enters regulatory review by SEBI, with the final issue price to be determined through a book-building process. The offering is expected to be launched once market conditions stabilise and regulatory approvals are secured. The key milestone to watch is SEBI’s clearance and the subsequent pricing band announcement, which will crystallise the final fundraise size and valuation.