Mumbai (Maharashtra) [India], June 19 : Reliance Industries Limited (RIL) on Friday announced that Jio Platforms Limited has approved and will release its Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO), marking a major milestone in the digital services company's growth journey.
Addressing shareholders at the 49th Annual General Meeting (AGM) of Reliance Industries, Chairman and Managing Director Mukesh Ambani said the Board of Jio Platforms had approved the DRHP earlier in the day and that it would be filed with the Securities and Exchange Board of India (SEBI) on Friday itself.
"With great delight, let me tell you that the Board of Jio Platforms has approved the Draft Red Herring Prospectus earlier today and it will be filed with SEBI today," Ambani said.
According to a regulatory filing by Reliance Industries, the proposed IPO will comprise a fresh issue of up to 27 crore equity shares of face value Rs 10 each. The issue price will be determined through the book-building process and will be subject to receipt of the necessary regulatory approvals.
Calling the development a deeply emotional moment, Ambani said the proposed listing would represent a significant value-creation milestone for Reliance and its shareholders.
"This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders," he said.
The IPO process is being led by the next generation of the promoter family, including Isha Ambani, Akash Ambani and Anant Ambani. Ambani said the listing would demonstrate India's ability to build technology companies of global scale, capability and value.
"The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability and global value," he said.
Highlighting Jio Platforms' innovation credentials, Ambani cited a report by the World Intellectual Property Organization (WIPO), saying the company had jumped from 340th rank to 20th globally in patent innovation velocity within a year, becoming the only Indian company to enter the top 20.
Ambani also outlined Jio's next phase of growth through five strategic commitments. These include expanding JioTrue5G as the foundation of India's digital transformation, accelerating broadband penetration through JioAirFiber, digitising enterprises and small businesses through initiatives such as JioPC, embedding artificial intelligence across consumer and enterprise services, and taking Jio's indigenous technology stack to global markets.
He said Jio aims to migrate all subscribers to 5G by 2030 while contributing to global 6G standards. He added that JioAirFiber installations are now being completed within 24 hours in over 90 per cent of cases, with home broadband connections growing by up to 60,000 per day.
Ambani further said the company's proprietary deep-tech stack built for 5G, fixed wireless access and AI services is ready for deployment with international partners, positioning technology exports as a key pillar of Jio's future growth strategy.
On Reliance Industries' financial performance, Ambani said the company's consolidated revenue for FY26 reached a record Rs 11,75,919 crore, up 9.8 per cent year-on-year.
He said net profit for FY26 stood at Rs 95,754 crore, registering a growth of 17.8 per cent over the previous financial year, while retail and digital services businesses together contributed nearly half of the company's consolidated EBITDA and emerged as the principal drivers of growth.