Mukesh Ambani has made up his mind. Jio Platforms will go public — but on his terms, not those of the global investors who've been waiting six years for an exit.
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Reliance Industries has scrapped the Offer for Sale route and will list Jio Platforms through a 100% fresh issue of ₹25,000 crore. The DRHP is expected to land at SEBI within the next 7 to 15 days. Listing is now penciled in for July 2026.
For retail investors tracking India's biggest IPO of the decade, here's what changed and why it matters.
Why the OFS Plan Was Dropped
The original idea was simple. Meta, Google, KKR, Vista Equity and sovereign funds like PIF, ADIA and Mubadala — who together hold 32.9% of Jio after pumping in ₹1.52 lakh crore in 2020 — would sell roughly 8 to 8.5% of their stakes in the IPO.
Then the maths got awkward. These investors wanted the highest possible price band. Ambani didn't. He's been insisting the listing must leave room on the table for retail buyers, not just deliver a windfall to the early backers. Neither side blinked.
So the OFS was shelved. Every marquee investor is staying put. That's a vote of confidence Reliance can take to the road show.
The Rule Change That Made It Possible
None of this would have worked without the Centre's notification on 13 March 2026 — the Securities Contracts (Regulation) Amendment Rules, 2026.
The old rulebook would have forced Jio to dilute 5 to 10% upfront. That's an issue size of ₹50,000 crore to ₹1,00,000 crore. The market simply can't soak up that much paper in one go.
Under the new six-slab structure, companies valued above ₹5 lakh crore can list with just 2.5% public float. Jio, valued at roughly ₹10 lakh crore, lands a minimum issue size of ₹25,000 crore — and gets ten years to take public shareholding to 25%.
Where the Money Goes
Straight to the balance sheet. Because it's a fresh issue, not a single rupee flows to selling shareholders. Reliance plans to use the proceeds to clear Jio's remaining debt, which already sits at a manageable 0.24 debt-to-equity. After this, Jio is effectively debt-free — and ready to self-fund its AI cloud, 5G expansion, home broadband and satellite plans.
The FY26 Numbers
- Revenue: ₹1,72,317 crore, up 14.5%
- EBITDA: ₹76,255 crore, up 19%
- PAT: ₹30,049 crore, up 15%
- EBITDA margin: 51.9%
- Subscribers: 524.4 million, with 268 million on 5G
- ARPU: ₹214, up from ₹206.2
Jio now delivers more than 55% of Reliance group's EBITDA. The telco arm is carrying the conglomerate.
What Retail Investors Should Watch
Two things. First, IPO listing gains have thinned out — early 2026 issues have averaged just 0.3% over offer price. Don't bank on a pop. Second, once Jio trades separately, RIL itself may face a holding company discount. The parent stock has already slipped nearly 12% this year as the market repositions.
That said, Jio enters the market with a clean book, the country's largest subscriber base, and a wounded Vodafone Idea bleeding share its way. The long-term thesis is intact.
FAQs
When is the Jio Platforms IPO date? DRHP filing in 7 to 15 days. Listing targeted for July 2026.
What's the issue size? ₹25,000 crore — a 100% fresh issue.
Will Meta and Google exit? No. Both are holding their full stakes.
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