Jio IPO: Mukesh Ambani Announces DRHP Filing at Reliance AGM

Reliance Industries has taken a major step towards listing its digital business, Jio Platforms, on the stock market. At the company’s 49th Annual General Meeting (AGM), Chairman and Managing Director Mukesh Ambani announced that the board had approved the Draft Red Herring Prospectus (DRHP), which will be filed with the Securities and Exchange Board of India (SEBI) on Friday.

Announcing the development, Mr Ambani said, “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.”

The filing marks the formal beginning of Jio’s IPO process and is expected to be one of the most closely watched public offerings in India’s corporate history.

Why Is the Jio IPO Significant?

The proposed public listing is being positioned as a major value-unlocking event for Reliance Industries and its investors.

According to the company, the IPO will allow existing shareholders to benefit from the value created by Jio’s rapid expansion across telecom, digital services, cloud infrastructure, artificial intelligence, and technology platforms.

Calling the moment historic, Ambani said, “This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders.”

He added, “The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability and global value.”

Ambani Siblings to Lead the Listing Process

The IPO process is being spearheaded by the next generation of Reliance leadership.

Isha Ambani, Akash Ambani and Anant Ambani are leading the listing exercise, underscoring the growing role of Reliance's succession leadership team in driving the group's future growth initiatives.

The company described the listing as a key milestone for value creation during the current financial year.

A Reflection of Dhirubhai Ambani’s Vision

During his address, Mukesh Ambani also linked the IPO announcement to Reliance’s long-standing relationship with its investors.

He said the company’s bond with shareholders is built on pride, trust, respect and shared growth, principles that were central to founder Dhirubhai Ambani’s vision.

According to Ambani, Reliance’s commitment to wealth creation has always been rooted in ensuring that shareholders participate in the company’s growth journey.

Jio’s Rising Global Technology Credentials

Highlighting Jio’s innovation capabilities, Ambani referred to a recent World Intellectual Property Organization (WIPO) report.

According to him, Jio Platforms jumped from 340th position to 20th globally in patent innovation velocity within a year, making it the only Indian company to enter the top 20 rankings.

The achievement reflects Jio’s increasing focus on research, intellectual property creation and advanced technology development as it seeks to compete with global technology giants.

Reliance’s Strong Financial Performance

The IPO announcement came alongside Reliance Industries’ financial performance update for FY26.

The company reported consolidated revenue of Rs 11,75,919 crore, representing a 9.8 per cent year-on-year increase.

Speaking about earnings growth, Ambani said, “Our EBITDA for the financial year 21 was Rs 97,580 crore, which rose to Rs 2,079,11 crore for the year 26. Retail and digital businesses contributed nearly half of the financial year 2026 EBITDA.”

Reliance also reported a net profit of Rs 95,754 crore for FY26, up 17.8 per cent compared to the previous financial year.

Digital and Retail Businesses Drive Growth

A key takeaway from Reliance’s FY26 performance is the growing contribution of its consumer-facing businesses.

Ambani noted that retail and digital services now account for nearly half of the company’s consolidated EBITDA, highlighting a strategic shift away from Reliance’s traditional energy-led earnings model.

The growing contribution of Jio and retail businesses underscores why investors are closely watching the upcoming Jio IPO and what it could mean for the future valuation of India's largest conglomerate.

(With inputs from ANI)