Adia, PIF, and Mubadala-backed Jio Platforms eyes USD 3.8 bn IPO

Gulf SWF-backed Jio Platforms has officially filed draft papers for a Mumbai listing that could raise up to INR 360 bn (USD 3.81 bn). The digital and telecom crown jewel of b’naire Mukesh Ambani’s Reliance Industries conglomerate is priming itself for a listing that could become the largest listing on India’s stock markets.

Where the Gulf capital sits: Saudi Arabia’s Public Investment Fund anchors a 2.32% stake, while Abu Dhabi’s Mubadala Investment Company holds 1.85%, and the Abu Dhabi Investment Authority controls 1.16%. They sit alongside a star-studded roster of global tech investors, including Meta Platforms, Alphabet, Vista Equity Partners, KKR, General Atlantic, and Silver Lake. The listing will only create a valuation marker for those investors after an earlier offer-for-sale plan was scrapped, limiting an exit window for the Gulf investors.

The share sale is expected to dilute roughly 2.9% of Jio Platforms’ post-issue equity, valuing the business at around INR 12.5 tn (USD 131 bn), Reuters reports. Jio Platforms includes Reliance Jio Infocomm, the world’s second-largest telecom provider along with AI, cloud, and enterprise network businesses.

The IPO could become India’s largest if completed at that size, surpassing Hyundai Motor India’s INR 278.7 bn (USD 2.95 bn) listing in 2024. The prospectus does not include the final fundraising target, and final details may change closer to the listing.

Debt repayment: Jio Platforms plans to use most of the IPO proceeds to repay an estimated INR 275 bn (USD 2.92 bn) of Reliance Jio Infocomm’s debt, according to the draft prospectus. The repayment would support further investment in 5G network expansion, fixed broadband, and AI and cloud services.

Beyond telecom: Jio Platforms has expanded into AI, cloud, enterprise networks, and app development, including a 2023 AI partnership between Reliance and US-based chipmaker Nvidia to develop cloud infrastructure and LLMs. It reported operating revenue of around INR 1.49 tn (USD 15.6 bn) in FY 2026 and net income of around INR 304 bn (USD 3.19 bn).

Advisors: Kotak Mahindra Capital, Morgan Stanley India Company, BofA Securities India, Axis Capital, and BNP Paribas are among the long list of bookrunning lead managers for the IPO. KFin Technologies is the registrar to the issue.

Market test: The IPO comes as India’s capital markets cool after volatility linked to the US-Israel conflict with Iran. India was the world’s second-largest IPO market in 2025, but market swings triggered by the war have slowed new listings.