Jio Platforms files for India’s largest-ever IPO, with nearly $3 billion earmarked for debt repayment



TL;DR

Jio Platforms filed for a $3.8B IPO that would be India’s largest ever, with $2.9B earmarked to repay its telecom unit’s foreign currency debt.

Jio Platforms, the digital and telecom arm of Mukesh Ambani’s Reliance Industries, filed its draft red herring prospectus with India’s securities regulator on Friday for what would be the country’s largest initial public offering. The filing covers a fresh issue of up to 270 million shares, with no offer-for-sale component, meaning every rupee raised flows directly into the company’s balance sheet.

The IPO is expected to raise approximately $3.8 billion, according to people familiar with the matter. That would surpass Hyundai Motor India’s $3.3 billion listing in October 2024, currently the record for an Indian maiden offering.

The DRHP specifies that 275 billion rupees ($2.9 billion) of the net proceeds will go toward prepaying external commercial borrowings held by Reliance Jio Infocomm, its telecom subsidiary. The remaining funds are earmarked for general corporate purposes.

The borrowings in question consist of three loan facilities denominated in dollars and yen, totaling 300.6 billion rupees. Lenders include Australia & New Zealand Banking Group, Bank of America, Barclays, BNP Paribas, and Citibank. All three facilities are scheduled for repayment between March and June 2028, but Jio Platforms intends to prepay them in full or in part from the IPO proceeds.

Ambani announced the filing at Reliance Industries’ 49th annual general meeting on June 19, describing the listing as a step toward unlocking value for shareholders. The IPO will be led by Akash, Isha, and Anant Ambani, the next generation of the family.

Nineteen banks have been appointed as book-running lead managers, including Morgan Stanley, Goldman Sachs, J.P. Morgan, and Kotak Mahindra Capital.

The deleveraging strategy is significant. Jio Platforms’ net debt stood at 275.8 billion rupees as of March 2026, down from 452.7 billion rupees a year earlier and 484.4 billion rupees in March 2024. A successful IPO would eliminate the bulk of the remaining foreign currency exposure and reduce the company’s annual servicing costs.

The company said in the prospectus that repaying the debt would improve its ability to raise future resources for business development and position it for continued investment in 5G network densification, fixed broadband expansion, and AI and cloud services.

Jio Platforms operates through its telecom subsidiary Reliance Jio Infocomm, which is the world’s second-largest mobile operator by single-country subscribers after China Mobile. As of March 2026, it had 524.4 million subscribers, with 268.5 million already on its 5G network, making it the largest single-country 5G operator outside China in a market racing to scale its digital infrastructure.

In the financial year ending March 2026, Jio reported operating revenue of approximately 1.47 trillion rupees ($15.6 billion) and a net profit of roughly 300 billion rupees ($3.2 billion). EBITDA rose 18.8% to 762.6 billion rupees, with margins improving to 51.9%.

At a valuation above $130 billion, which analyst estimates place between $131 billion and $180 billion, the IPO would make Jio Platforms one of the most valuable companies to list in Asia. The offering represents roughly 2.9% of post-issue equity, enabled by a March 2026 regulatory change that allows companies valued above 5 trillion rupees to list with just 2.5% public float.

Meta holds a 9.99% stake and Google holds 7.73%, both acquired during a 2020 fundraising round that brought in more than a dozen global investors including KKR, Vista Equity Partners, Silver Lake, and sovereign wealth funds from Abu Dhabi and Saudi Arabia. The fresh-issue structure means none of these investors are selling in the IPO itself, though the DRHP does not restrict future secondary sales once lock-up periods expire.

The timing places Jio’s filing alongside a broader wave of major Asian tech listings. At the same AGM, Ambani outlined a $110 billion AI infrastructure investment over seven years and announced a partnership with Meta to build an AI data centre in Jamnagar, Gujarat. The IPO proceeds, by clearing the balance sheet of foreign currency debt, would free up capacity for those commitments.

India’s broader push toward technological self-reliance and sovereign AI infrastructure adds a geopolitical dimension to the listing. Jio has positioned itself as the backbone of India’s digital economy, and its 5G and AI ambitions align with the government’s stated goal of reducing dependence on foreign technology platforms.

Existing Reliance Industries retail shareholders will receive a dedicated quota in the offering, with up to 35% of the issue reserved for retail investors. Price band, lot size, and bidding dates have not yet been disclosed, which is standard at the DRHP stage. These will follow once SEBI issues its observations and Jio files its final prospectus.

The draft document did not specify the IPO’s total size in rupee terms, as the issue price will be determined through book building. However, based on the 270 million share figure and prevailing valuation estimates, the offering is expected to land in the range of 360 billion rupees.



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I am a recent convert to physical media — yet even as someone getting back into buying discs in 2026, I haven’t been buying Blu-rays. Like many Americans, I still pick up DVDs instead. These aren’t great times for the Blu-ray format, and don’t expect a turnaround in 2026.

Fewer new releases make their way to Blu-ray

More media is now released exclusively for streaming

Blu-ray has been around for two decades, but it never managed to fully replace, or even overtake, the DVD format it was designed to supersede. We still can’t take for granted that our favorite movies, let alone TV shows, will eventually see a Blu-ray release.

The movies most likely to come to Blu-ray are the ones that hit theaters, but a growing amount of cinema is designed exclusively with streaming platforms in mind. I recently rewatched Mississippi Masala, which led me to check in on what work Sarita Choudhury has done over the decades since. A film called Evil Eye released in 2020 caught my eye. Unfortunately, it’s only available via Prime Video. There’s no Blu-ray or even a DVD. In contrast, it’s easy to watch Michael B. Jordan in Sinners on Blu-ray, since that movie came to theaters last year.

You could say that it makes sense that a movie with a 4.8/10 rating on IMDb doesn’t see a physical release, but in the heyday of physical video, store shelves were stacked not only with just the big-budget bangers but plenty of straight-to-DVD movies as well. Now those films exist to pad out streaming catalogs instead.

Fewer big box stores stock their shelves with physical discs

Blu-ray discs have disappeared from some stores entirely

Best Buy store front
Best Buy

The format’s demise is striking. I frequent my local Best Buy quite often and don’t see any movies on display. That’s because the retailer stopped selling movies in stores several years ago. Walmart still sells them, but the selection is a fraction of what you could find ten or twenty years ago. The audience has been reduced down to the shrinking number of people whose internet at home can’t handle streaming and those who might think of themselves as collectors.

If you venture onto Reddit and visit r/Blu-ray, you will find more threads about thrift store hauls and older collections than excitement over the latest new release. Don’t get me wrong — I, too, am very excited about seeing what gems I can snag for only a couple bucks, but this shows the challenge retailers face. Increasingly, only enthusiasts are prepared to drop over $20 on a disc.

I’m not buying discs to stick them in a player

Phone on a stand playing a Netflix video Credit: Bertel King / How-To Geek

The simple truth is that most people don’t want to buy physical media. Discs don’t fit in phones, and the drives are no longer available in most laptops. Even desktop PCs lack a place to put a disk. I recently built a PC for the first time in part to digitize my media library, and I rely on an external DVD drive connected via USB. Yes, DVD, not Blu-ray. A smaller file size combined with upscaling is easier on my hard drive.

Retro nostalgia hasn’t helped Blu-ray in the same way it has aided vinyl. This is in part because most people simply don’t care all that much about video quality. Most are streaming video on Netflix and YouTube at middling settings on small screens, and many of us are acclimated to mid-range phone speakers, compared to which even the subpar built-in speakers on modern TVs sound like a huge step-up. It’s hard to convince large numbers of people to purchase an expensive version of a movie in a format that requires thousands of dollars of home media equipment to truly appreciate.

4K Ultra HD is in an even worse position

It’s been a decade, yet few people own these discs

The 4K Ultra HD Blu-ray format is an enhancement, rather than a replacement, of the Blu-ray discs that first appeared in 2006. Debuting in 2016, the 4K Ultra HD format supports the max resolution of a 4K TV.

4K TVs were still somewhat of a novelty ten years ago, but they’re cheap and commonplace today. Still, people aren’t demanding 4K-quality Blu-ray movies as a result. These discs are still less common than 1080p ones, which are themselves still outnumbered by DVDs.

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The industry isn’t helping itself, either. 4K Ultra HD Blu-ray discs come with DRM and aren’t easy to play on a modern PC, further limiting potential growth. They do not want anyone pirating these super high-quality versions. When you consider that some of these 4K Blu-rays have an AI upscaling problem, you’re paying more for what may not even be the best version.​​​​​​​


Blu-ray is seeing fewer releases, is available in fewer places, and is less accessible in the ways many of us want to watch TV shows and movies in 2026. With our portable devices getting better and internet speeds getting faster, it’s hard to see physical video staging a turnaround, even if we’re still a long way off from it going away entirely.



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