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Reliance Jio is set to file papers for its much-awaited Initial Public Offering (IPO) with market regulator Securities and Exchange Board of India (SEBI), on Friday, June 19, Chairman and Managing Director Mukesh Ambani said at the company's 49th Annual General Meeting (AGM).
"This is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth," Mukesh Ambani said in his AGM address.
Reliance Industries' Chairman & Managing Director went on to add that the proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capabilities and global value. "I assure you, and all prospective new investors, that a brighter future awaits Jio," he added.
Reliance Jio's Financials
For the March quarter, Reliance Jio reported revenue of ₹33,381 crore, a growth of 1.9% sequentially, while its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased to ₹18,771 crore from ₹18,408 crore in the previous quarter.
Jio's EBITDA margin remained constant at 56.2%.
Average Revenue Per User (ARPU) for the quarter stood at ₹214, nearly the same as the previous quarter, and higher than the ₹206.2 crore it reported last year.
Who Are The Backers of Jio Platforms?
Meta Platforms is among the largest external investors in the company with a 9.99% equity stake. Google-parent Alphabet is also a backer with a 7.73% stake.
Some of the other private equity partners include Silver Lake, General Atlantic, KKR & Co. TPG Capital, and L Clatterton.
The Public Investment Fund of Saudi Arabia, Mubadala Investment Company and the Abu Dhabi Investment authority (ADIA) also feature among the list of investors.
How Much is Jio Platforms Valued At?
Brokerage firm Motilal Oswal expects Reliance Jio to remain the biggest growth driver for Reliance Industries going forward, driven by wireless tariff hikes, market share gains and continued ramp-up of its home and enterprise offerings.
The firm valued RIL's stake in Jio Platforms at ₹525 per share, at a 11.5 times March 2028 estimated Enterprise Value to EBITDA.
Equirus has assigned a value of ₹415 to the telecom business for financial year 2026, ₹465 for financial year 2027, which increases to ₹508 and ₹553 for financial year 2028 and 2029 respectively.
Calling Jio the most predictable earnings engine of the group, Equirus said that further ARPU-led monetization remains a key earnings lever and that is likely to happen over the next two quarters.
Telecom and retail now account for 65% of Equirus' Enterprise Value.
Jio Making Leaps On The Innovation Stage
According to the World Intellectual Property Organization's Patent Cooperation Treaty rankings for 2025, Jio has entered the global top 20 patent applicants, ranking 20th worldwide.
The company's patent portfolio is concentrated in next-generation technologies including 5G, 6G, artificial intelligence, cloud-native platforms and digital infrastructure.
As of March 2026, Jio has filed more than 6,800 patents globally. Of these, 2,393 patents have been filed in India and 4,424 in international markets.
The company has also secured 1,009 patent grants worldwide, including 538 in India and 471 overseas.
