Indian telco giant Reliance Jio last week filed for what is likely to be India’s largest initial public offering (IPO), worth close to $4 billion.
Media reports suggest that India’s largest telecoms operator could raise around $4bn, after the company’s chair, Mukesh Ambani, announced plans to list the company on Friday (June 19).
The carrier was only launched a decade ago, but has grown its customer base to more than 500 million.
“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” said Ambani at the company’s Annual General Meeting.
“This is a deeply emotional moment for me, for the entire Reliance family and millions of its shareholders,” he added. “A brighter future awaits Jio.”
A draft prospectus for the IPO has been approved by Reliance’s board, which has plans to issue up to 270 million new shares, reports the Financial Times. The IPO will be filed with the Securities and Exchange Board of India (SEBI)
It was reported last year that billionaire owner Ambani was pushing to launch an IPO for its telecoms arm by mid-2026.
During the company’s AGM, Ambani highlighted partnerships with tech giants Nvidia, Meta, and Google, as he noted ambitions to scale the company’s AI focus.
Earlier this month, Reliance Jio inked a contract with Meta to build a 168MW data center in the state of Gujarat, India. As part of this deal, Reliance will build the data center, which will be leased to Meta so that it can run AI workloads.