Reliance Jio IPO filing nears: A look at its rise, scale, profitability

As Reliance Jio nears a reported $4 billion IPO, here's a look at how India's largest telecom operator grew, its subscriber base, services, profitability and future plans

Reliance Jio Infocomm, India's largest wireless operator, is nearing the filing of draft papers for its much-awaited $4 billion initial public offering (IPO), according to a Financial Times report.

 

The filing could come ahead of Reliance Industries Chairman Mukesh Ambani's address to shareholders at the company's annual general meeting (AGM) on June 19. At an estimated $4 billion, the proposed offering would rank among the largest public issues ever launched in India. It is expected to surpass Hyundai Motor India's $3.3 billion IPO and could become the country's biggest stock market listing to date. Ambani had indicated at Reliance Industries' 2025 AGM that Jio's long-awaited public debut would take place in the first half of 2026.

 

 

According to The Economic Times, Reliance has moved away from an offer-for-sale (OFS) structure and is instead considering a predominantly fresh issue, ensuring that a substantial portion of the proceeds would be deployed into Jio's operations and future growth initiatives.

 

When was Jio Infocomm launched?

 

Reliance Jio Infocomm was commercially launched on September 5, 2016, offering free voice calls and low-cost 4G data plans.

 

The launch fundamentally altered India's telecom landscape. Before Jio's entry, mobile data remained relatively expensive and internet usage was limited. By making mobile internet affordable, Jio brought millions of users online and helped expand digital access across the country.

 

Today, Jio Platforms serves as Reliance Industries' digital and telecom arm, housing telecom operations alongside a broader ecosystem of digital services. 

 

What services does Jio offer today?

 

Over the past decade, Jio has evolved from a telecom operator into a diversified digital services platform. Its offerings include:

 

Connectivity

Mobile 4G and 5G services

JioFiber home broadband

JioAirFiber fixed wireless broadband

 

Entertainment and Media

JioHotstar

JioCinema

JioTV

JioSaavn

 

Cloud and Productivity

JioCloud

JioMeet

MyJio

 

Commerce and Financial Services

JioMart

JioMoney

 

Enterprise Solutions

Cloud infrastructure

Data centres

Connectivity solutions for businesses

 

The company is also investing in standalone 5G networks, edge computing infrastructure, artificial intelligence (AI) services and satellite broadband connectivity.

 

How large is Jio's subscriber base?

 

Jio today operates as the country's largest telecom operator. According to the Telecom Regulatory Authority of India (Trai), as of April 2026:

 

• Jio was India's largest wireless broadband provider with 512.58 million subscribers
• It was also the country's largest wired broadband operator with 14.35 million subscribers

 

Reliance says Jio has built a mobility network with over 99 per cent population coverage and reaches around 25 million homes through fibre broadband. The company also operates through nearly 9,000 digital stores, over one million merchant partners and around three million Jio Associates across the country. According to Reliance Industries' data, Jio carries nearly 60 per cent of India's total data traffic, with annual data consumption reaching 241.4 billion GB in FY26.   

How profitable is Jio?

 

Jio has emerged as one of Reliance Industries' most valuable businesses. Jio Platforms' revenue crossed ₹1.45 trillion in FY26, supported by rising 5G adoption, increased data consumption and expansion in home broadband services.

 

The company's monetisation has strengthened significantly in recent years. According to Zerodha, tariff hikes have boosted Jio's average revenue per user (ARPU), while its revenue market share in India's telecom industry exceeds 40 per cent.

 

The business also benefits from its integrated digital ecosystem, which allows it to generate revenue beyond telecom services through content, cloud, commerce and enterprise offerings.

 

How did global investors back Jio's growth story?

 

In 2020, Jio Platforms raised more than ₹1.5 trillion from 13 global investors, including Meta, Google, KKR, Silver Lake, Vista Equity Partners, Qualcomm Ventures and Saudi Arabia's Public Investment Fund.

 

The fundraising, among the largest corporate capital raises in India, helped Reliance become net debt-free and provided capital to expand Jio's digital ecosystem. Since then, Jio has deepened partnerships with global technology companies including Meta, Google, Microsoft, Nvidia, Qualcomm, Intel, Samsung, Ericsson and Nokia.

 

What lies ahead for Jio?

 

Mukesh Ambani has outlined an ambitious roadmap for the company, centred on expanding mobile and fibre broadband connectivity, growing AI-led digital services, strengthening cloud infrastructure and digitising Indian businesses.

 

The company is also exploring opportunities in overseas markets while continuing to deepen partnerships with technology giants such as Meta and Google.

 

With strong profitability, a dominant market position and a vast digital ecosystem, Jio's proposed IPO is expected to attract significant interest from both domestic and international investors, potentially marking a defining moment for India's capital markets.