Jio Platforms to Use IPO Proceeds to Repay Debt, Says Akash Ambani

Jio Platforms is to use up to ₹27,500 crore from its initial public offering (IPO) to repay borrowings of Reliance Jio Infocomm, according to its offer documents cited by The Economic Times.  

Chairman Akash Ambani said on Thursday that the company was heading towards becoming net debt-free. The IPO is expected to raise ₹30,213 crore at the upper end of the price band.  

The remaining proceeds, after the planned debt repayment, will be used for general corporate purposes. Jio Platforms' reported net debt has fallen to ₹9,539 crore from ₹39,036 crore a year earlier. The proposed repayment is expected to reduce the company's borrowing costs. 

Issue Values Jio Platforms IPO at ₹10.3 Lakh Crore 

The company has fixed the IPO price band at ₹1,065-₹1,119 per share. The issue comprises up to 27 crore fresh equity shares and will open on October 21, with subscription closing on October 23, 2026. 

At the upper price, Jio Platforms will be valued at approximately ₹10.3 lakh crore. The issue is larger than Hyundai Motor India's ₹27,900 crore IPO in 2024. 

The offering is entirely a fresh issue of shares, with no offer for sale (OFS) by existing investors. Reliance Industries, which holds around 66.4% of Jio Platforms, will retain its stake. Meta, Google, Mubadala and Saudi Arabia's Public Investment Fund are also retaining their holdings. 

JIO Platform’s Revenue Beyond Mobile Connectivity 

Jio's subscriber base has crossed 533 million since the company began commercial operations in 2016. It is also developing its home broadband, enterprise, cloud computing, and artificial intelligence businesses. 

Ambani said India's digital economy could reach $1.4 trillion by FY31. He also cited approximately 7,200 patent filings by Jio. 

The company reported EBITDA of around ₹76,000 crore in FY26, with a three-year growth rate of 17.8%. Jio Platforms' shares are expected to list on October 28, 2026. 

Read More: IPO Bound Jio's Ambitious Plan to Export Home-Grown 5G Stack and AI Platforms Globally! 

Conclusion 

Jio's move towards 6G follows its investment in 5G infrastructure. Alongside its technology plans, the company is using the IPO to reduce debt and is seeking additional revenue from broadband and digital services. 

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