Jio Platforms IPO Gets SEBI Nod: What Could a $100 Billion Valuation Mean for Reliance Investors?

SEBI has approved Jio Platforms for what may be India’s biggest IPO, ending years of waiting since Mukesh Ambani first mentioned the plan in 2019. For Reliance Industries shareholders, this approval highlights how much the company’s value has changed over the past six years.

The Approval, in Numbers

SEBI approved Jio Platforms’ IPO on August 28, 2026. The company plans to issue up to 270 million new shares, about 3% of its total equity, aiming to raise around ₹37,700 crore, or about $3.8 billion. Reliance says most of the money will be used to pay down debt, with the rest for general business needs. Since this is a primary offering, all funds will go directly to the company, not to current shareholders.

How Big Could the Valuation Get?

After the IPO, Jio Platforms’ dilution is expected to be about 2.9%, which would put its value well above $100 billion. Some estimates go as high as $137 billion. Bankers have discussed a valuation range of $130 billion to $170 billion, and ICICI Securities expects it to reach about $148 billion by FY27. By January 2024, Bank of America had already valued Jio at over $100 billion, so the current estimates are about double what the company was worth in 2020.

The Business Behind the Number

Jio Platforms’ valuation is backed by strong business results. In FY26, the company reported revenue of ₹1,72,317 crore, up 14.5% from the previous year, and profit after tax of ₹30,053 crore, up about 15%. EBITDA for the year grew 19%. From FY18 to FY26, revenue grew at an average rate of 28.8% per year, and EBITDA at 34%. By the January-March FY26 quarter, Jio had over 524 million subscribers, including 268 million 5G users. Average revenue per user rose 3.8% year-over-year to ₹214.

What It Means for Reliance Shareholders

Reliance Industries still holds a 66.43% stake before the IPO. Listing Jio at this scale will give the company a clear market value, which is currently included in RIL’s stock but not priced separately. Jio Platforms already has major investors like Meta, Google, Saudi Arabia’s Public Investment Fund, KKR, Silver Lake, General Atlantic, Mubadala, Abu Dhabi Investment Authority, Qualcomm, and Intel from its 2020 fundraising. Reliance has told investors it aims to double group EBITDA by 2027, and a successful IPO would show progress toward that goal.

What You Should Do Next

1. Watch for the official price band when it is announced. Valuation estimates can change a lot until the final price is set.
2. Pay attention to how RIL’s stock price moves, because Jio’s separate listing could change how the market values the parent company.
3. Compare Jio’s growth numbers with those of other telecom companies before deciding if the IPO price is fair.
4. Think of this as a large-cap, long-term investment, not something to buy and sell quickly on listing day. Consider how it fits into your main ₹1 crore SIP wealth plan.

The Time to Track This IPO Is Now

India’s largest IPO is now closer to happening, and it could affect more than just Jio. Talk to the experts at ashikawealth.in as more details about Jio Platforms’ IPO pricing become available.

Disclaimer: Investments in the securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Sources: Outlook Money, Startup Talky, Briefs.co, Business Standard, ICICI Securities