Mumbai: Reliance Industries Ltd (RIL) on June 19 announced that its subsidiary, Jio Platforms Ltd, has received board approval to move ahead with its proposed initial public offering (IPO). The company plans to issue up to 27 crore fresh equity shares with a face value of ₹10 each.

Addressing shareholders at the company’s 49th Annual General Meeting (AGM), RIL Chairman and Managing Director Mukesh Ambani said Jio Platforms will file its Draft Red Herring Prospectus (DRHP) with market regulator SEBI on Friday, taking a major step toward its public listing.

In a stock exchange filing, RIL said, “The Board of Directors of Jio Platforms Limited (JPL), a material subsidiary of the Company, has today, i.e., June 19, 2026, approved the Draft Red Herring Prospectus to be filed with the Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited in connection with its proposed Initial Public Offer by way of a fresh issue of up to 27,00,00,000 (twenty seven crore) equity shares of face value of Rs 10 each at an issue price to be determined through the book building process in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.”

During his AGM speech, Ambani highlighted the role of the next generation of Reliance leadership in the IPO process. Referring to his children, he said that just as he had built upon the foundation laid by Dhirubhai Ambani, “Akash, Isha, and Anant are heading the Jio IPO process, and will lead the next generation of value creation opportunities in the future”.

Reliance’s Jio Platforms to file DRHP today, IPO to lead ‘next generation of value creation’: Mukesh Ambani at RIL AGM today pic.twitter.com/98SKSDE00Z

— DeshGujarat (@DeshGujarat) June 19, 2026

He added that the public listing of Jio would be a significant milestone for India’s technology sector, saying it “will demonstrate to the world that India can build technology companies of global scale, global capability, and global value”.

Reflecting on Jio’s journey over the past decade, Ambani said the company was launched with the goal of eliminating “digital inequality from India.” He noted that at a time when “voice was costly, data was expensive and speeds were poor,” Jio made “voice free, and high-speed data affordable.”

Stating that Jio transformed connectivity across the country, Ambani said the company made “Digital Life possible for every Indian,” and added that “Jio is preparing for its next big mission.”

Jio’s proposed listing is widely expected to be the largest IPO in India’s history. According to a Reuters report published in January 2026, the issue could raise as much as $4 billion. Earlier, in November 2025, investment banking firm Jefferies had valued Reliance Jio at around $180 billion.

Jio currently serves more than 524 million subscribers, making it India’s largest digital platform. Its 5G network has attracted 268 million users, while JioAirFiber has connected nearly 13 million homes across the country. DeshGujarat