Jio Files for Potentially India’s Biggest IPO as Reliance Denies Telegram Allegations

Key Takeaways

• Jio Platforms has filed for a $3.8 billion IPO that could become the largest public listing in India’s history
• The company plans to use a significant portion of the proceeds to reduce debt while expanding its 5G, AI, cloud, and broadband businesses
• The filing comes days after Telegram founder Pavel Durov accused Reliance-linked entities of interfering with Telegram access, allegations that Jio has denied

Jio IPO is back in focus after years of speculation. This time, the numbers are large enough to make history. Jio Platforms has filed papers for a public listing that could become India’s biggest-ever IPO. The filing arrives at a time when Reliance is also dealing with public allegations from Telegram founder Pavel Durov. This adds another layer of attention to one of the country’s most closely watched companies.

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Jio Platforms is seeking to raise roughly $3.8 billion through its IPO. This would surpass Hyundai India’s $2.95 billion listing in 2024 and make it the largest IPO in the country’s history.

The company sits at the center of Reliance Industries’ digital ambitions. Beyond telecom services, Jio Platforms has expanded into cloud computing, artificial intelligence, enterprise networking, and digital applications. According to its prospectus, the company reported revenue of about $15.6 billion and profit after tax of $3.19 billion for the financial year ended March 2026.

A large portion of the IPO proceeds is expected to go toward reducing debt at Reliance Jio Infocomm. The filing states that debt repayment would support future investments in 5G network expansion, fixed broadband, AI infrastructure, and cloud services.

Jio’s scale remains one of its biggest strengths. The company reported 524.4 million subscribers as of March 31, including 268.5 million users on its 5G network. It makes it one of the largest telecom operators in the world.

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Telegram Allegations Draw Attention Ahead of Listing

The filing comes days after Telegram founder Pavel Durov accused Reliance-linked entities of interfering with Telegram traffic outside India. He suggested the company may have been involved in efforts to restrict the platform’s operations.

Reliance Jio has denied the allegations. In a public statement, the company said it had not been involved in the routing incident cited by Durov and that its network operates according to global internet routing standards.

Industry sources also challenged Durov’s claims. They argued that he appeared to have confused Reliance Communications with Reliance Jio, two separate companies.

But for investors, the bigger story remains the Jio IPO itself. The company counts Meta, Google, KKR, Silver Lake, Vista Equity Partners, and the Abu Dhabi Investment Authority among its shareholders. The offering is expected to be one of the most closely watched tests of India’s capital markets this year.

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