Jio IPO: Reliance to File DRHP Today as Airtel Shares Surge 2%

The Indian telecommunications landscape is bracing for a historic shift as Reliance Industries Chairman Mukesh Ambani announced that Jio Platforms will file its Draft Red Herring Prospectus (DRHP) with SEBI today. This announcement has immediately sent ripples through the stock market, triggering a rally in competitor shares and setting the stage for India's largest-ever public offering.

Market Reaction: Airtel Gains as RIL Dips

Following the announcement at Reliance Industries' 49th Annual General Meeting (AGM), Bharti Airtel shares climbed more than 2%, reaching Rs 1,914.50 on the NSE. Interestingly, while the telecom sector reacted positively, Reliance Industries (RIL) shares saw a 2% decline. This movement highlights the intense competition between the two titans that dominate India's broadband and wireless markets.

As of April 2026, the scale of competition is evident: Jio holds a massive subscriber base of 527 million, while Bharti Airtel follows with 373 million subscribers. The upcoming IPO is expected to be a landmark event, potentially surpassing the record-breaking offerings of NSE (Rs 30,000 crore) and Hyundai Motor India (Rs 27,870 crore) to become the largest IPO in Indian history.

Ambani’s Vision: From Technology Importer to Creator

During his AGM address, Mukesh Ambani emphasized that the Jio listing is a testament to India's ability to build global-scale technology companies. He highlighted that Jio has transitioned from merely integrating technology to creating original, indigenous technology driven by thousands of young Indian engineers.

"The Jio revolution is truly a result of the courage, creativity, and commitment of thousands of young Indian engineers," Ambani stated, noting that the company has moved beyond the era of importing technology to becoming a global innovator.

Jio’s Massive Scale and Future Tech Ambitions

Akash Ambani, Chairman of Reliance Jio Infocomm, provided concrete data regarding the company's rapid expansion. He revealed that Jio's total user base has crossed 524 million, with a significant 268 million users already on the 5G network—making it the largest single-country 5G operator outside of China.

Looking ahead, Jio is pivoting toward space technology to bolster India's "Atmanirbharta" (self-reliance). The company is currently:

  • Evaluating the development of a sovereign Low Earth Orbit (LEO) satellite constellation.
  • Partnering with leading global constellation providers.
  • Building dedicated ground station infrastructure within India.

Valuation and Investment Outlook

The financial community is closely watching the valuation of this telecom giant. Equirus Securities has pegged Jio's enterprise value at Rs 5.62 trillion ($67 billion) for the current fiscal year, valuing it at a 10% premium to Bharti Airtel. The brokerage noted that the industry's "worst of the downcycle" appears to be behind it, signaling a bullish outlook for the sector.

Key Takeaways

  • Historic IPO: Jio is set to file its DRHP today, aiming to become India's largest-ever public offering, potentially exceeding the Rs 30,000 crore mark.
  • Market Leadership: With 527 million subscribers and 268 million 5G users, Jio maintains a dominant lead over competitors like Bharti Airtel.
  • Tech Expansion: Beyond mobile services, Jio is investing heavily in indigenous technology and satellite-based communication to ensure national self-reliance.