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

The Indian telecommunications landscape is bracing for a historic shift as Reliance Industries prepares to file the Draft Red Herring Prospectus (DRHP) for Jio Platforms today. This landmark move has already sent ripples through the stock market, triggering a significant rally in telecom rival Bharti Airtel.

The Market Reaction: Airtel Rises as RIL Dips

Following Mukesh Ambani's announcement at the 49th Annual General Meeting (AGM), Bharti Airtel shares climbed more than 2% to reach Rs 1,914.50 on the NSE. Interestingly, while the telecom sector reacted positively, Reliance Industries (RIL) shares saw a 2% decline. This divergence highlights the market's anticipation of shifting competitive dynamics between the two industry giants.

The scale of the rivalry is immense. As of April 2026, Jio holds a dominant subscriber base of 527 million, while Bharti Airtel follows with 373 million subscribers. With both companies leading the broadband and wireless sectors, the upcoming Jio listing is expected to redefine investor sentiment in the telecom space.

A Historic IPO Set to Break Records

The proposed Jio IPO is positioned to be a monumental event in Indian capital markets. If current plans hold, it is expected to eclipse the upcoming offerings of the NSE (nearly Rs 30,000 crore) and Hyundai Motor India (Rs 27,870 crore), potentially becoming the largest-ever IPO in India's history.

Brokerage firms are already providing aggressive valuations. Equirus Securities has pegged Jio’s enterprise value at Rs 5.62 trillion ($67 billion) for the current fiscal year, valuing the company at a 10% premium to Bharti Airtel. The brokerage noted that the "worst of the downcycle appears behind," signaling strong confidence in Jio's growth trajectory.

Jio’s Technological Ambitions and 5G Dominance

During the AGM, Akash Ambani, Chairman of Reliance Jio Infocomm, highlighted the company's massive scale. Jio's total user base has crossed 524 million, with its 5G user base exceeding 268 million—making it the largest single-country 5G operator outside of China.

Beyond mobile connectivity, Jio is aggressively expanding into the space sector. The company is evaluating the development of a sovereign Low Earth Orbit (LEO) satellite constellation for India while simultaneously building its own ground station infrastructure to bolster "Atmanirbharta" (self-reliance) in space technology.

Mukesh Ambani emphasized that Jio has transitioned from an integrator of technology to a creator of original, world-class technology, driven by thousands of Indian engineers. This technological pivot is a core component of the value proposition being presented to prospective investors.

Key Takeaways

  • Historic Scale: The Jio IPO is poised to become India's largest-ever public offering, potentially surpassing the upcoming Hyundai Motor India and NSE listings.
  • Valuation & Market Impact: Equirus Securities values Jio at an enterprise value of Rs 5.62 trillion, reflecting a 10% premium over Bharti Airtel.
  • Technological Expansion: Beyond 5G dominance, Jio is moving into the satellite communications sector with plans for a sovereign LEO constellation and domestic ground stations.