Reliance Jio to File DRHP Today: Aiming for India’s Largest Ever IPO

Reliance Industries Chairman Mukesh Ambani has officially announced that the company’s board has approved the Draft Red Herring Prospectus (DRHP) for Reliance Jio, with the filing set for submission to SEBI today. This landmark move signals the beginning of the public listing process for India's telecom giant, a moment Ambani described as "deeply emotional" during the company's Annual General Meeting (AGM).

A Massive Fresh Issue to Rewrite IPO History

The proposed IPO is structured as a fresh issue of up to 27 crore shares, each with a face value of Rs 10. This is a strategic shift from the company's earlier plans, which leaned toward an offer-for-sale (OFS) model. By opting for a fresh issue, the capital raised will flow directly into Jio’s business to fuel future growth, rather than providing an exit for existing shareholders.

If the valuation holds, this offering is poised to become India's largest-ever IPO, potentially eclipsing the scale of the NSE's nearly Rs 30,000 crore offering and Hyundai Motor India's Rs 27,870 crore public issue. This milestone comes nearly six years after Jio Platforms successfully raised over Rs 1.5 lakh crore from a cohort of global strategic investors including Google, Meta, and KKR.

Robust Financials and Rising ARPU Drive Investor Interest

The timing of the IPO is backed by strong operational momentum. For the March quarter of FY26, Reliance Jio reported a 13% year-on-year rise in operating revenue, reaching Rs 44,928 crore, while net profit also climbed 13% to Rs 7,935 crore. Notably, EBITDA grew by 18%, supported by an expansion in operating margins by 230 basis points.

Key performance indicators that will likely attract institutional investors include:

  • ARPU Growth: Average Revenue Per User (ARPU) has improved to Rs 214, driven by tariff hikes and better subscriber quality.
  • Data Dominance: Data consumption remains high at 42.3 GB per user per month, with overall data traffic rising 35% year-on-year.
  • Subscriber Base: Jio currently serves more than 500 million subscribers with nationwide 5G coverage.

Strategic Shift and Market Sentiment

今回の届出に至る道のりには、多くの困難がありました。市場のボラティリティや西アジアにおける地政学的緊張により、以前IPOのスケジュールが遅延したため、同社は戦略の再検討を余儀なくされました。しかし、アナリストは、「新株発行」方式への移行が、デジタル・エコシステムへの成長資金の注入を意味するため、投資家の認識を向上させると指摘しています。

アンバニ氏は、今回の株式上場が、大規模かつ高度な能力を持つテクノロジー企業を構築するインドの能力を、世界に示す証しになると強調しました。Jioが上場に向けて準備を進める中、ブロードバンド、クラウドサービス、エンタープライズ・コネクティビティにわたる拡大するエコシステムは、同社をインドのデジタル経済の礎として位置づけています。

主なポイント

  • 記録的な規模: JioのIPOは、ヒョンダイ・モーター・インディアのような過去の主要な上場案件を上回り、インド史上最大の新規公開株となることが期待されています。
  • 成長重視の構造: 2億7,000万株の新株発行を選択することで、同社は株主の流動性よりも、事業への直接的な資本注入を優先しています。
  • 強固なファンダメンタルズ: 堅調な収益成長（13%増）とARPUの上昇（214ルピー）が、間近に迫った上場に向けた強力な財務基盤となっています。