Reliance Industries-owned Jio Platforms filed for an IPO in Mumbai, reportedly with intentions of raising around INR360 billion ($3.8 billion) to pay down debt in its telecoms business.

Billionaire owner Mukesh Ambani (pictured) said at Reliance Industries’ annual shareholder meeting its board had approved a prospectus, which has now been filed with Indian regulators.

Th prospectus did not reveal the size of the listing or a fundraising target, but Reuters reported the sum it is looking for, noting this would be equal to 2.9% of its equity and value the entire business at around INR12.3 trillion.

The previous largest IPO amount raised was the INR278.7 billion generated by Hyundai Motor in a listing in 2024.

Jio Platforms includes the company’s Jio Infocomm telecoms arm and houses its AI, cloud and enterprise network offerings.

Reuters stated around INR275 billion of any sum raised would go towards repaying Jio Infocomm debt.

Ambani said the proposed listing “will demonstrate to the world that India can build technology companies of global scale, global capability and global value”.

Jio entered the Indian market in 2016 and shook up the competitive landscape with low-cost data plans, which attracted millions of users.

In its prospectus, the company stated it had 524.4 million subscribers at end-March, including 268.5 million 5G customers.

The company previously attracted funding from global investors including Meta Platforms, Google and private equity players.

Should the IPO size prove correct, the target is lower than previously mooted: in 2025, Bloomberg reported it was looking to list 5% of its mobile unit, to raise around $6 billion.

Starlink rival.
Also at the shareholder meeting, Jio Platforms revealed it is exploring building its own satellite constellation, a move which would directly rival SpaceX’s Starlink.

Bloomberg reported Jio Platforms’ MD Akash Ambani said it is considering deploying a low Earth orbit satellite network along with exploring partnerships to lease capacity from global providers to “accelerate service availability while building our own long-term sovereign capability”.

The approach would allow Jio to lay the foundation for a satellite broadband play, while working to build ground stations to support the network.

Starlink has partnered with Jio, but is yet to launch services in India due to regulatory roadblocks.

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South Korean operator KT moved the goalposts in customer loyalty initiatives, promising to take 1,200 of its most-dedicated subscribers for a night out at a musical based on the work of late artiste Kim Kwang-seok.

KT is targeting the offer to attend The Days at customers who have subscribed to its mobile, internet and TV services for at least five years, pitching the move as a cultural twist on traditional loyalty rewards.

The seating capacity of the D-cube Arts Centre hosting the musical is 1,242, meaning KT’s move is essentially a complete takeover for the night of 25 July.

KT also plans to offer those attending commemorative photographs and theatre programmes.

The operator is also offering an experience at the KT Wiz Park involving baseball, inviting applications from customers keen to enjoy some luxury camping and watching a game at the venue.

KT emphasised the musical and baseball offers are somewhat extreme examples of ongoing lifestyle benefit programmes providing various discounts on services.

Kim Young-geol, SVP and head of KT’s Customer Business Division, said the operator arranged “this Invitation Dream event to express our gratitude” to long-term customers.

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