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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SpaceX reportedly hit out at a European Commission (EC) plan for distributing satellite spectrum across the bloc, warning current proposals could directly impact connectivity with mobile devices.

Bloomberg reported it had seen a statement from Elon Musk’s rocket company which takes aim at an EC plan to offer only a third of its 2GHz frequency band to companies outside the European Union (EU), keeping the remaining amount for those based in the bloc.

The outlet said the proposal effectively excludes foreign companies, like SpaceX, from offering satellite services to governments and will directly impact the expansion of its Starlink connectivity play.

SpaceX has established a presence in Europe, striking partnerships with European operators including Deutsche Telekom and Orange to offer Starlink D2D services to customers.

However, SpaceX said the EC’s plans will split spectrum “in virtually unusable sub-divided parts”.

It apparently added intentions are inconsistent with international regulations and do not adhere to “Europe’s international obligations and economic reality”.

Ukraine concern
Another bone of contention is an EC aim to reserve airwaves for the Europe IRIS2 constellation, with SpaceX arguing this could risk poorer connectivity in Ukraine where Starlink has been used during the country’s war with Russia.

“The proposal creates a significant likelihood that Europeans will be left without direct-to-device satellite services or that new European operations will create global interference problems, including to emergency services like those in Ukraine,” read the statement.

When outlining the plans, EC EVP Henna Virkkunen said earmarking allocations to local operators would encourage diversification of suppliers and incentivise entry into the market.

She also said the 2GHz band was vital for boosting Europe’s competitiveness, security, and fits in with an ongoing drive around technology sovereignty.

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