Reliance Jio Platforms filed its draft red herring prospectus with India’s Securities and Exchange Board on June 19, setting the stage for what would be the country’s largest-ever stock market debut, with an implied valuation between $133 billion and $180 billion.

Reliance Industries chairman Mukesh Ambani announced the filing at the company’s 49th annual general meeting on the same day. The IPO is structured as a fresh issue of 27 crore shares with no offer-for-sale component, meaning all proceeds flow directly into Jio’s business. The company plans to use the capital to repay debt and expand its artificial intelligence and network infrastructure.

The targeted raise of around $4 billion represents approximately a 2.5 percent equity stake at the upper end of the valuation range. SEBI typically takes between four and eight weeks to review such filings, placing the realistic listing window between August and October 2026.

Jio is India’s largest telecom and digital services provider by subscriber count, with more than 500 million users. The company has invested heavily in 5G network infrastructure and launched a suite of enterprise AI services over the past two years. Its digital arm includes JioMart, JioCinema, and a growing financial services business.

The listing, if it proceeds at the upper range of the valuation, would make Jio one of the 20 largest publicly traded companies in the world. It would also surpass the previous record for an Indian IPO, held by Life Insurance Corporation of India, which raised approximately $2.7 billion when it listed in 2022.

The IPO wave in global technology has been building steadily in 2026. OpenAI filed confidential IPO papers targeting over $1 trillion in valuation, with Goldman Sachs and Morgan Stanley leading the offering. SpaceX joined the MSCI Global Index on its second day of trading after its record-breaking debut. The OECD has warned that market conditions in 2026, including elevated US inflation, may affect the pricing environment for large-cap listings later in the year.

Jio’s 5G network now covers more than 90 percent of India’s urban population. The company’s bet on AI-driven services aligns with a broader push by Indian conglomerates to position themselves as technology companies ahead of their public market debuts.

A successful public listing at the upper range of the expected valuation would add a major new name to global tech equity markets and give Reliance Industries a listed vehicle for its digital and AI ambitions. Reliance Industries provides investor relations updates and filing details on its official site.