Reliance Industries Chairman Mukesh Ambani on Friday announced that the draft red herring prospectus (DRHP) for the much-awaited Jio IPO has received approval and will be filed with the Securities and Exchange Board of India (SEBI) later today, marking a major milestone for India's largest telecom and digital services company.
The announcement came during Reliance Industries' 49th Annual General Meeting (AGM), where Ambani outlined the conglomerate's growth plans while highlighting its record financial performance in FY2026.
In one of the most closely watched announcements of the AGM, Ambani confirmed that Jio's IPO process has entered the next stage with the DRHP receiving approval.
The filing is expected to pave the way for what could become one of the largest public offerings in India's corporate history.
The proposed public issue will include a fresh issuance of up to 27 crore equity shares with a face value of Rs 10 each. The final offer price will be arrived at through the book-building mechanism in line with SEBI norms.
The development comes as investors have been eagerly awaiting clarity on the listing plans of Reliance's telecom and digital arm, which has transformed India's connectivity landscape over the past decade.
Calling FY2026 a landmark year for the group, Ambani noted that Reliance Jio has completed 10 years of operations, while Reliance Retail has completed 20 years.
Over the last decade, Jio has evolved from a telecom challenger into one of the world's largest digital services platforms, while Reliance Retail has emerged as India's largest retailer.
Ambani said Reliance is intensifying efforts to support India's journey towards becoming self-reliant, with a sharp focus on innovation, research and development.
He highlighted the company's growing intellectual property portfolio and said Reliance continues to invest heavily in innovation-led growth.
According to Ambani, Jio has recorded a remarkable improvement in global innovation rankings, jumping from 340th position to 20th place within a year in terms of the velocity of innovation through patents.
The Reliance chairman said technology, innovation and intellectual property creation will remain central to the group's long-term growth strategy.
Ambani also highlighted Reliance Industries' strongest-ever financial performance for FY2026.
The conglomerate reported consolidated revenue of Rs 11,75,919 crore during the financial year, representing growth of around 9.8 per cent.
EBITDA for FY2026 stood at Rs 2,07,911 crore, while net profit rose 17.8 per cent year-on-year to Rs 95,754 crore.
Notably, Reliance's retail and digital businesses together contributed nearly half of the company's EBITDA, underlining the group's increasing shift beyond its traditional energy operations.
Reliance's exports during FY2026 stood at Rs 2,78,808 crore, accounting for 6.7 per cent of India's total merchandise exports.
The company also reported corporate social responsibility (CSR) spending of Rs 2,248 crore, which Ambani described as the highest contribution made by a single Indian company.
Highlighting Reliance's financial strength, Ambani said the company continues to enjoy strong global credit ratings.
Reliance currently holds an A- rating from S&P Global Ratings and a Baa1 rating from Moody's, reflecting confidence in the group's balance sheet, business profile and future growth prospects.
While the confirmation of the DRHP filing marks a significant step forward for the Jio IPO, investors will now closely watch for further details on the issue size, valuation and listing timeline once the filing is made public.
The IPO is expected to be a defining moment not only for Reliance Industries but also for India's capital markets, given Jio's scale, market position and role in the country's digital economy.
