Reliance Jio is preparing for a transformational phase of growth as it moves ahead with a proposed $3.8 billion initial public offering (IPO).
The largest IPO in Indian history is expected to strengthen Jio’s position not only as India’s leading telecom operator but also as a global provider of 5G technology, artificial intelligence infrastructure, cloud services, and digital platforms. Mukesh Ambani, Chairman of Reliance Industries (RIL), revealed the IPO plans during the annual general meeting on Friday.
5G
Ericsson’s June 2026 Mobility Report said global 5G subscriptions surpassed 3.1 billion as the industry added 162 million new 5G subscriptions in Q1 2026 alone. Ericsson forecasts global 5G subscriptions will more than double to 6.4 billion by the end of 2031. Western Europe, North America, North East Asia, and GCC countries are expected to achieve 5G adoption rates of around 90 percent or higher by 2031.
The report also shows growing adoption of advanced 5G capabilities. More than 390 communications service providers have launched commercial 5G services globally, including over 90 operators offering 5G Standalone (SA) networks.
5G accounted for 48 percent of global mobile data traffic at the end of 2025 and is expected to carry 85 percent of all mobile traffic by 2031. Ericsson also noted that uplink traffic growth is increasingly outpacing downlink traffic for many operators, reflecting rising demand for applications such as video sharing, cloud services, AI-driven workloads, and real-time communications.
IPO
Jio Platforms has filed draft IPO documents seeking to raise approximately ₹360 billion ($3.8 billion), with the offering representing around 2.9 percent of post-issue equity and valuing the company at roughly $131 billion. A significant portion of the proceeds is expected to support debt reduction while enabling continued investments in 5G networks, broadband expansion, enterprise connectivity, and emerging digital services. Jio Platforms does not reveal its Capex plans.
The company enters the public markets from a position of considerable scale. As of March 2026, Jio served 524.4 million subscribers, including 268.5 million 5G users, making it one of the world’s largest single-country telecom operators. The company also carries nearly 60 percent of India’s mobile data traffic, highlighting its dominant role in the country’s digital economy.
Jio revenue
Financially, Jio has demonstrated strong momentum. The company reported FY2026 revenue of approximately $15.6 billion and profit after tax of $3.19 billion. According to its IPO filing, Jio generated EBITDA of ₹76,255 crore, delivering an EBITDA margin of 51.9 percent, while profit after tax exceeded ₹30,000 crore, reflecting robust operational efficiency.
Beyond telecom services, Jio is targeting a much larger international opportunity. The company estimates that global telecom operators that have not yet commercially launched 5G services could collectively invest around $70 billion in network infrastructure.
Jio plans to export its homegrown end-to-end telecom technology stack, leveraging experience gained from building and operating one of the world’s largest standalone 5G networks in India. The company believes its India deployment model can help operators worldwide accelerate 5G rollouts while reducing deployment costs and complexity.
The global 5G opportunity remains significant. While approximately 6.2 billion people currently have access to 5G coverage, only around 2.4 billion mobile subscribers are using 5G networks. Another 1.6 billion subscribers remain outside 5G coverage areas, while an additional 700 million currently unconnected users are expected to adopt 5G services as connectivity expands across emerging markets. These market dynamics create a substantial addressable opportunity for Jio’s technology and network solutions business.
Jio’s future growth strategy extends beyond connectivity. The company is increasing investments in artificial intelligence, cloud computing, enterprise networking, digital applications, and satellite broadband. Its partnership with NVIDIA for AI infrastructure development further strengthens its ambitions to become a key player in India’s emerging AI ecosystem.
The company also expects revenue growth from rising telecom tariffs, migration of remaining 2G users to 4G and 5G networks, broader adoption of digital service bundles, expansion of home broadband services, and increasing enterprise demand for cloud and connectivity solutions. These initiatives are expected to support higher average revenue per user (ARPU) while deepening customer engagement across Jio’s digital ecosystem.
With more than half a billion subscribers, strong profitability, a rapidly expanding 5G customer base, and ambitions to address a $70 billion global telecom technology market, Jio is positioning itself as far more than a telecom operator. The IPO marks a critical step in its evolution into a global digital infrastructure and technology powerhouse.
BABURAJAN KIZHAKEDATH
