India's largest IPO record currently sits with Hyundai Motor Company India at ₹27,870 Cr, ahead of LIC's ₹21,008 Cr and Paytm's ₹18,300 Cr.
Jio Platforms is targeting ₹35,000-40,000 crore (approximately $4 billion), which would push it well past all three.
The issue is structured as 100% fresh shares — no existing shareholders are selling. All proceeds are earmarked for clearing telecom debt and funding AI and satellite broadband expansion.
On profitability, Jio crossed ₹30,000 crore in net profit in FY26, with a 51.9% EBITDA margin across 524 million subscribers.
Because rivals Airtel and Vi are already listed, Jio won't compete with them for IPO capital. Its real competition for institutional money will be other large upcoming tech listings such as NSE India and Flipkart.
