Finsamudra Desk
A fully fresh-issue listing, backed by ₹30,000 Cr FY26 net profit and 51.9% EBITDA margins, is set to become India's largest IPO.
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.
A ₹35,000-40,000 Cr fresh-issue IPO of this scale pulls significant institutional and retail liquidity toward primary markets, which can tighten near-term appetite for other credit and investment products distributed by connectors and DSAs. Large anchor allocations and retail subscription windows often draw savings that would otherwise flow into fixed deposits, mutual funds, or loan-linked investment products.
For lenders and NBFCs, Jio's debt-clearing use of proceeds is worth tracking — a reduction in telecom sector leverage from one of the largest borrowers can influence overall credit market dynamics and available lending headroom in the broader corporate debt space.
Sources
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