Kotak Mahindra Bank founder Uday Kotak on Thursday described Jio Platforms' upcoming initial public offering (IPO) as a historic milestone for India's capital markets, with the issue set to be the country's largest ever at ₹30,213 crore at the upper end of the price band.
“This historic IPO comes from the RIL Group after nearly two decades,” Kotak said at opening of Jio Platforms' IPO press conference. He said the listing reflected the development of the next generation of leadership, with Akash Ambani and Isha Ambani building new-age businesses across digital services and retail.
“Some milestones are defined by their scale. Some by the journey that leads to them. And then there are moments in history which transcend both. Moments that celebrate years of vision and perseverance. Jio's IPO launch is one such moment,” he said.
Kotak said the listing would give investors an opportunity to participate in the next phase of India's digital growth. He also described Reliance Industries as India's largest conglomerate by listed market capitalisation, crediting the group's transformation to the leadership of its chairman, Mukesh Ambani.
Kotak recalls Reliance's 1977 IPO campaign
Reflecting on Reliance's public-market journey, Kotak recalled seeing Marine Drive and Chowpatty in Mumbai illuminated in 1977 as part of the IPO campaign for Reliance Textile Industries.
“I am grateful to Dhirubhai for the initial importance of going to the public, going for investors, creating value for all investors,” he said, referring to Reliance founder Dhirubhai Ambani.
Kotak said the experience had influenced his thinking about a career in financial services. “It was a magic moment for me. It had an influence in my thinking about a future in financial services,” he recalled.
Jio's scale reflects India's digital shift
Kotak highlighted Jio's scale, citing around 53 crore subscribers, revenue of ₹1,46,885 crore and EBITDA of more than ₹76,000 crore. Jio Platforms' EBITDA grew 18.8% in FY26, he said, describing the growth as impressive at that scale.
He also pointed to India's transformation in digital connectivity over the past decade, from fewer than one crore 4G customers to around 100 crore 4G and 5G customers.
“The impact of Digital India in making data accessible is amazing,” Kotak said, adding that Jio's entry in 2016 had transformed mobile connectivity by making services more affordable and widening access.
Kotak also described Jio as the only player globally with a proprietary end-to-end digital connectivity stack.