Reliance Industries' Jio Platforms is pitching itself as a technology company rather than a mobile carrier ahead of its initial public offering, with plans to sell its proprietary network software and equipment to overseas telecom operators, even though India accounts for nearly 97 per cent of its revenue.
Jio Platforms, the telecom and digital services arm of Reliance Industries, will open its IPO on October 21, according to its red herring prospectus (RHP). The issue could raise up to Rs 30,213 crore at the top end of the price band, making it India's largest IPO.
The company has set a price band of Rs 1,065 to Rs 1,119 per share. The fresh issue comprises up to 27 crore shares with a face value of Rs 10 each, equivalent to about 3 per cent of its existing share capital. There is no offer-for-sale component. The IPO will close on Friday, October 23, while bidding for anchor investors is scheduled for Monday, October 19.
In its RHP, Jio Platforms said it designed and built its network and services stack primarily using proprietary technology, covering radio access, core systems and operating software.
Citing a report by consultancy Analysys Mason, the company described itself as the only connectivity provider globally with an end-to-end, proprietary standalone 5G stack deployed at national scale.
Jio Platforms identified overseas expansion as a growth strategy, highlighting its cloud-native radio network, 5G core, billing and operations software, fixed wireless products and AI-based network automation as offerings that other operators could use to upgrade their networks and expand broadband services. However, the filing does not disclose revenue figures from such sales.
India accounted for 96.62 per cent of Jio Platforms' revenue from operations in the year ended March 2026, implying that overseas markets contributed about 3.4 per cent. Its licensed telecom subsidiary, Reliance Jio Infocomm, generated 87.74 per cent of the group's revenue.
The company also highlighted its technology workforce and intellectual property portfolio. At the end of June, 12,477 employees, or about 45 per cent of its full-time workforce, were engaged in digital products and technology development.
Jio Platforms has filed 7,220 patent applications, including 2,655 in India and 4,565 overseas. It said it was the only Indian company among the top 20 in the World Intellectual Property Organization's 2025 patent filing rankings.
The parent-level company, which houses digital services such as streaming, cloud and enterprise offerings, has also expanded its contribution to the group. Its standalone revenue rose to Rs 16,170 crore in fiscal 2026 from Rs 7,570 crore two years earlier. Its share of group revenue increased to 11 per cent from 6.9 per cent over the same period.
Reliance Industries owns 66.43 per cent of Jio Platforms.