Jio Platforms has filed draft papers for what could become India’s largest-ever initial public offering, seeking to raise about $4 billion (Rs 37,700 crore) and valuing the Reliance Industries-backed digital giant at roughly $137 billion, PTI reported.The proposed issue comprises a fresh issue of up to 27 crore equity shares, representing about 2.9% of the company’s post-issue equity capital. If completed at the expected size, the transaction would surpass Hyundai Motor India’s Rs 27,870 crore IPO to become the largest public offering in the country’s history.The filing marks a milestone for Reliance Industries as it seeks to unlock value from a business that has evolved from a telecom disruptor into one of the group’s biggest growth engines, spanning connectivity, broadband, cloud services, enterprise solutions and artificial intelligence.“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Reliance chairman Mukesh Ambani said at the company’s annual general meeting.No shareholder exit, only fresh capitalUnlike many recent mega IPOs, Jio’s issue contains no offer-for-sale component. Existing shareholders, including Reliance Industries, Meta, Google and global private equity investors, are not selling shares through the public issue.The company said the issue price will be determined through the book-building process and remains subject to regulatory approvals. The company did not disclose the price band or the total size of the offering, which will depend on the final issue price and regulatory approvals.According to the DRHP, a substantial portion of the proceeds will be used to reduce debt.“An aggregate amount of up to Rs 27,500 crore from the net proceeds is proposed to be utilised towards prepayment, in full or in part, of the principal amount outstanding of certain borrowings availed by RJIL,” the filing said.As of March 31, 2026, Jio Platforms and its subsidiaries had total borrowings of Rs 71,529 crore.Reliance remains firmly in controlReliance Industries currently owns 66.43% of Jio Platforms and will continue as the controlling shareholder after listing.Meta remains the largest external shareholder with a 9.99% stake acquired through a Rs 43,574 crore investment in 2020, while Google owns 7.73% following its Rs 33,737 crore investment.The shareholder register also includes Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority (ADIA), TPG, L Catterton, Saudi Arabia’s Public Investment Fund (PIF), Intel Capital and Qualcomm Ventures.In 2020 alone, Jio Platforms raised more than $20 billion from global technology and private equity investors, helping establish it as one of the world’s most closely watched digital infrastructure businesses.A telecom giant with 524 million usersThe prospectus highlights the scale Jio has achieved since launching services in 2016.Reliance Jio Infocomm had 524.4 million subscribers as of March 31, 2026, including 268.5 million users on its 5G network. The company added 36.2 million net subscribers during FY26.Jio reported revenue from operations of Rs 1.47 lakh crore and profit after tax of around Rs 30,000 crore in FY26, reflecting continued growth across telecom, broadband, enterprise and digital services businesses.The filing also shows average revenue per user (ARPU) rose to Rs 214 per month, while data consumption on the network continued to expand rapidly.More than a telecom companyA recurring theme throughout the filing is Jio’s attempt to position itself beyond traditional telecom.The company describes itself as “a technology platform, built on proprietary digital technology and pan-India digital connectivity as its foundational layer”.Today, Jio’s portfolio extends across wireless connectivity, fibre broadband, cloud services, cloud gaming, enterprise connectivity, cybersecurity, digital commerce, IoT solutions and digital content platforms.Its telecom arm is now the world’s second-largest mobile operator by subscribers within a single country, behind China Mobile.Broadband and 5G emerge as growth enginesThe filing underlines Jio’s growing leadership in broadband and next-generation connectivity.According to the DRHP, the company commands a 42.6% share of India’s fixed broadband market and a 77.49% share of the 5G fixed wireless access (FWA) segment.The company has also highlighted rapid adoption of JioAirFiber, with home broadband additions running at up to 60,000 connections a day and more than 90% of installations completed within 24 hours.Looking ahead, Jio plans to migrate its entire subscriber base to 5G by 2030 while continuing investments in technologies that could shape future 6G standards.AI takes centre stageArtificial intelligence features prominently in Jio’s next phase of growth.The company plans to deploy AI across customer services, network operations and enterprise offerings while expanding AI-enabled consumer products.Reliance has increasingly positioned Jio at the centre of its AI strategy. In 2023, the group partnered with Nvidia to build AI infrastructure and develop India-focused language models.The company has also launched Jio Intelligence, a wholly-owned subsidiary focused on AI services, data centres and edge computing capabilities.Earlier this year, Ambani said Reliance Industries and Jio Platforms would invest Rs 10 lakh crore in AI-related initiatives over the next seven years beginning in 2026.Global ambitions beyond IndiaThe filing also signals ambitions beyond the domestic market.Jio plans to commercialise proprietary technology platforms internationally, leveraging software and infrastructure developed for India’s 5G, fixed wireless and AI markets.The company believes higher adoption of premium 5G services, AI-enabled products and enterprise solutions could drive future increases in revenue per user.“I assure you, and all prospective new investors, that a brighter future awaits Jio,” Ambani said.A landmark listing for Indian marketsThe IPO will be the first public offering from the Reliance group since 2008 and the first consumer-facing business within the conglomerate to be listed.It comes alongside the proposed NSE IPO and at a time when investors globally are focusing on digital infrastructure, AI and next-generation technology companies.“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Ambani said, calling the IPO one of the company’s most significant value-creation milestones.For investors, the filing offers exposure not just to India’s largest telecom operator, but to a business that now sits at the intersection of connectivity, cloud, broadband, enterprise technology and artificial intelligence.