Reliance Industries plans all-new share offering in Jio Platforms IPO worth up to $4.3 billion

Reliance Industries is structuring the upcoming Jio Platforms IPO as an all-new share offering, meaning the company will issue only fresh equity rather than selling down existing stakes.

The offering could raise up to $4.3 billion and value Jio Platforms at roughly $112 billion, according to market forecasts.

What Jio is actually building

Jio Platforms isn’t just a telecom play anymore. The subsidiary, which boasts over 500 million subscribers, has been quietly assembling a digital ecosystem that stretches well beyond mobile data plans.

In October 2025, Jio partnered with Aptos, the Layer 1 blockchain, to deliver blockchain-based rewards to its massive user base.

Then there’s JioCoin. The reward-based token has been in testing on Polygon since March 2026, integrated directly into Jio’s browser. The concept is straightforward: users earn crypto-backed incentives for engaging with Jio’s digital services.

Jio’s Q4 FY26 net profit came in at 7,935 crore rupees, underscoring that the business generating these Web3 ambitions is financially healthy.

The India crypto puzzle

India’s crypto framework remains restrictive, with heavy taxation on digital asset gains and periodic signals from regulators that range from cautious acceptance to outright hostility.

What this means for investors

The IPO is expected to file draft papers soon, with a potential listing targeted for the second half of FY27.

For crypto-native investors, the interesting question isn’t really about Jio’s stock price. It’s about what happens to Polygon and Aptos if 500 million users start generating on-chain activity.

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