Reliance’s Jio Pitches Itself as a Tech Company, Plans To Sell Network Stack Abroad

Mumbai: Jio Platforms is asking investors to value it as a technology company rather than a mobile carrier and says it will sell its in-house network software and equipment to overseas operators, though the business remains overwhelmingly domestic, according to its listing documents.

Jio Platforms, the telecoms and digital services arm of Reliance Industries, will open its initial public offering on October 21, according to its red herring prospectus, a listing of India’s largest mobile carrier by subscribers.

The offer is a fresh issue of up to 27 crore shares with a face value of Rs 10 each, with no offer-for-sale component. That equates to about 3 per cent of the company’s existing share capital.

The price band of Rs 1,065 to Rs 1,119 per share could raise about Rs 30,213 crore at the top of the range, making it India’s largest.

IPO closes on Friday, October 23. Anchor investor bidding is on Monday, October 19.

The company, in the RHP, said it designed and built its network and services stack mainly on proprietary technology, from radio access to core systems and operating software.

Citing a report by consultancy Analysys Mason, it described itself as the only connectivity provider globally with an end-to-end, proprietary standalone 5G stack deployed at national scale.

It listed overseas expansion as a growth strategy, saying its cloud-native radio network, 5G core, billing and operations software, fixed wireless products and AI-based network automation could be used by other operators for upgrades and broadband expansion. The filing gives no revenue figures for such sales.

India accounted for 96.62 per cent of revenue from operations in the year to March 2026, implying overseas revenue of about 3.4 per cent. Reliance Jio Infocomm, the licensed telecom subsidiary, generated 87.74 per cent of group revenue.

Jio said 12,477 employees, about 45 per cent of its full-time staff, worked on digital products and technology development at end-June. It has filed 7,220 patent applications, 2,655 in India and 4,565 abroad, and said it was the only Indian company in the top 20 of 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, is growing faster than the telecom arm. Its standalone revenue was Rs 16,170 crore in fiscal 2026, up from Rs 7570 crore two years earlier, and 11 per cent of the group total versus 6.9 per cent.

Reliance Industries owns 66.43 per cent of Jio Platforms.

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