How Akash, Isha Ambani’s missed college assignment led to the creation of Rs 10 lakh crore Jio

A failed attempt to upload a college assignment became the unlikely starting point for Jio, the digital and telecom business Reliance Industries (RIL) is now taking public at a valuation of around Rs 10.3 lakh crore.

At a press conference to announce India’s largest-ever public offering of Rs 30,200 crore, RIL’s non-executive director Isha Ambani said the idea emerged when she and her brother Akash Ambani were studying in the US and returned to Mumbai for a break around 2009-10. She had to submit an assignment online but was unable to do so because the internet was not working.

“What followed was a conversation about why should India be left behind?” Isha Ambani said.


“Akash firmly believed that the answer and solution to this was creating a digital technology platform company,” she added.

Jio was launched in 2016. A decade later, Reliance Industries is preparing to list the business in what is expected to become India’s largest-ever initial public offering.

Also Read | Reliance Jio IPO: With tech muscle, Akash Ambani makes $1.4 trillion digital economy pitch to investors

The college incident, as recounted by Isha Ambani, captured the gap that the family believed India needed to close in digital access.

The idea was not limited to improving connectivity. It was to build a digital technology platform company that could expand access and support a broader digital ecosystem.

Jio’s IPO will give public market investors a direct opportunity to participate in that business. At the upper end of the proposed price band, Jio Platforms is expected to command a valuation of around Rs 10.3 lakh crore.

The offering comprises 27 crore equity shares through an entirely fresh issue. It is scheduled to open for subscription on October 21, 2026, and close on October 23. Allotment is expected to be finalised on October 26, with a tentative listing on the NSE and BSE on October 28.

The proposed issue is expected to raise Rs 30,213 crore. It would surpass Hyundai Motor India’s Rs 27,900 crore IPO in 2024 and become India’s largest-ever public issue.

Isha Ambani connected the offering to the public market philosophy of her grandfather, Dhirubhai Ambani, who took Reliance Industries public in 1977.

She said the family’s third generation remained committed to Dhirubhai Ambani’s vision of allowing Indians to participate in the country’s economic growth.

The pricing of the Jio IPO, she said, would reflect Reliance’s focus on creating value for shareholders.

“For us, it is most important to be able to price this attractively so that shareholders who come in can create long-term value along with the growth of Jio Platforms,” Isha Ambani said.

Her comments place the IPO within the longer Reliance equity-market narrative: a business built around mass participation, now being offered to investors at a scale far larger than the group’s original public-market operations.

IPO proceeds to reduce debt

Akash Ambani said Jio Platforms was moving toward becoming a net debt-free company. “Jio Platforms was heading to be a net debt-free company,” he said.

“All our IPO proceeds go towards reducing our debt,” Akash Ambani said.

Of the IPO proceeds, Rs 27,500 crore is earmarked for debt repayment or prepayment. The balance will be used for general corporate purposes.

Also read: Reliance Jio IPO: With tech muscle, Akash Ambani makes $1.4 trillion digital economy pitch to investors

The fresh issue means the capital raised will go to the company rather than existing investors selling their holdings. For Reliance Industries, the transaction is also a valuation discovery exercise for its telecom and digital businesses.

Reliance Industries currently owns 66.43% of Jio Platforms. Meta Platforms owns 9.98%, while Google holds 7.73%.

The listing is expected to establish a market-discovered valuation for Jio’s telecom and digital businesses and unlock value for RIL shareholders.

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