Jio files for India’s largest IPO, takes on Starlink

At its annual shareholder meeting on Friday, Reliance Industries made two major announcements: it filed paperwork for what is expected to be India’s largest-ever initial public offering, and it revealed plans to launch a satellite network that would directly compete with Elon Musk’s Starlink.

Jio Platforms, the digital and telecommunications arm of Mukesh Ambani’s Reliance, submitted a draft prospectus for an IPO widely anticipated to break national records. Simultaneously, the company outlined its ambition to build a sovereign low-orbit satellite network designed to deliver broadband across India, positioning itself as a direct rival to Starlink.

The IPO details

Jio’s draft prospectus, filed with the regulator on Friday, proposes a fresh issuance of up to 270 million shares. The funds raised, estimated between $3 billion and $4 billion, will primarily be used to reduce debt. Reliance currently holds about 66 percent of Jio Platforms, with Google and Meta owning minority stakes from their 2020 investments. If the IPO lands near the higher end of estimates, it would surpass Hyundai Motor India’s record to become the country’s biggest listing.

Jio is far from a fledgling company going public. It boasts over 500 million subscribers, capturing nearly half of India’s internet market, a significant jump from the 331 million it had when it first became the nation’s largest carrier.

The satellite challenge

The growth story Jio is pitching alongside its IPO extends into space. According to Bloomberg, the company plans to deploy a constellation of roughly 1,650 low-Earth-orbit satellites at an estimated cost of $10 billion to $15 billion. These satellites would beam broadband and direct-to-device connectivity across India. Jio has already submitted its proposal to India’s space regulator, IN-SPACe.

The timing is notable. Just months ago, Jio and its rival Bharti Airtel signed distribution agreements to sell Starlink services within India. Now, Jio wants its own network, a strategic pivot that intensifies a rivalry already marked by personal clashes between Ambani and Musk over how India should allocate satellite spectrum.

Why the dual announcement matters

The pairing of the IPO filing with the satellite announcement is deliberate. SpaceX recently raised $75 billion in what was the largest IPO in history, largely driven by Starlink’s promise. Jio is now assembling a similar narrative: owning connectivity end-to-end, from hundreds of millions of mobile subscribers on the ground to a satellite constellation overhead. This kind of moat-and-growth pitch is precisely what can lift a valuation when investors are asked to price a new stock.

Jio is also repositioning itself as a deep-tech company rather than just a telecom operator. It claims to have climbed into the global top 20 of the World Intellectual Property Organization’s patent rankings, driven by work in 5G, 6G, AI, and satellite communications.

Implications for India and Starlink

For India, the appeal is clear: sovereignty. A domestic satellite network would deliver high-speed connectivity to the country’s hardest-to-reach areas without relying on a U. S. operator that New Delhi cannot control.

For Starlink, the threat is real. Its growth trajectory is already becoming more challenging, and losing primacy in the world’s most populous market would be a significant blow. The catch is that building a satellite constellation is brutally difficult and hugely capital-intensive. Jio’s plan is still a proposal under review, and the company is starting years behind Starlink. However, few rivals can match Reliance’s spending power on home turf, and Jio has just demonstrated it can raise the capital to try.