Jio IPO Proceeds to Make Jio Debt-Free, Says Akash Ambani
Jio IPO proceeds will be used to clear the company’s net debt, Jio Platforms Managing Director Akash Ambani said at a press conference in Navi Mumbai on October 15, 2026. The telecom and digital services arm of Reliance Industries is preparing what is expected to be one of India’s largest public offerings, seeking to raise over Rs 37,000 crore. “We have almost $3 billion of net debt on our books,” Ambani said. “The full proceeds take us to be a net debt-free company.”
Ambani said future growth investments would come from operating revenues and cash flows rather than fresh borrowing. Around 30% of Jio’s revenue converts into free cash flow, which the company plans to keep reinvesting.
He expects growth across mobility, enterprise, home broadband and digital services. Jio also lifted its EBITDA margin from 50% to 53% over the past three years, and Ambani said technology-led optimisation and services beyond those requiring telecom licences could push it higher.
On tariffs, he said Jio can raise prices if needed but would first try to add services for customers. “We have the most affordable plans in India, and we have the price lever that we can always play,” he said.
The company is also betting on its proprietary unlicensed-band radio technology. Ambani said it has widened the addressable home broadband market from 40 million homes to 100 million. The network equipment rollout is complete, so homes can now be connected wirelessly at the last mile.
Jio is aiming for a share of India’s digital economy, which is expected to reach $1.4 trillion by 2030-31. Its plan rests on services rather than price hikes. Becoming a net debt-free company would also leave the balance sheet cleaner once Jio Platforms lists.
The IPO announcement arrived as Elon Musk alleged that the government and RIL Chairman Mukesh Ambani were delaying final security clearance for Starlink to protect Jio’s market position. The Centre has rejected the allegation.
The IPO is the next big step, though the excerpt gives no date for the issue or the listing. Investors will be watching how Jio’s expansion in home broadband and enterprise services supports its revenue growth after the offering.