The Jio Platforms IPO — a fresh issue of up to 270 million shares targeting approximately $3.8 billion — has assembled a formidable bench of Jio Platforms IPO legal advisors: Shardul Amarchand Mangaldas & Co, Cyril Amarchand Mangaldas, Latham & Watkins LLP, and White & Case LLP. The DRHP was filed with SEBI, BSE, and NSE on June 19, 2026, marking a landmark moment for India’s capital markets. This is one of the most closely watched mandates in Indian legal history, with four top-tier law firms engaged across Indian and international law.
Introduction
Jio Platforms Limited, a material subsidiary of Reliance Industries Limited, filed its Draft Red Herring Prospectus (DRHP) with SEBI, BSE Limited, and the National Stock Exchange of India Limited on June 19, 2026, formally initiating the IPO process. The IPO comprises a fresh issue of up to 270 million equity shares with a face value of ₹10 each. The IPO is structured as a pure fresh issue, meaning new shares are being created to raise capital rather than existing shareholders cashing out.
According to the prospectus, proceeds will be used to repay an estimated ₹275 billion ($2.92 billion) of Reliance Jio Infocomm‘s debt. The DRHP also discloses that Rajagopal Venkatakrishnan was appointed General Counsel of Jio Platforms on June 1, 2026, having been associated with the Reliance Group since 2015 and bringing more than three decades of legal experience to the role. According to the DRHP, Khaitan & Co Managing Partner Haigreve Khaitan and AZB & Partners Co-founder and Managing Partner Zia Jaydev Mody serve as independent directors on the board of Jio Platforms.
Deal Value
Jio Platforms has filed regulatory papers for a Mumbai IPO targeting around $3.8 billion (approximately ₹360 billion), per sources familiar with the matter — in what could be a record-breaking listing for India. If the $3.8 billion target is achieved, the offering would surpass Hyundai Motor India‘s ₹278.7 billion ($2.95 billion) offering in 2024 to become the largest IPO in India’s history. At an implied valuation of nearly ₹9.5 trillion (over $100 billion), the Jio offering would also surpass the National Stock Exchange of India‘s proposed public issue, which filed its own DRHP in the same week.
Legal Teams Involved
Shardul Amarchand Mangaldas & Co — Indian Legal Counsel to Jio Platforms (Lead)
Shardul Amarchand Mangaldas & Co is acting as lead legal counsel to Jio Platforms as to Indian law. Prashant Gupta, Partner and National Practice Head, Capital Markets at SAM, provided strategic inputs on the transaction.
The transaction team is led by:
- Nikhil Naredi, Partner
- Chinmay Sethia, Principal Associate
- Tarun Srikanth, Principal Associate
- Shruthi Hariharan, Senior Associate
- Sridutt Mishra, Senior Associate
- Ankita Singh, Associate
- Najeeb Din, Associate
- Aryan Singh, Associate
- Soundarya M, Associate
- Dhanashree Singe, Associate
- Avani Sharda, Associate
- Gayathri Krishnan, Associate
- Anshika Tyagi, Associate
Cyril Amarchand Mangaldas — Indian Legal Counsel to Jio Platforms
Cyril Amarchand Mangaldas is also advising Jio Platforms as Indian legal counsel. Guidance on the transaction was provided by L Viswanathan, Senior Partner; Yash J Ashar, Senior Partner; and Manan Lahoty, Partner and Head, Capital Markets. The team was led by Devaki Mankad, Partner and Regional Co-Head, Capital Markets, West.
The broader team included:
- Rushab Dhandokia, Principal Associate
- Jhalak Shah, Principal Associate
- Tanushri More, Principal Associate
- Akash Joshi, Principal Associate
- Raksha Raina, Senior Associate
- Urmil Shah, Senior Associate
- Sakshi Sharma, Senior Associate
- Anuj Gupta, Senior Associate
- Hitesh Nagpal, Associate
- Archit Jain, Associate
- Aniruddh Saraswat, Associate
- Arikta Shetty, Associate
- Anomitra Debnath, Associate
- Divyanshu Singh, Associate
- Akshat Sharma, Associate
- Alok Antony, Associate
- Mann Agrawal, Associate
- Mitali Mangalam, Associate
Latham & Watkins LLP — International Legal Counsel to Jio Platforms
Latham & Watkins LLP is acting as international legal counsel to Jio Platforms. Further details of the Latham & Watkins team were not disclosed.
White & Case LLP — Legal Counsel to the Book Running Lead Managers
White & Case LLP is advising the book running lead managers on the proposed Rule 144A and Regulation S IPO. The White & Case team includes:
- Rahul Guptan, Partner (London)
- Kaya Proudian, Partner (Singapore)
- Steven Gee, Partner (New York)
- James Hsiao, Local Partner (Hong Kong)
- Royston Tan, Counsel (Hong Kong)
- Tarang Nagar, Associate
- Ji Yang Lim, Associate
- Daniel Park, Associate
- Hassan Said, Associate
- Yuning Zhou, Associate
Significance and Impact
The IPO is expected to be among the largest public offerings in the history of India’s capital markets. The transaction is notable for the dual-firm Indian counsel structure — with both Shardul Amarchand Mangaldas & Co and Cyril Amarchand Mangaldas simultaneously advising Jio Platforms — reflecting the complexity and scale of the offering. The international dimension is equally significant, with Latham & Watkins LLP covering international law for the issuer and White & Case LLP handling the cross-border Rule 144A and Regulation S compliance for the book runners across London, Singapore, New York, and Hong Kong.
The IPO aims to unlock value from a company that includes Jio’s telecom business, the world’s second-largest operator by single-country subscribers after China Mobile. The 2020 fundraise by Jio Platforms — during which it raised ₹1,52,056 crore within six months from investors including Facebook, Google, Qualcomm, Intel, KKR, ADIA, TPG, and SilverLake — set the stage for this public market debut. For deal watchers and capital markets practitioners, this mandate offers a rare case study of a four-firm, multi-jurisdictional advisory structure on a single domestic IPO. Track major transactions as they unfold at Deal Meter.
Conclusion
The Jio Platforms IPO, with its DRHP filed on June 19, 2026, represents the most consequential Indian capital markets transaction in recent memory. The proposed offering comprises a fresh issue of up to 270,000,000 equity shares at a face value of ₹10 each, remaining subject to receipt of requisite regulatory approvals, with the issue price to be determined in accordance with applicable laws. With four elite law firms deployed across Indian and international mandates, the legal architecture of this deal is as landmark as the transaction itself.
Sources: Bar & Bench — Jio Platforms IPO Legal Teams | Legal Era Online — SAM Advises Jio Platforms | Business Standard — Jio Platforms ₹37,700 Crore IPO | Reuters via MarketScreener — $3.8 Billion Filing
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
