Ahead of its initial public offering (IPO), Jio Platforms Limited has appointed Akash M. Ambani as its managing director for five years, effective 9 April, according to disclosures seen by Mint.
The leadership reshuffle comes as the company prepares to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to seek approval for listing.
“...subject to the approval of the members of the company, Mr Akash M. Ambani, be and is hereby appointed as Managing Director of the Company for a period of 5 (five) years, with effect from 9 April 2026, on the terms and conditions, including remuneration, as recommended by the Nomination and Remuneration Committee,” the company said in its filings with the ministry of corporate affairs (MCA) dated 7 May.
The meeting of the board of directors of Jio Platforms on appointing Ambani as the managing director was held on 9 April.
Queries emailed to Jio late on Tuesday evening did not elicit any response at the time of publishing the story.
Succession signal
Akash is the eldest of the three children of Reliance Industries chairman and managing director Mukesh Ambani.
He joined the leadership team at the group's telecom unit, Reliance Jio Infocomm Limited as non-executive director in 2014, soon after completing his graduation in economics from Brown University. Later in June 2022, Akash was appointed as chairman of Reliance Jio Infocomm Limited.
With his appointment to lead Jio Platforms, Akash also became the first among his siblings Isha Ambani and Anant Ambani to get the designation of managing director.
“Certainly, appointing the younger generation to the leadership role is positive for investors' confidence before the listing of Jio Platforms. There is also a strong board at the company to help Akash navigate the operations,” said Kranthi Bathini, director of equity strategy at WealthMills Securities, a Sebi-registered securities broking company.
Board expansion
Separately, the company has appointed Zia Jaydev Mody, co-founder and managing partner of AZB & Partners, as an independent director of Jio Platforms for five years, according to MCA filings dated 21 April.
According to Bathini, the appointment of Zia Mody, who is one of India’s most prominent corporate attorneys and legal consultants, to the board is also a strong value addition for Jio.
With her appointment, Mody became the 10th board member at Jio Platforms. Other directors include Anant Ambani, Akash Ambani, Isha Ambani, Mukesh Ambani, Dinesh Kanabar, Manoj Modi, Raminder Gujral, Haigreve Khaitan and Shumeet Banerji.
The leadership revamp ahead of listing is significant as it provides clarity on management structure and is expected to strengthen investor confidence.
IPO backdrop
Jio Platforms houses Reliance Industries’ telecom and digital services business. Reliance Jio is India’s largest telecom operator by market share and accounts for most of Jio Platforms' business. As of March end, the company’s total subscriber base was at 524.4 million.
The company’s IPO is touted as India's biggest by a private company. Analysts at Morgan Stanley and Citi Research have pegged Jio Platforms’ valuation at around $133 billion, implying a 13-times multiple on its estimated 2026–27 enterprise value relative to its earnings before interest, taxes, depreciation and amortization (Ebitda).
“I am happy to note that we are advancing steadily towards the listing of Jio Platforms. This will mark a defining milestone in its journey as it continues to scale new heights and contribute to India’s digital future," Mukesh D. Ambani, chairman and managing director, Reliance Industries had said in the Q4 earnings statement on 24 April.
The groundwork for Jio's IPO started last year, when during Reliance Industries’ annual general meeting, chairman Mukesh Ambani said the company is making "all arrangements" to file for a public offer, targeting a listing in the first half of 2026.
Financial momentum
For FY26, Jio Platforms reported 14.7% increase in revenue from operations to ₹1.72 trillion . Its net profit for the full year was at ₹30,053 crore, a growth of 15%. Ebitda for the full year rose 19% to ₹76,255 crore, which the company attributed to traction in mobility, home broadband and enterprise services.
The growth was driven by subscriber additions, higher data consumption and continued traction in the home broadband segment.
“Momentum in Jio remains decent with FY26 Ebitda and Ebitda margins up 13.4% and up 0.6 percentage points respectively from FY25, which bodes well for this year's IPO. We stay fundamentally positive and are Buyers of RIL with a ₹1,700 price target,” said Chris Hoare, lead analyst at London-based New Street Research, in a note dated 24 April.
