Jio Platforms, the digital services arm of Reliance Industries, has received approval from the Securities and Exchange Board of India (Sebi) to proceed with its proposed IPO, which could raise around $3.8 billion.
Sebi issued its final observations on August 28, following Jio Platforms’ filing of its Draft Red Herring Prospectus in June. The company plans to issue up to 27 crore fresh equity shares, representing around 2.9% of its post-issue equity base. The offering could value Jio Platforms at around $137 billion.
If it reaches the proposed size of around ₹37,700 crore, the IPO would surpass Hyundai Motor India’s $3.3 billion-equivalent listing in 2024, potentially making it India’s largest IPO. It would also exceed the proposed ₹30,000-crore IPO of the National Stock Exchange.
A substantial portion of the proceeds will go towards repaying or prepaying borrowings of Reliance Jio Infocomm, with around ₹27,500 crore earmarked for this purpose. The balance will be used for general corporate purposes.
Jio Platforms houses Reliance’s digital businesses, including its telecom operations. The company had more than 53.5 crore subscribers as of July-end and reported a 15% rise in FY26 profit after tax to ₹30,053 crore, while revenue increased 14.5% to ₹1,46,885 crore.
The proposed listing would be the first IPO from the Reliance group since 2008 and its first public offering of a consumer-focused business. Jio Platforms is chaired by Mukesh Ambani, with Akash Ambani serving as managing director.
