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Jio Platforms received approval from India’s markets regulator to proceed with its proposed USD 3.8 billion initial public offering (IPO), bringing the Reliance Industries-backed digital business one step closer to the stock market. The issue could become the largest IPO in India if launched at the proposed size.
The Securities and Exchange Board of India (SEBI) issued its final observations on August 28. Jio Platforms had submitted its draft IPO documents in June, setting the stage for what could be one of the country's most closely watched listings.
According to the company's draft prospectus, Jio Platforms plans to issue up to 27 crore fresh equity shares, representing around 2.9% of its post-issue equity. The estimated issue size is around Rs. 37,700 crore, or USD 3.8 billion.
At that size, the offering would overtake Hyundai Motor India's USD 3.3 billion IPO in 2024, making Jio's proposed listing the biggest in India's history. A proposed IPO by the National Stock Exchange, estimated at around Rs. 30,000 crore, would also be smaller.
Jio Platforms could be valued at approximately USD 137 billion following the issue, according to people familiar with the proposal.
A large portion of the money raised is expected to be used to reduce debt at Reliance Jio Infocomm, Jio Platforms' key subsidiary. The draft prospectus states that approximately Rs. 27,500 crore of the proceeds will be used to repay or prepay borrowings. The remaining funds will be allocated to general corporate purposes.
The IPO will also give public-market investors a direct opportunity to invest in Reliance's digital and telecommunications business.
Jio Platforms houses Reliance's telecommunications and other digital businesses. Its main operating company, Reliance Jio Infocomm, had more than 53.3 crore subscribers at the end of June, making it the world's second-largest mobile operator by subscriber base, according to company data.
Beyond telecom, the company has expanded into areas including cloud services, enterprise networks and artificial intelligence, strengthening its position as a broader technology platform rather than simply a mobile operator.
Jio has also attracted several major global investors. Meta acquired a 9.99% stake in 2020, while Google bought a 7.73% holding. Reliance Industries currently owns around 66.4% of Jio Platforms, while Meta and Google together hold about 17.7%, according to the draft prospectus.
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SEBI's approval removes a major regulatory hurdle, but the company still needs to determine the final timing and terms of the offering. The IPO comes as India's primary market remains active, with more than two dozen offerings announced or launched since July 1.
If Jio Platforms goes ahead with the proposed Rs. 37,700-crore issue, it would mark the first public offering from the Reliance group since 2008 and one of the biggest events in India's capital markets in recent years.
For investors, the listing could also provide a clearer standalone valuation for one of India's largest consumer-facing technology businesses.
