Jio Platforms receives SEBI approval for $3.8 billion IPO

Jio Platforms Limited, the digital services arm of Reliance Industries, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The offering is estimated to raise approximately $3.8 billion (Rs 37,700 crore), which would make it the largest IPO in Indian history, surpassing Hyundai Motor India’s 2024 listing.

The IPO will consist of a fresh issue of up to 270 million equity shares, representing roughly 2.9% of the post-issue equity base. There is no offer-for-sale component. The company intends to use a significant portion of the proceeds to repay or prepay outstanding debt of its subsidiary, Reliance Jio Infocomm, with the remainder allocated for general corporate purposes and strategic growth.

Jio Platforms is a major player in India’s digital landscape, housing the country’s largest mobile operator. Major shareholders include Reliance Industries (66.4%), Meta (9.9%), and Google (7.7%). The listing is expected to provide a clearer valuation for the telecom and digital business independently of its parent company.