Jio Platforms receives approval for record-breaking Indian IPO

India’s securities regulator, SEBI, has approved the initial public offering (IPO) for Jio Platforms, which is positioned to become the largest IPO in Indian history. The offering aims to raise approximately ₹37,700 crore (roughly $3.8 billion to $3.9 billion) through the issuance of up to 270 million fresh equity shares.

If successful, the listing would surpass the record set by Hyundai Motor India in 2024. The proceeds from this primary offering are largely earmarked to repay or prepay debt held by Reliance Jio Infocomm Ltd, the subsidiary responsible for the group’s wireless telecom network. This move is intended to strengthen the group’s balance sheet as it invests in next-generation networks and digital services.

Jio Platforms is a key asset of Mukesh Ambani’s Reliance Industries, which will maintain a controlling stake of approximately 66%. The company’s shareholder base includes major global technology firms, with Meta Platforms holding nearly 10% and Google holding approximately 7.7%. Other notable investors include Saudi Arabia’s Public Investment Fund and KKR. Post-issue valuations for the company are estimated to exceed $100 billion, potentially reaching $137 billion.