Jio Platforms gets SEBI nod for biggest IPO listing of around ₹37,700 crore

Jio Platforms, the digital arm of Reliance Industries, has received approval from the market regulator SEBI to float India's largest initial public offer (IPO) worth approximately ₹37,700 crore. The company obtained the observation letter on its Draft Red Herring Prospectus (DRHP) filed for the IPO, paving the way for its listing. Jio reported a consolidated net profit of ₹30,064 crore and revenue of ₹1.49 lakh crore in fiscal year 2026 (FY26).

The IPO comprises a fresh issue of 27 crore equity shares, each with a face value of ₹10, and does not include an offer-for-sale feature, indicating existing investors' intent to stay invested in the company during the listing process. The primary use of net proceeds from the IPO is anticipated to be the repayment of outstanding debts.

Analysts express optimism about the IPO's ability to attract significant investor interest due to Jio's strong cash flows and potential to raise additional capital for corporate needs. Brokerages estimate the capital raise to fall between ₹33,000 crore and ₹38,000 crore, with only ₹5,500-10,500 crore left for other corporate requirements post-debt repayment.

The debt repayment is expected to substantially reduce the company's interest cost by ₹2,000-2,500 crore. Assuming a listing market capitalization of ₹13-14 lakh crore, Jio would rank among the top five listed companies in the country, potentially attracting a large number of investors. The company's growth program will also be scaled up significantly, with its market cap projected to reach ₹20 lakh crore within two to three years, aligning with the current market cap of Reliance Industries.