Jio Platforms secures Sebi nod for India’s biggest $3.8B IPO

Jio Platforms Ltd, the digital services arm of Reliance Industries, has received Sebi's final approval to launch an IPO potentially raising $3.8 billion, making it the largest stock-market listing in India. Sebi issued its final observations on August 28 following a draft IPO filing in June. The company intends to issue up to 27 crores of fresh equity shares, equating to roughly 2.9% of its post-issue equity base.

This offering could value Jio Platforms at around $137 billion. The funds raised will primarily be used to repay or prepay around Rs 27,500 crore of outstanding borrowings. Additionally, the remaining proceeds will be utilized for general corporate purposes. This IPO comes at a time when India's primary market has seen a surge in activity, with numerous IPOs being announced or launched since July 1.

Reliance Jio Infocomm, which forms the backbone of Jio Platforms, dominates the Indian telecom market with a significant subscriber base and 5G network. The company reported a 15% increase in profit and revenue during the fiscal year ending 2026. Jio Platforms has drawn interest from prominent global technology and financial investors, including Meta and Google, who hold substantial stakes in the company.