Jio Platforms IPO set to become India’s largest stock-market listing

Jio Platforms has received Sebi’s approval to proceed with an IPO potentially worth Rs 37,700 crore, which could become India’s largest public listing. The offering is expected to value the company at about USD 137 billion and primarily repay Reliance Jio borrowings

New Delhi: Jio Platforms Ltd, the digital services arm of billionaire Mukesh Ambani’s Reliance Industries Ltd, has received approval from markets regulator Sebi to proceed with an initial public offering that could raise about USD 3.8 billion, paving the way for what would be the country’s largest stock-market listing.

The Securities and Exchange Board of India (Sebi) issued its final observations on August 28, according to an update on the regulator’s website. Jio Platforms had filed its draft IPO papers in June.

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The company plans to issue up to 27 crore fresh equity shares, equivalent to about 2.9 per cent of its post-issue equity base, according to its draft prospectus. The offering could value Jio Platforms at about USD 137 billion, people familiar with the matter said.

At the estimated issue size of about Rs 37,700 crore (USD 3.8 billion), the offering would surpass Hyundai Motor India’s USD 3.3 billion-equivalent listing in 2024 and become the largest IPO in India. A proposed IPO by the National Stock Exchange, estimated at about Rs 30,000 crore, would also be smaller.

The proceeds will be used primarily to repay or prepay, in whole or in part, about Rs 27,500 crore of outstanding borrowings of Reliance Jio Infocomm Ltd, Jio Platforms’ material subsidiary, according to the draft prospectus. The remainder is earmarked for general corporate purposes.

The public offering comes as India’s primary market has remained active, with strong participation from retail investors and domestic institutions. More than two dozen IPOs have been announced or launched since July 1, nearly matching the 28 recorded in the first half of 2026.

Jio Platforms houses Reliance’s digital businesses, including its telecommunications operations. Reliance Jio Infocomm had more than 53.3 crore subscribers as of June-end, making it the world’s second-largest mobile operator by subscriber count after China Mobile, according to company data.

The business has also expanded into other areas, including cloud, artificial intelligence and enterprise network services. Jio Platforms has previously attracted major global technology and financial investors.

In 2020, Meta invested Rs 43,574 crore for a 9.99 per cent stake, while Google invested Rs 33,737 crore for a 7.73 per cent holding. Other investors, including Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG, L Catterton, the Public Investment Fund, Intel Capital and Qualcomm Ventures collectively invested about Rs 74,745 crore for roughly a 15.2 per cent stake.

Reliance Industries owns about 66.4 per cent of Jio Platforms, while Meta and Google together hold about 17.7 per cent, according to the draft prospectus.

The IPO would be the first public offering from the Reliance group since 2008 and the first IPO of a consumer-focused business within the conglomerate. While Jio Platforms is chaired by Ambani, his eldest son Akash is its managing director. Akash is also the chairman of Reliance Jio Infocomm Ltd, the telecom part of the company.