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Jio Platforms gets Sebi approval for proposed $3.8 billion IPO
Reliance’s digital arm moves closer to India’s biggest-ever public listing
MUMBAI: Jio Platforms, the digital services arm of Reliance Industries, has received approval from the Securities and Exchange Board of India (Sebi) for its proposed $3.8 billion initial public offering, taking the company a step closer to what could become India’s largest-ever stock market listing.
The market regulator approved the IPO on Friday, allowing Jio Platforms to proceed with preparations for the public issue, subject to applicable regulatory requirements.
The company had filed its draft IPO papers with Sebi in June. The proposed issue is expected to raise around $4 billion, or approximately Rs 37,700 crore.
According to the draft prospectus, Jio Platforms plans to issue up to 27 crore fresh equity shares, representing around 2.9 per cent of its equity base after the issue.
A significant portion of the proceeds is expected to be used to reduce debt at its telecom subsidiary, Reliance Jio Infocomm. Around Rs 27,500 crore, or $3.3 billion, could be directed towards repaying the telecom unit’s debt.
The issue is structured entirely as a primary share sale. This means the proceeds will go to the company, rather than existing shareholders selling their holdings through an offer-for-sale.
Reliance Jio had 524.4 million subscribers at the end of March, making it the world’s largest mobile operator by single-country subscriber base after China Mobile.
The company reported a roughly 21 per cent decline in its headcount to 27,935 employees during the year ended March 31, even as revenue and subscriber numbers continued to expand.
The proposed listing comes at a time when India’s primary market is seeing renewed activity. More than two dozen IPOs have been launched or announced since July 1, almost matching the 28 issues recorded during the first half of 2026.
For Jio Platforms, the Sebi approval represents a crucial milestone in its journey towards the public markets. If completed at the proposed scale, the IPO could overtake previous record offerings and become the largest public issue in India’s history.
