Jio Platforms Gets SEBI Nod for ₹37,700 Crore IPO, Set to Be India’s Biggest

Jio Platforms Gets SEBI Nod for ₹37,700 Crore IPO, Set to Be India’s Biggest

Jio Platforms has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its proposed initial public offering (IPO), clearing the way for what could become the largest public issue in India. The company is expected to raise around ₹37,700 crore, or about $3.8 billion, through the offering.

The approval marks an important step for Jio Platforms, the digital and telecom arm of Reliance Industries. The company submitted its draft IPO papers to SEBI in June 2026 and received the regulator’s final observations on 28 August. The issue will now move towards the next stages of preparation, including determining the final price and launch timetable.

According to the draft red herring prospectus, Jio Platforms plans to issue up to 270 million fresh equity shares with a face value of ₹10 each. The fresh issue is expected to represent around 2.9% of the company’s post-issue equity base. There is no offer-for-sale component in the proposed IPO, meaning the shares being offered will be newly issued by the company.

At an estimated issue size of around ₹37,700 crore, the Jio Platforms IPO would surpass Hyundai Motor India’s 2024 listing and become the largest IPO in the country if it reaches the proposed size. The scale of the issue also makes it one of the most closely watched events in India’s primary market this year.

A significant portion of the money raised is planned to be used to reduce debt at Reliance Jio Infocomm. The IPO documents indicate that up to ₹27,500 crore of the proceeds could be used to prepay loans of the telecom subsidiary. This means the public issue is not only about bringing Jio Platforms into the listed market but also about strengthening its financial position.

Reliance Industries currently owns about 66.4% of Jio Platforms. Other major shareholders include Meta Platforms, with about 9.9%, and Google, with roughly 7.7%, according to the company’s prospectus. The IPO will give public-market investors a more direct way to participate in Jio Platforms and could allow the business to be valued separately from its parent company.

Jio Platforms has grown beyond its original telecom focus. Its businesses include digital connectivity, broadband, cloud services, entertainment, enterprise technology and emerging artificial intelligence products. Reliance Jio Infocomm had 524.4 million customers in India as of 31 March 2026, according to the company’s draft prospectus.

The proposed listing comes at a time when India’s IPO market has regained momentum. More than two dozen IPOs have been announced or launched since 1 July, almost matching the number seen during the first half of 2026. Strong domestic liquidity and renewed investor participation have helped companies return to the primary market despite mixed movement in benchmark indices.

For investors, the Jio Platforms issue could therefore become a key test of appetite for large technology and telecom businesses in India. The final valuation, price band, subscription demand and market performance after listing will determine how investors ultimately assess one of the country’s most closely followed digital businesses.