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

Jio Platforms has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering, clearing a major regulatory hurdle for what could become India’s largest-ever stock market listing. The IPO is expected to raise around ₹37,700 crore, or about $3.8 billion, and will give public-market investors a direct way to invest in one of India’s biggest digital businesses.

Jio Platforms is the digital and telecom business of Reliance Industries. The company has grown far beyond mobile connectivity since launching Jio’s telecom services in 2016. Its business now spans telecommunications, digital applications, cloud services, enterprise technology and artificial intelligence.

The proposed offering involves 270 million shares. The money raised is expected to be used mainly to repay debt at Reliance Jio Infocomm. According to Reuters, the company plans to use the proceeds to repay around ₹27,500 crore of debt.

The proposed listing could give investors a clearer view of Jio Platforms’ standalone value. At present, the business sits within Reliance Industries, making it difficult for investors in the parent company to separately value Jio’s different operations. A public listing would provide a market-based valuation and allow investors to directly participate in the company’s future growth.

Jio’s scale is one of the reasons the IPO is attracting attention. The company has more than 533 million subscribers and is the world’s second-largest mobile operator by subscriber base, according to Reuters. Its expansion into cloud computing, enterprise services and artificial intelligence has also changed the way investors view the business.

The shareholder structure adds another layer to the story. Reliance Industries currently owns about 66.4% of Jio Platforms, while Meta holds around 9.9% and Google about 7.7%. Neither Meta nor Google is expected to sell shares through the IPO, according to Reuters. Their continued presence means investors will also be watching how Jio develops its technology partnerships and digital ecosystem after listing.

The timing is also important for India’s primary market. IPO activity has picked up sharply since July, with more than two dozen offerings launched or announced since the beginning of the month. Foreign portfolio investors have also continued to show interest in India’s IPO market even while global uncertainty has affected flows into secondary-market equities.

For retail investors, however, the size of the IPO does not automatically make it a good investment. The final issue price, valuation, earnings growth, debt levels and future profitability will matter when investors assess the offer. Jio’s strong subscriber base provides scale, but telecom remains a capital-intensive business and its newer ventures in AI, cloud and enterprise technology will need continued investment.

The IPO could also have an impact on Reliance Industries’ valuation. Once Jio Platforms is separately listed, investors may be able to assign a clearer value to Reliance’s digital and telecom operations. This could influence how the market assesses the conglomerate’s other businesses, including retail, energy and new technology investments.

For India’s capital markets, the listing would be significant beyond the amount raised. Hyundai Motor India’s ₹27,870 crore IPO in 2024 currently holds the record for the country’s largest public offering. A successful Jio issue of around ₹37,700 crore would surpass that mark.

The next major steps will include the issue timetable, price band and final offer details. Until those are announced, the SEBI approval remains the key milestone. But one thing is already clear: Jio’s entry into the public markets could give investors a new way to bet directly on India’s rapidly expanding digital economy.