SEBI Clears Jio’s Mega IPO

Jio Platforms, the digital services arm of Reliance Industries, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its proposed initial public offering. The issue is estimated at around ₹37,700 crore, or approximately $3.8 billion, potentially making it the largest IPO in India’s history.

SEBI issued its final observations on August 28, clearing a major regulatory hurdle for the Reliance-backed company. Jio Platforms had filed its draft IPO documents in June.

India’s Biggest IPO on the Horizon

At an estimated ₹37,700 crore, the Jio Platforms offering would surpass Hyundai Motor India’s roughly $3.3 billion-equivalent IPO of 2024.

The proposed issue would also be larger than the National Stock Exchange’s expected ₹30,000-crore IPO, meaning Jio could establish a new benchmark for India’s primary markets if the offering proceeds at the expected size.

The company plans to issue up to 27 crore fresh equity shares, representing approximately 2.9% of its post-issue equity base. The proposed issue could value Jio Platforms at around $137 billion.

Where Will the IPO Money Go?

A significant portion of the funds raised will be used to reduce debt.

According to the draft prospectus, around ₹27,500 crore from the IPO proceeds will be used to repay or prepay borrowings of Reliance Jio Infocomm, Jio Platforms’ key subsidiary. The remaining funds will be used for general corporate purposes.

The structure therefore allows the public offering to strengthen the financial position of Jio’s telecom business while bringing the digital-services company into the listed market.

Jio’s Massive Telecom Base

Jio Platforms houses Reliance’s digital businesses, including its telecommunications operations. Reliance Jio Infocomm has a 39.29% share of India’s mobile connections and serves around 506 million mobile customers, according to the latest figures cited in the report.

The company had more than 53.5 crore subscribers by the end of July, making it the world’s second-largest single-country mobile operator by subscriber count.

Jio has also built one of the world’s largest 5G networks, with around 26.85 crore 5G customers as of June 2026.

Jio Expands Beyond Telecom

The company is no longer simply a telecom operator. Jio Platforms has expanded into areas including cloud computing, artificial intelligence and enterprise network services, using its large customer base and network infrastructure to build a broader digital ecosystem.

Its financial performance has also continued to grow. Jio Platforms reported a 15% increase in profit after tax to ₹30,053 crore during FY26, while annual revenue rose 14.5% to ₹1,46,885 crore.

Global Investors Already Have a Stake

Jio Platforms has attracted major global technology and financial investors even before its public listing.

Meta invested ₹43,574 crore for a 9.99% stake in 2020, while Google invested ₹33,737 crore for a 7.73% holding. Other investors, including Silver Lake, KKR, General Atlantic and several sovereign wealth funds, collectively invested around ₹74,745 crore.

Reliance Industries currently owns approximately 66.4% of Jio Platforms, while Meta and Google together hold about 17.7%.

A Landmark Listing for Reliance

The IPO would mark the first public offering from the Reliance group since 2008 and the first IPO of a consumer-focused business within the conglomerate.

For Reliance Industries, the listing could provide investors with a more direct way to value Jio Platforms independently, while potentially unlocking significant value from one of India’s most important digital businesses.

The SEBI approval is therefore a major milestone, although the final IPO timing, pricing and other offering details will determine how the market ultimately responds.

Summary

Jio Platforms has received SEBI approval for a proposed ₹37,700-crore ($3.8 billion) IPO, which could become India’s largest-ever public offering. The company plans to issue up to 27 crore fresh shares, with around ₹27,500 crore earmarked to repay Reliance Jio Infocomm’s debt. The listing would mark Reliance’s first IPO since 2008 and Jio’s entry into public markets.