Jio Platforms Ltd, the digital services arm of billionaire Mukesh Ambani’s Reliance Industries Ltd, has received approval from market regulator Sebi to move ahead with an initial public offering that could raise around $3.8 billion. The listing could become the largest IPO in India.
The Securities and Exchange Board of India (Sebi) issued its final observations on August 28, according to an update on its website.
Jio Platforms had submitted its draft IPO papers in June.
According to the draft prospectus, the company plans to issue up to 27 crore fresh equity shares, representing around 2.9 per cent of its post-issue equity base. People familiar with the matter said the offering could value Jio Platforms at nearly $137 billion.
With an estimated issue size of around Rs 37,700 crore ($3.8 billion), the IPO would overtake Hyundai Motor India’s $3.3 billion-equivalent listing in 2024 to become India’s biggest IPO. It would also be larger than the proposed National Stock Exchange IPO, which is estimated at around Rs 30,000 crore.
A major portion of the proceeds will be used to repay or prepay, fully or partly, around Rs 27,500 crore in outstanding borrowings of Reliance Jio Infocomm Ltd, the material subsidiary of Jio Platforms. The remaining funds will be used for general corporate purposes.
The IPO comes at a time when India’s primary market continues to see strong activity, supported by participation from retail investors and domestic institutions. More than two dozen IPOs have been announced or launched since July 1, nearly matching the 28 offerings recorded during 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 the end of June, making it the world’s second-largest mobile operator by subscriber base after China Mobile, according to company data.
The company has also expanded into areas such as cloud computing, artificial intelligence and enterprise network services.
Jio Platforms has attracted several 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 around Rs 74,745 crore for an approximately 15.2 per cent stake.
According to the draft prospectus, Reliance Industries holds around 66.4 per cent of Jio Platforms, while Meta and Google together own about 17.7 per cent.
The proposed IPO would mark the first public offering from the Reliance group since 2008 and the conglomerate’s first listing of a consumer-focused business.
Jio Platforms is chaired by Mukesh Ambani, while his eldest son Akash Ambani serves as managing director. Akash also chairs Reliance Jio Infocomm Ltd, the group’s telecom business.
