Jio Platforms has received SEBI approval for its proposed IPO of up to 27 crore fresh equity shares.
The issue is expected to raise around $4 billion, or approximately ₹37,700 crore, with the proceeds to be used partly to repay debt.
The proposed listing could potentially become India’s largest IPO, putting the Reliance Industries-backed company in focus among investors.
Jio Platforms Gets SEBI Nod For IPO: Issue Size, Debt Repayment And Other Key Details
Jio Platforms has received SEBI approval for its proposed IPO, which could become India’s biggest public issue if it raises around ₹37,700 crore
Summary
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Jio Platforms, the digital services arm of Reliance Industries, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), paving the way for what could become India’s biggest public issue.
The company had filed its draft papers with the market regulator in June. The proposed IPO is expected to raise around $4 billion, or approximately ₹37,700 crore, according to the draft prospectus.
The SEBI approval is an important step in the IPO process, allowing the company to move ahead with further preparations for the public issue, subject to applicable regulatory requirements.
Jio Platforms IPO: Issue Structure, Use Of Funds
According to the Draft Red Herring Prospectus (DRHP), Jio Platforms will issue up to 27 crore fresh equity shares, representing around 2.9% of its total equity base after the issue.
The IPO will not have an offer-for-sale component, meaning existing shareholders will not sell their shares as part of the issue. The proceeds will instead go to the company.
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Jio Platforms plans to use the funds to prepay certain outstanding borrowings of its material subsidiary, Reliance Jio Infocomm, along with general corporate purposes.
The issue will reserve 50% of the net offer for qualified institutional buyers, 35% for retail individual investors and 15% for non-institutional investors, according to the DRHP.
Jio Platforms Financials, Business And Key Investors
Jio Platforms reported a 15.14% rise in profit after tax to ₹30,064.30 crore in FY26, from ₹26,110.20 crore a year earlier. Revenue from operations rose 14.55% to ₹1,46,885.3 crore during the year.
Its material subsidiary, Reliance Jio Infocomm, had 524.4 million subscribers as of March 31, 2026. Jio Platforms offers mobile and fixed digital connectivity, entertainment, cloud computing, cloud gaming, storage, smart home solutions and AI-based products.
Reliance Industries holds around 66.43% of Jio Platforms, while Meta and Google together hold 17.71%, according to the DRHP. The company’s listed peers include Bharti Airtel and Vodafone Idea.
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The proposed listing comes amid a revival in India’s primary market. More than two dozen IPOs have been launched or announced since July 1, according to Times of India. If completed at the expected size, Jio Platforms’ IPO could potentially surpass previous public issues and become India’s largest IPO.