Jio Platforms Ltd, the digital services arm of billionaire Mukesh Ambani-led Reliance Industries, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed $3.8-billion IPO, clearing a major hurdle for what could become India's largest-ever stock-market listing.
SEBI issued its observation letter to Jio Platforms on August 28, 2026, after the company filed its draft IPO papers in June. The proposed issue is estimated at around ₹37,700 crore, which would comfortably surpass Hyundai Motor India's ₹27,870-crore IPO from 2024.
Jio Platforms IPO Details
According to the draft prospectus, Jio Platforms plans to issue up to 27 crore fresh equity shares, each with a face value of ₹10. The shares will be priced through the book-building process, meaning the final IPO price and valuation will be determined closer to the offering.
The proposed issue could value Jio Platforms at approximately $137 billion after the IPO, according to people familiar with the matter. The company is expected to use the majority of the proceeds to reduce debt at its telecom subsidiary, Reliance Jio Infocomm Ltd.
₹27,500 Crore Debt Repayment
The draft prospectus states that approximately ₹27,500 crore of Jio Platforms' IPO proceeds will be used to repay or prepay borrowings of Reliance Jio Infocomm. The remaining funds will be used for general corporate purposes.
The IPO is therefore structured as a fresh issue, rather than an offer for sale by existing investors. This means the money raised will go to the company rather than existing shareholders selling their stakes.
Jio’s Massive Subscriber Base
Jio Platforms houses Reliance's telecom and digital businesses, with Reliance Jio Infocomm serving more than 533 million subscribers as of June 2026. The company has also expanded beyond telecom into areas including 5G, cloud computing, artificial intelligence and enterprise network services.
Jio Platforms reported a 15% increase in profit after tax to ₹30,053 crore in FY26, while annual revenue rose 14.5% to ₹1,46,885 crore.
Reliance’s First IPO Since 2008
The Jio Platforms listing would mark the first public offering from the Reliance group since 2008 and could become a landmark transaction for India's capital markets.
Reliance Industries currently owns approximately 66.4% of Jio Platforms, while global technology giants Meta and Google hold around 9.9% and 7.7%, respectively.
The approval comes during a strong revival in India's IPO market, with more than two dozen public offerings announced or launched since July 1. If Jio completes its proposed ₹37,000-crore-plus issue, it would set a new record for the largest IPO in India.
