Jio Platforms, the digital services arm of Mukesh Ambani-led Reliance Industries, has received approval from the Securities and Exchange Board of India (Sebi) for its proposed $3.8 billion initial public offering, paving the way for what could become India’s biggest listing.The market regulator approved the IPO on Friday, marking a key step that allows the company to proceed with further preparations for the public issue, subject to regulatory requirements.Jio Platforms had filed its draft papers with Sebi in June for the proposed IPO, which is expected to raise around $4 billion, or approximately Rs 37,700 crore.
Fresh share sale, debt repayment plans
According to the draft prospectus, Jio Platforms plans to offer up to 27 crore fresh equity shares, representing around 2.9% of its total equity base after the issue.The company plans to use most of the IPO proceeds to reduce debt at its telecom unit, Reliance Jio Infocomm. As per Reuters, around Rs 275 billion, or $3.3 billion, of the proceeds would be used to repay Reliance Jio Infocomm’s debt.The public issue is structured as a primary share sale, meaning the company will retain the proceeds rather than existing shareholders selling their stakes through an offer-for-sale.
One of the world’s largest mobile operators
Reliance Jio had 524.4 million subscribers at the end of March, making it the world’s largest mobile operator by single-country subscriber base after China Mobile.The company reported a roughly 21% decline in headcount to 27,935 employees during the year ended March 31, even as its revenue and subscriber numbers continued to grow.The listing comes amid a revival in India’s primary market. More than two dozen IPOs have been launched or announced in less than two months since July 1, nearly matching the 28 IPOs recorded in the first half of 2026.The proposed listing would mark a major milestone for Jio Platforms and could potentially surpass previous public issues to become the largest IPO in India’s history.