Jio Platforms, the digital services subsidiary of Mukesh Ambani's Reliance Industries, received approval from India's Securities and Exchange Board (SEBI) on August 28 for an initial public offering (IPO) estimated at $3.8 billion.
At a projected issue size of Rs 37,700 crore, the listing would eclipse Hyundai Motor India's 2024 IPO, which raised the equivalent of $3.3 billion, making it the largest public offering in India's history. It would also be the first listing from the Reliance group since 2008.
The listing involves a fresh issue of up to 27 crore new equity shares, representing around 2.9 per cent of the enlarged share capital after the offering. No existing shareholders are selling down their stakes; all proceeds go directly to the company.
The bulk of those funds, around Rs 27,500 crore, will go toward clearing debt carried by Reliance Jio Infocomm, the group's telecoms operating unit. The remainder is earmarked for general corporate purposes.
Jio Platforms filed its draft prospectus with SEBI in June. The regulator issued its final observations on August 28, clearing the company to proceed. The final share price, price band and listing timeline have not been announced.
The offering values Jio Platforms at roughly $137 billion. Mukesh Ambani chairs the company and his son Akash Ambani serves as managing director, according to The Telegraph India. Reliance Industries holds about 66.4 per cent of the company. Meta and Google together account for roughly 17.7 per cent: Meta acquired a 9.99 per cent stake in 2020, committing Rs 43,574 crore, while Google holds 7.73 per cent after investing Rs 33,737 crore.
Reliance Jio Infocomm serves 506 million mobile customers, giving it a 39.29 per cent share of India's mobile market. Its fixed-line business has 157.9 million customers and a 32.89 per cent market share.
Jio Platforms posted annual revenue of Rs 1,46,885 crore in FY26, a 14.5 per cent increase year on year. Profit after tax rose 15 per cent over the same period to Rs 30,053 crore.
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